Abstract
This study examined various levels of feelings that small and mid-scale farmers in Kentucky have towards financial and profitability situations of their farm operations. The study uses mailed and online survey data collected from 129 small and mid-scale farmers in 2017. We used an ordered Probit model to analyze data. Findings indicate that the probabilities for small and mid-scale farmers to feel positively, fairly, and negatively are 36 percent, 55 percent, and 9 percent, respectively. We found that small and mid-scale beginning farmers are significantly less likely to feel positively than experienced farmers. Findings showed that those who are knowledgeable about agricultural marketing and agricultural economics are more likely to feel positive. These findings are useful for policymakers, outreach specialists, and other agencies seeking to improve the financial and profitability position of small and mid-size farms.
Highlights
Producers’ feelings about financial and profitability position in any industry play an important role in influencing its performance
This study primarily focused on explaining how small and mid-scale farmers in Kentucky feel about their farm financial and profitability positions
Findings from this study further indicated that one additional level of knowledge about agricultural marketing increases the likelihood of feeling positively about farm financial and profitability position by 11 percent
Summary
Producers’ feelings about financial and profitability position in any industry play an important role in influencing its performance. Austin and Mohammed (2013) and Maharajh et al (2018) reported that labor and production costs reduce farm profits and shape feelings among farmers. Ahearn (2011) indicated that there are numerous challenges small and/or beginning farmers face; leading to negative feelings. Some of the challenges include the barrier to obtaining capital and the learning process of running a successful farm. These are often stressful experiences for a producer. Katchova (2010) and Calo (2018) found that young and beginning farmers are much more likely to experience financial hardship These are often stressful experiences for a producer. Katchova (2010) and Calo (2018) found that young and beginning farmers are much more likely to experience financial hardship
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