The perceived security of institutional investment environments of some British Columbia forest tenures

Abstract

Changes in forest tenure policies may create insecure investment environments for tenure holders, which can result in misallocations of investment capital. A methodology is developed to measure tenure holders' perceived security in their tenure arrangements. The methodology is applied to three types of tenures in British Columbia. Results indicate that tenure holders perceive Tree Farm Licences and Timber Lands as insecure and Taxation Tree Farms as secure.