Capital Structure in Modern American Agriculture: Evidence from a National Survey
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Factors affecting the level of farm and household debt have been of sporadic concern in agricultural economic literature. In the Mid 1980s, farm business and household debt was hypothesized to contribute to the farm financial crisis. This paper examines factors affecting the probability of farm business and household debt and the level of that debt. The results indicate that farm debt is a decreasing function of operator age, importance of government payments, and significance of cash grain crops, but an increasing function of the size of the farm firm.