The Contribution of Financial Management Training and Knowledge to Dairy Farm Financial Performance

Document Type

Article

Journal/Book Title

Review of Agricultural Economics

Publication Date

2004

Publisher

Oxford University Press

Volume

26

Issue

1

First Page

132

Last Page

147

Abstract

Cooperative Extension and other institutions (e.g., technical colleges, on-line self study programs, university short courses, etc.) frequently stress the importance of financial management education for successful farming operations. The research reported in this paper attempts to quantify the contributions of such training to the financial performance of dairy farms in Wisconsin. Our results suggest a link between a deeper understanding of financial concepts and greater financial returns but that it is a relatively weak one. Moreover, simple exposure to farm management training programs and self-confidence in farm financial decision-making ability are not significantly related to farm financial outcomes.

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