Agriculture Reference
In-Depth Information
Table 8.6
Logit regression coefficient estimates of building control choice: British Columbia and Louisiana (1992)
(dependent variable=1ifbuilding is leased;=0ifbuilding is owned)
Independent variable
Predicted sign
CONSTANT
−
7.14
−
7.14
8.55)
∗
8.55)
∗
(
−
(
−
Capital constraints
WEALTH
−
0.29
−
(
−
5.84)
∗
NET WEALTH
−
0.29
−
(
−
5.84)
∗
Asset moral hazard
BUILDING AGE
0.02
0.02
+
(4.74)
∗
(4.74)
∗
GENERAL BUILDINGS
−
0.94
−
0.94
−
(
−
3.15)
∗
(
−
3.15)
∗
Specific assets
RENTED LAND
3.76
3.76
+
(6.06)
∗
(6.06)
∗
Controls
BUILDING VALUE
−
1.04
−
1.33
(
−
2.52)
∗
(
−
3.26)
∗
BUILDING SIZE
0.04
0.04
(4.21)
∗
(4.21)
∗
EDUCATION
0.15
0.15
(3.74)
∗
(3.74)
∗
FARM SALES
0.11
0.11
(3.41)
∗
(3.41)
∗
WORKERS
0.01
0.01
(0.32)
(0.32)
% correct predictions
93.6
93.6
Log likelihood
−
332.9
−
332.9
2
(df )
Model
χ
314 (10)
314 (10)
Number of observations
1,938
1,938
Note:
t-statistics in parentheses.
∗
significant at the 5 percent level (one-tailed test for coefficient with predicted signs).
