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Abstract: Purpose: This paper aims to analyse the main variables and causal relationships in the system structure of the diversification of non-agricultural activities on agricultural holdings using system dynamics (SD) modelling. The SD model aims to simulate depictions of the behaviour of the real system while testing the effects of alternative decisions over time. Design/methodology/approach: An SD methodology was chosen to model diversification in farm tourism. Findings: A system approach increases the authors’ understanding of the transition of agricultural holdings to farm tourism. The results indicate that the transition to farm tourism depends on the level of tourism development in a certain area. The system is influenced by subsidies allocated by authorities to expand primary agricultural activities. The model describes a situation in which the tourism and agricultural industries have been affected by the COVID-19 pandemic. Research limitations/implications: The research is limited by the small set of available data due to the limited number of farms in Slovenia. One major problem is the difference in statistical data on the same activity collected from different institutions in Slovenia. Practical implications: The paper includes implications for understanding the transition process to farm tourism, allowing policymakers to experiment with subsidies and promotion to explore the efficacy and efficiency of proposed policies. Originality/value: This study provides a structured, systemic view of the diversification of non-agricultural activities on agricultural holdings, where the simulation results are a reliable reflection of the behaviour of the actual system being modelled.
Keywords: system dynamics, modelling, simulation, diversification, farm tourism, farm policy, Slovenia, simulation scenarious
Published in DKUM: 11.12.2024; Views: 0; Downloads: 13
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Abstract: The present article intends to reveal the industrial tourism potential of the Pécs-Mecsek region in Hungary where we believe there is an adequate potential of the present industrial heritage but only a limited or rather poor utilisation is realised in the research area in this respect. The possible utilisation of the industrial heritage would be useful since the area is facing a stagnating tourism industry and position losses in the latter period so the authors believe that the chance for the renewal of tourism product development could also be provided by the industrial heritage tourism in the analysed region.
Keywords: industrial heritage, Pécs-Mecsek, tourism diversification, thematic route, product innovation, culture, functional change
Published in DKUM: 17.04.2018; Views: 1359; Downloads: 168
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Abstract: This paper analyses structural changes in agriculture and agricultural households in the mountainous areas of the Gorenjska region in Slovenia. The focus is on agricultural multifunctional roles, agricultural and agricultural households’ structural changes pre- and post-accession of Slovenia to the European Union (EU) on the basis of datasets obtained by two in-depth surveys from 2001 and 2007. The analyses confirm adjustments of farm households to the use of subsidies and new regulations, and diversification of agricultural households’ incomes. Short-term and long-term strategies of farm households vary depending on farms’ natural factor endowments for agriculture, farm size and structures of farm households, availability of agricultural land and their rental values, diversification of incomes with self-employment and employment outside the farm household.
Keywords: mountainous areas, agricultural structures, income diversification, household strategies, multifunctional development, Gorenjska, Slovenia, European Union
Published in DKUM: 29.03.2018; Views: 1010; Downloads: 109
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Abstract: It is possible to participate in the PE industry in different ways. Direct investment, co-investments, alongside specialized investors, indirect investments through limited partnership, and indirect investments through fund of funds. Big institutional investors usually make direct investments. For this approach to PE it is required to invest in a fund management team, which has an intensive relationship and due diligence skills to select the appropriate PE investments. For medium or small size investors, who do not have such high amount to invest, direct investment might not be achievable and it is recommended to invest in funds. Investing in PE funds also gives a higher level of diversification, and is managed by a specialized fund management team. From a PE backed company perspective, fund managers do not only provide capital, but also offer management support, take an active role, where they contribute their skills, network, and experience. Besides the opportunity to get exposure to unlisted PE funds with Limited Partnership, it is also possible to invest in exchange-traded PE companies or LPE. These PE investments are done either directly, indirectly or through the capital of their customers. Investments are conducted in the same way as Limited Partnerships, through various investment horizons (venture, buyout and growth) and financing styles (equity, mezzanine and debt). These exchange-traded PE companies offer the investor an immediate, liquid exposure to the PE investment class. The problem with investing in unlisted PE funds is the minimum required capital to participate in the PE investment class, which is usually too high for smaller or individual investors. It is also difficult to determine the price, which is determined on a illiquid and not transparent secondary market. While the LPE is traded on an organized exchange market, that is liquid, has transparent market prices available and the possibility to get access to the investment class even for smaller institutional or individual investors with a minimum initial investment volume. Another advantage is the capability to rebalance their PE allocation in a flexible way. From analytic perspective it is also much easier to compare LPE to other public traded asset classes using common standard analysing tools. In the analysis with the efficient frontier the portfolios with the additional asset class PE has a clear improvement of the risk, and return characteristics. Over the standard deviation range from 3.28% to 11.90%, the average improvement in return in the optimization framework is 0.48%. For big institutional, smaller or even individual investors, the LPE gives a liquid, transparent and immediate exposure to PE. In the environment of low interest rate, the PE mode is working well. If these kind conditions will continue in 2017, the asset class will continue to contribute a high absolute return and portfolio diversification.
Keywords: Private Equity, diversification, institutional and individual investors, strategic asset allocation.
Published in DKUM: 26.05.2017; Views: 1305; Downloads: 83
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Keywords: real estate, investments, capital market, money, cash flows, valuation, models, depreciation, mortgages, price, investors, investments funds, decision making, risk, diversification, property, portfolio, management, hedging
Published in DKUM: 01.06.2012; Views: 3041; Downloads: 133
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