Effects of China’s Collective Forestland Tenure Reform Policies on Forest Product Firm Values

Zhang, Tingting; Yao, Shunbo; Yu, Jinna; Hatab, Assem Abu; Liu, Zhen

doi:10.3390/land9040127

Cited by 5 publications

(2 citation statements)

References 57 publications

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“…In the analysis of forestry and the forest products industry, the event-study approach has largely been used to analyze the effects of changes in timberland (Sun and Zhang 2011;Sun et al 2013), industrial ownership (Mei and Sun 2008;Piao et al 2017), policy reforms, (Zhang and Binkley 1995;Niquidet 2008;Zhang et al 2020) or trading agreements (Malhotra and Gulati 2010).…”

Section: Event-study Analysismentioning

confidence: 99%

Impacts of Infectious Disease Outbreaks on Firm Performance and Risk: The Forest Industries during the COVID-19 Pandemic

Størdal

Lien

Trømborg

2021

JRFM

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We examine the financial performance of the forest products industry in the initial phase of the COVID-19 pandemic, employing data for publicly trading companies in the industry globally. We first examine the market investor reaction to the declaration of a pandemic by the World Health Organization (WHO) in March 2020 by conducting an event-study analysis. Then, we analyze medium-term changes in stock returns and their systematic risk by an econometric estimation of the capital asset pricing model. Our event-study analysis of the forest products industry shows that the forestry subsector was impacted more than the paper subsector when the WHO declared the pandemic. The effect was most prominent in North America. We find that the systematic risk for the forestry subsector tended to increase during 2020, until October. Again, this effect was most clear in North America. Conversely, the impact on the paper subsector was more stable.

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Section: Event-study Analysismentioning

confidence: 99%

Impacts of Infectious Disease Outbreaks on Firm Performance and Risk: The Forest Industries during the COVID-19 Pandemic

Størdal

Lien

Trømborg

2021

JRFM

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“…With the implementation of the Household Responsibility System Land 2021, 10, 392 2 of 15 in farmland, the collective forest tenure began a large-scale reform, that is, the forestry "Three-fixed" reform, in 1981. However, the property right of this reform was uncertain and changeable, and this resulted in the lack of management rights of households [16]. In such circumstances, households carried on the massive cutting to the collective forest to pursue short-term economic benefits [17,18].…”

Section: Introductionmentioning

confidence: 99%

Effect of Land Property Rights on Forest Resources in Southern China

Yang

Long

et al. 2021

Land

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The land tenure reform is important for forest resource management worldwide. Since China initiated a new round of collective forestland tenure reform (CFTR) in 2003, improving forest output by clarifying property rights plays a crucial role in realizing sustainable forest resource management. Using survey data of 312 bamboo plantation households from Southern China, this paper empirically examines the impact path of land property rights on forest resources. The estimation results show that both the forestland use right and disposal right are able to significantly improve the forest output by encouraging households to invest and optimizing the allocation of forestry labor. Particularly, the results reveal that the use right has a positive impact on forest output through forestland investment. With regard to the disposal right, we find that it has a positive effect on forest output through forestland investment, but it has a negative impact on forest output through the forestry labor allocation. The findings of this study suggest that to promote the growth of forest resources, the government should endow households with a more complete set of rights, and further strengthen their understanding of property rights. In addition, our findings enhance the understanding of the collective forestland tenure reform in China; they also have implications for the decentralized management of forestry elsewhere in the world.

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The Impact of Collective Forestland Tenure Reform on Rural Household Income: The Background of Rural Households’ Divergence

Wei

Xiao

Liu

et al. 2022

Forests

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As the direct subject of collective forestland tenure reform, increasing farmers’ income is an important goal of collective forestland tenure reform and the key to sustainable management of forest resources. Based on the survey data of 1276 rural households in 18 counties in 9 provinces, we construct a theoretical analysis framework of the impact of collective forestland tenure reform on household income from the perspective of rural household differentiation and elucidate the mechanism of the effect of collective forestland tenure reform on household income in the context of the rural household differentiation. The results of the empirical analysis show that, firstly, the collective forestland tenure reform significantly increases the total income, forestry income, and off-farm income of rural households, but the effect of income increase differs significantly among different groups of rural households with different income levels, showing the characteristic of “benefitting the rich more than the poor”. Secondly, as rural household differentiation deepens, there is a moderating effect of rural household differentiation in the income-raising effect of collective forestland tenure reform, i.e., collective forestland tenure reform has a stronger marginal effect on the forestry income of shallowly differentiated rural households and a weaker marginal effect on their off-farm income compared to deeply differentiated rural households. Finally, the income increase effect of collective forestland tenure reform shows significant situational dependence in both forestland operation scale and human capital endowment. The income-raising effect of collective forestland tenure reform is stronger for forestry income of large operation scale farmers, while it is stronger for off-farm income of small operation scale farmers; the income-raising effect of collective forestland tenure reform is stronger for farmers with high quantity and quality human capital endowment than for farmers with low quantity and quality human capital endowment. Therefore, this paper attempts to provide a policy adjustment idea to deepen the policies related to collective forestland tenure reform by starting from the farmer differentiation side.

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Effects of China’s Collective Forestland Tenure Reform Policies on Forest Product Firm Values

Cited by 5 publications

References 57 publications

Impacts of Infectious Disease Outbreaks on Firm Performance and Risk: The Forest Industries during the COVID-19 Pandemic

Impacts of Infectious Disease Outbreaks on Firm Performance and Risk: The Forest Industries during the COVID-19 Pandemic

Effect of Land Property Rights on Forest Resources in Southern China

The Impact of Collective Forestland Tenure Reform on Rural Household Income: The Background of Rural Households’ Divergence

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