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                <term xml:lang="en">dairy sector</term>
                <term xml:lang="en">adjustment cost model</term>
                <term xml:lang="en">farm investment</term>
                <term xml:lang="en">coût d'ajustement</term>
                <term xml:lang="en">exploitation agricole laitière</term>
                <term xml:lang="en">reinvestment</term>
                <term xml:lang="fr">bretagne</term>
                <term xml:lang="fr">France</term>
                <term xml:lang="fr">performance</term>
                <term xml:lang="fr">investissement</term>
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              <classCode scheme="jel" n="Q.Q1.Q12">Q - Agricultural and Natural Resource Economics • Environmental and Ecological Economics/Q.Q1 - Agriculture/Q.Q1.Q12 - Micro Analysis of Farm Firms, Farm Households, and Farm Input Markets</classCode>
              <classCode scheme="jel" n="D.D9">D - Microeconomics/D.D9 - Intertemporal Choice</classCode>
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              <p>The objective of this paper is to investigate the role of farm performance in farmers’ investmentdecisions with a theoretical model accounting for adjustment costs and performance. The modelis estimated on a balanced sample of specialised dairy farms in Brittany (western France)between 2005 and 2014. Two types of farms are considered: with high and with low capitalintensity. The results show that spreading investment over time is, on average, an optimalstrategy for maintaining performance in the presence of adjustment costs. In addition, the effectof performance on investment behaviour differs between the two farm types.</p>
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              <p>L’objectif de ce travail est d’analyser le rôle de la performance des exploitations agricoles dansles décisions d’investissement des exploitants, grâce à un modèle théorique prenant en compteles coûts d’ajustement et la performance. Le modèle est estimé sur un échantillon cylindréd’exploitations laitières spécialisées en Bretagne entre 2005 et 2014. Deux types d’exploitationssont considérées : celles avec une forte intensité en capital, et celles avec une faible intensité encapital. Les résultats montrent que répartir l’investissement sur plusieurs années est en moyenneune stratégie optimale pour maintenir la performance lorsqu’il y a des coûts d’ajustement. Deplus, l’effet de la performance sur le comportement d’investissement diffère entre les deux typesd’exploitations.</p>
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