JournalTOCs

Journal of Forest Economics
Journal Prestige (SJR): 0.555

Citation Impact (citeScore): 2
Number of Followers: 5

Hybrid journal (It can contain Open Access articles)
ISSN (Print) 1104-6899 - ISSN (Online) 1618-1530
Published by Now Publishers [1 journal]

Drivers of Deforestation and the Validity of the Environmental Kuznet
Curve: Evidence from Middle/High Income African and East Asian Countries
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  Abstract: AbstractThis study employs a system GMM dynamic regression model and examines how the rates of deforestation vary by the level of per capita income and other factors for 21 middle/upper income African countries and 9 East Asian countries using panel data from 1990 to 2016. The East Asian sub-sample serves as a benchmark against which to contrast the middle and upper income African sub-sample. Accordingly, the Environmental Kuznets Curve (EKC) hypothesis has been tested and the results demonstrate there is indeed an inverted U-shaped curve between per capita income and deforestation rate for East Asian and middle/upper-income African countries, implying that deforestation initially increases with income level rises, but starts to decline at higher levels of development. Once the EKC confirmed, the turning points (the minimum threshold income per capita) that signify a decrease in the rate of deforestation for East Asian and middle/upper income African countries are estimated to be $2785 and $2307, respectively. In addition to per capita income, other underlying factors of deforestation have been identified. In addition to the GMM estimation method, FE and RE estimation methods are also used to verify the consistency and robustness of the empirical results.Suggested CitationAye Mengistu Alemu (2023), "Drivers of Deforestation and the Validity of the Environmental Kuznet Curve: Evidence from Middle/High Income African and East Asian Countries", Journal of Forest Economics: Vol. 38: No. . http://dx.doi.org/10.1561/112.00000561
  PubDate: Wed, 31 May 2023 00:00:00 +020
Dweller Preferences for Wood as a Load-Bearing Material in Residential
Buildings
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  Abstract: AbstractThe wider use of wood as a load-bearing framing material can advance climateaction by storing carbon in long-lived products. Substitution of traditionalmaterials such as brick, concrete, and steel will be partlydetermined by dweller preferences. Unknown preferences allowed, we elicitedstated choices for the following load-bearing materials in residentialconstruction: (i) primarily wood and (ii) wood in combination with othermaterials, over the use of (iii) traditional (e.g., brick, concrete,steel). Stated choices with an opt-out option gatheredfrom over 7,000 adults residing across seven European nations were modelledusing a weighted multinomial logistic regression. Among our explanatoryvariables, past experience and knowledge dominated higher preferences towardwood over traditional materials. Negative attitudes related to woodharvesting had a strong inverse effect. Preferences show that primarily woodand wood in combination with other materials were perceived as two distinctload-bearing products. A concerted effort to better inform the public on the greencredentials and performance features of wood might be necessary to increaseits use in European residential load-bearing framing.Suggested CitationFrancisco X. Aguilar, Anders Roos, Antti Haapala, Katja Lähtinen, Matleena Kniivilä and Hans Fredrik Hoen (2023), "Dweller Preferences for Wood as a Load-Bearing Material in Residential Buildings", Journal of Forest Economics: Vol. 38: No. . http://dx.doi.org/10.1561/112.00000537
  PubDate: Wed, 31 May 2023 00:00:00 +020
Urban Planners’ Perspectives on Public Private Partnership for Wooden
Multi-Storey Construction
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  Abstract: AbstractIncreased awareness of sustainable development in the construction industryand current housing shortages have contributed to market opportunities forwooden multi-storey construction (WMC) in the Nordic countries. However, themarket development has been slow despite access to forest products and apolitical ambition to transform to a low carbon society. The aim of thisstudy is to explain enabling factors for municipalities in Sweden to createinstitutional conditions that stimulate local market development of WMC. Acomparative case study of municipal efforts to establish WMC norms has beenconducted pointing to the importance of relationships, in so-called publicprivate partnerships (PPP). These partnerships serve as long-lastingrelations in which development processes can manage challenges relating to,for example, lack of professional experience in WMC and dated materialunderstandings of wood as a construction material. In the SustainableDevelopment Goals, PPP represent enabling conditions for sustainable systemtransformations.Suggested CitationCecilia Mark-Herbert, Anders Roos, Emil Nagy and Fredrik Sjöström (2023), "Urban Planners’ Perspectives on Public Private Partnership for Wooden Multi-Storey Construction", Journal of Forest Economics: Vol. 38: No. . http://dx.doi.org/10.1561/112.00000542
  PubDate: Wed, 31 May 2023 00:00:00 +020
When Will the Lumber Price Bubble Burst'
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  Abstract: AbstractThis study investigates lumber price bubbles in the U.S. through thegeneralized supremum augmented Dickey-Fuller (GSADF) approach. The outcomesexplore that lumber prices have explosive behaviour and confirm multiplebubbles. The first bubble is driven by import tariffs, transportbottlenecks, strong housing demand, the Sino-U.S. trade war, wildfires andweather severity. The second bubble is caused by the pandemic, resulting ina historic shortage and demand increases because of new housing, renovation,low-interest rates, and tariffs. The last bubble is driven by fallingproduction, absences of the workforce and transportation. The findings areconsistent with the present value model, which describes that bubbles existwhen the market price exceeds the fundamental price. Moreover, the logitregression concludes that house price, industrial production, inflation andeconomic uncertainty have a positive impact except for interest rates. Theadministration should resolve the tariff, transportation and full capacityproductions, which can ensure the stable supply and lumber market avoidabrupt price changes.Suggested CitationKhalid Khan (2023), "When Will the Lumber Price Bubble Burst'", Journal of Forest Economics: Vol. 38: No. . http://dx.doi.org/10.1561/112.00000559
  PubDate: Wed, 31 May 2023 00:00:00 +020
Incorporating ESG into Optimal Stock Portfolios for the Global Timber
& Forestry Industry
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  Abstract: AbstractThis paper investigates how optimal portfolios of timber & forestry stocks perform relative to the global S&P timber & forestry index when corporate social responsibility (CSR) is considered. We incorporate CSR in the construction of optimal portfolios by utilizing combined environmental, social, and governance (ESG) scores. Historical as well as copula-augmented predictive models and ESG-constrained optimization are used to analyze out-of-sample performance of various portfolio strategies over the period 2018–2021. The results of copula-based portfolio strategies are better than of the historical models. Another insight gained by this study is that socially responsible investments in forestry stocks are feasible without sacrificing risk-adjusted returns.Suggested CitationHans Lööf, Maziar Sahamkhadam and Andreas Stephan (2023), "Incorporating ESG into Optimal Stock Portfolios for the Global Timber & Forestry Industry", Journal of Forest Economics: Vol. 38: No. . http://dx.doi.org/10.1561/112.00000560
  PubDate: Wed, 31 May 2023 00:00:00 +020
Rising Carbon Price and the Paradoxes of Forest-based Sequestration
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  Abstract: AbstractBoth supply and demand factors suggest that the price ascribed to a carbonflux into or out of the atmosphere might rise through time. When this is so,a single productive forestry cycle entails both early sequestration at lowprices and late volatilisation at higher prices of carbon. Hence the cycleapparently has a negative carbon account, even if in every future timeperiod its effect on atmospheric CO2 stock seems to be non-detrimental.Costing carbon via its lagged long-term effects on global conditions(atmospheric and oceanic CO2 and temperature) shows that a singleproduction cycle which is overall carbon-neutral might indeed bedetrimental. While the effect would be mitigated or reversed by discountingcarbon flux values, in practice there is debate about whether such valuesshould be discounted. Forest economists' habitual mode of analysis entails bias intreatment of the times within a forest cycle, and this is a cause ofnegative values. Combining carbon flux cycles into a normal foreststructure, or a repeated replanting sequence, does produce a positive carbonaccount. Another option is growing a forest but not harvesting it. However,with rising carbon price and limited afforestable area, an even betteralternative, apparently, is to delay any of these options, for as long asprices rise. To justify immediate planting would need other benefits of sodoing to be invoked, or the case for rising prices to be rejected. Becauseof its long-term opportunity cost, such planting should complement emissionsreduction, not be an offset that justifies emissions.Suggested CitationColin Price and Rob Willis (2022), "Rising Carbon Price and the Paradoxes of Forest-based Sequestration", Journal of Forest Economics: Vol. 37: No. 4, pp 403-436. http://dx.doi.org/10.1561/112.00000557
  PubDate: Mon, 31 Oct 2022 00:00:00 +010
Wildlife Management in the Presence of Predation and Damage Costs
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  Abstract: AbstractIn this paper a simple age-structured model is constructed to analyze how awildlife population creating hunting value, but also damage costs, isinfluenced by predation. The model may exemplify a moose population causingforest browsing damage and exposed for predation by wolf or other bigcarnivores within a Scandinavian institutional setting. However, it can alsofit to other ecological and institutional settings as in North America andother parts of Europe. Two age classes of the prey population, immature andmature animals, are included. The paper provides several results, includinga characterizing of the optimal harvesting scheme, and how the harvest andstock composition are influenced by damage costs. It is also shown how thedamage costs influence the economic loss of predation. The paper alsodemonstrates that these results may be rather sensitive to certainconditions, including the timing of the events (e.g., damage costs andpredation) over the year cycle.Suggested CitationAnders Skonhoft (2022), "Wildlife Management in the Presence of Predation and Damage Costs", Journal of Forest Economics: Vol. 37: No. 4, pp 437-454. http://dx.doi.org/10.1561/112.00000558
  PubDate: Mon, 31 Oct 2022 00:00:00 +010
Economic Valuation of Forest Ecosystem Services in Kenya: Implication for
Design of PES Schemes and Participatory Forest Management
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  Abstract: AbstractForest ecosystem services are critical for human well-being as well as functioning and growth of economies. However, despite the growing demand for these services, they are hardly given due consideration in public policy formulation. The values attached to these services by local communities are also generally unknown in developing countries. Using a case study of the Mau forest conservancy in Kenya, this study applied a choice experiment technique to estimate the value attached to salient forest ecosystem services by forest-adjacent communities. The choices were generated from an efficient design, and three models (conditional logit, random parameter logit model and random parameter logit model with interactions) were applied to the resultant data. The results revealed high levels of preference heterogeneity across households, including preferences for programs that guarantee improved forest cover, reduced flood risk, and high drinking water quality and quantity. There was a demonstrated welfare loss from choosing alternatives with medium rather than low wildlife population. Further, the results revealed that forest adjacent communities mind more about the welfare of downstream communities, as revealed by the high willingness to pay for flood mitigation, showing that these communities are not only concerned with private benefits, but also the welfare of society. Policy recommendations are also highlighted.Suggested CitationBoscow Okumu and Edwin Muchapondwa (2022), "Economic Valuation of Forest Ecosystem Services in Kenya: Implication for Design of PES Schemes and Participatory Forest Management", Journal of Forest Economics: Vol. 37: No. 4, pp 347-381. http://dx.doi.org/10.1561/112.00000551
  PubDate: Mon, 31 Oct 2022 00:00:00 +010
Changes Induced by Sino-Asian Investments in Cameroon’s Forestry
Sector
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  Abstract: AbstractThis paper analyzes the changes induced by Sino-Asian investments in the forest sector in Cameroon. Our analysis shows that Sino-Asian operators have induced significant changes in terms of investment strategy and the destination timber exported from Cameroon. Indeed, faced with the constraints to obtain a forestry license in Cameroon, Asian investors specialized in buying out or taking shares in the capital of licensed companies. With this strategy, they successfully secured 18% of the surface area of forest management units and 57% of the notarized sub-contracts for the exploitation of council forests for permanent timber supply. For the period 2009–2018, the Asian, led by China and Vietnam surpassed Europe and become the first destination of Cameroon timber with 60.1% of timber exported. Sino-Asian capital is present in 20% of timber processing units of the country since logs (51.7%) and primarily processed sawing (44.1%) are the main exported products to Asian countries.Suggested CitationSerge Silatsa Nanda, Armand Zongang, Faris Al-Fadhat and Ahmad Sahide (2022), "Changes Induced by Sino-Asian Investments in Cameroon’s Forestry Sector", Journal of Forest Economics: Vol. 37: No. . http://dx.doi.org/10.1561/112.00000556
  PubDate: Mon, 31 Oct 2022 00:00:00 +010
Study on the Impacts of China’s Waste Paper Import Restrictive Policies
on the Cycle Synchronization between the Chinese and International Waste
Paper Markets
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  Abstract: AbstractAs strong mutual dependence exists between the Chinese and international waste paper markets, changes in one market will inevitably affect both markets. The purpose of this study is to investigate the impacts of China’s newly implemented waste paper import restrictive policies on the price cycles of the Chinese and international waste paper markets and on the relationship between them. The results of the wavelet analysis and cointegration test based on the ARDL model revealed that the price cycles of the Chinese and international waste paper markets are synchronized in both periodicity and amplitude, but the degree of the synchronization relationship varies across time and frequencies along with China’s newly implemented policies. These policies have broken the price cycle synchronization between the two markets and led to ineffective resource allocations and more fluctuations in both markets, threatening the stable development of the Chinese paper industry and the international recycling industry.Suggested CitationDi Shang, Gang Diao, Chang Liu and Lucun Yu (2022), "Study on the Impacts of China’s Waste Paper Import Restrictive Policies on the Cycle Synchronization between the Chinese and International Waste Paper Markets", Journal of Forest Economics: Vol. 37: No. . http://dx.doi.org/10.1561/112.00000548
  PubDate: Mon, 31 Oct 2022 00:00:00 +010
How do Forest Owners’ Risk Preferences Affect Harvesting Decisions'
A Case-study in Fujian Province, China
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  Abstract: AbstractCollective forests in China are the major source of the nation's woodsupply, and therefore understanding the harvesting decisions of thesmall-scale forest owners who manage them is crucial to realizing nationalforest production goals. However, forest owners' timber harvesting decisionsdepend very much on individual attitudes toward risks and benefits (i.e.,risk preferences), but this topic has received very little researchattention. In this paper, we applied prospect theory and lottery experimentsto measure individuals' risk preferences. In 2018, 320 householdquestionnaires were combined with a field experiment in Fujian Province,China, to empirically determine the link between risk preferences and timberharvesting behavior. The results indicate that the higher the degree of riskaversion the forest owners have, the more they are willing to harvestforests under household management, as well as the earlier they are inclinedto harvest. However, the harvesting amount per mu of risk-averse forestowners are lower than risk-neutral or risk-taking households due to lowerinvestment in their forestlands. Further analysis indicates that improvingforest owners' forestland tenure security is helpful to reduce forestowners' risk-avoiding behaviors. This study contributes to a betterunderstanding of the relationship between household risk preference andtimber harvesting behavior, and will help inform the design of alternativepolicies that could reduce forest management risks.Suggested CitationWei Duan, Nicholas J. Hogarth, Yicheng Jiang and Qian Chen (2022), "How do Forest Owners’ Risk Preferences Affect Harvesting Decisions' A Case-study in Fujian Province, China", Journal of Forest Economics: Vol. 37: No. 3, pp 259-293. http://dx.doi.org/10.1561/112.00000547
  PubDate: Mon, 25 Jul 2022 00:00:00 +020
Household Communal Resource Use and Willingness to Supply Extra Free Labor
Days to Conserve Communal Land in Northern Ethiopia: Evidence from the
Kilte-Awlaelo Woreda of the Tigrai Region
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  Abstract: AbstractThe availability of and access to natural resources highly influence thelivelihood of rural communities in developing countries. However, thenatural resource potential in Ethiopian highlands has been eroding due tohigh population pressure and climate change. This study examined the linkbetween communal resource use and willingness to supply extra unpaid labordays to conserve communal land in Kilte-Awlaelo woreda of Tigrai region of Ethiopia. Thestudy found that the relatively rich households extracted communal resourceslike animal fodder, firewood and construction materials relative to the poorhouseholds in the study area. On the contrary, the poor households tend tosupply extra unpaid labor days to conserve communal land compared to wealthyhouseholds. Thus, the poor households have to be compensated for theextra unpaid labor days they are willing to supply to take care of the communalresources and, at the same time, the relatively wealthy households have tocontribute money, as they could not contribute free labor days, to ensuresustainable communal resource conservation.Suggested CitationTeklay Negash, Shunji Oniki, Melaku Berhe and Haftu Etsay (2022), "Household Communal Resource Use and Willingness to Supply Extra Free Labor Days to Conserve Communal Land in Northern Ethiopia: Evidence from the Kilte-Awlaelo Woreda of the Tigrai Region", Journal of Forest Economics: Vol. 37: No. 3, pp 319-345. http://dx.doi.org/10.1561/112.00000549
  PubDate: Mon, 25 Jul 2022 00:00:00 +020
Tree Planting Subsidies and Land Use Switching between Forestry and
Agriculture in the US South
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  Abstract: AbstractA regime switching model based on real options shows that optimal land useswitching boundaries are contingent upon the stochastic behavior (trend andvolatility) of timberland and cropland returns, conversion costs, and returncorrelation. Using this modeling framework applied to timberland andcropland in the US South, tree planting subsidies are shown to increaseforest area over baseline projections. However, timber supply feedbacks andpartial eligibility for subsidies are shown to generate substantial benefitleakage. Given the context of market feedbacks it's not clear that treeplanting subsidies alone are an effective policy instrument for expandingforest area.Suggested CitationBin Mei, David N. Wear and Yanshu Li (2022), "Tree Planting Subsidies and Land Use Switching between Forestry and Agriculture in the US South", Journal of Forest Economics: Vol. 37: No. 3, pp 237-257. http://dx.doi.org/10.1561/112.00000546
  PubDate: Mon, 25 Jul 2022 00:00:00 +020
Estimating Annual Investment Returns from Industrial Planted Forests of
Radiata Pine in New Zealand
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  Abstract: AbstractThis will be published in the forthcoming Special Issue on The Economics of Global Forest Investments.The purpose of this paper is develop an industry-level (average) estimate of annual investment returns from industrial planted forests in New Zealand, from publicly-available financial statement data. The research used data from seven New Zealand commercial forest-growing companies, for the period 2008 to 2018. These companies managed around 600,000 ha of planted forest (or about half of the industrial forest estate in New Zealand), and had a total asset value of approximately $NZ 11 billion in 2018. The data were used to calculate an average industry-level estimate of annual investment returns, from 2009 to 2018. The calculated value is directly equivalent to the one-period internal rate of return and is separable into two components – cash return on assets and the real change in asset value. Since 2009, commercial forestry investment returns (unleveraged, pre-tax) have increased. The average investment return for 2009 to 2013 was 5.4%, while for 2014 to 2018 the average investment return was 14.7%. These returns are superior to returns from pastoral farming.Suggested CitationDavid Evison (2022), "Estimating Annual Investment Returns from Industrial Planted Forests of Radiata Pine in New Zealand", Journal of Forest Economics: Vol. 37: No. . http://dx.doi.org/10.1561/112.00000544
  PubDate: Sun, 01 May 2022 00:00:00 +020
Designing Voluntary Subsidies for Forest Owners under Imperfect
Information
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  Abstract: AbstractIn this paper, we study voluntary subsidies offered to forest owners to increase rotation periods. We assume that a forest owner takes private amenity values into account when making decisions, but these values are lower than the social amenity values; therefore, an amenity value externality arises. Furthermore, the regulator has imperfect information regarding the timber profit of the forest owner. We show that voluntary subsidies must reflect the difference between (a) private and social amenity values and (b) timber profit among the possible types of the forest owner. In this way, we solve the amenity value externality and the problem of imperfect information about timber profit in a second-best optimal way. We have also investigated what happens if the regulator excludes private amenity values when fixing voluntary subsidies and we show that two sources of efficiency losses arise: (a) non-optimal rotation periods and (b) non-truthful revelation of private information.Suggested CitationFrank Jensen, Bo Jellesmark Thorsen, Jens Abildtrup, Jette Bredahl Jacobsen and Anne Stenger (2022), "Designing Voluntary Subsidies for Forest Owners under Imperfect Information", Journal of Forest Economics: Vol. 37: No. . http://dx.doi.org/10.1561/112.00000541
  PubDate: Sat, 30 Apr 2022 00:00:00 +020
Projecting the Impact of Socioeconomic and Policy Factors on Greenhouse
Gas Emissions and Carbon Sequestration in U.S. Forestry and Agriculture
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  Abstract: AbstractUnderstanding greenhouse gas mitigation potential of the U.S. agriculture and forest sectors is critical for evaluating potential pathways to limit global average temperatures from rising more than 2°C. Using the FASOMGHG model, parameterized to reflect varying conditions across shared socioeconomic pathways, we project the greenhouse gas mitigation potential from U.S. agriculture and forestry across a range of carbon price scenarios. Under a moderate price scenario ($20 per ton CO2 with a 3% annual growth rate), cumulative mitigation potential over 2015–2055 varies substantially across SSPs, from 8.3 to 17.7 GtCO2e. Carbon sequestration in forests contributes the majority, 64–71%, of total mitigation across both sectors. We show that under a high income and population growth scenario over 60% of the total projected increase in forest carbon is driven by growth in demand for forest products, while mitigation incentives result in the remainder. This research sheds light on the interactions between alternative socioeconomic narratives and mitigation policy incentives which can help prioritize outreach, investment, and targeted policies for reducing emissions from and storing more carbon in these land use systems.Suggested CitationChristopher M. Wade, Justin S. Baker, Jason P. H. Jones, Kemen G. Austin, Yongxia Cai, Alison Bean de Hernandez, Gregory S. Latta, Sara B. Ohrel, Shaun Ragnauth, Jared Creason and Bruce McCarl (2022), "Projecting the Impact of Socioeconomic and Policy Factors on Greenhouse Gas Emissions and Carbon Sequestration in U.S. Forestry and Agriculture", Journal of Forest Economics: Vol. 37: No. . http://dx.doi.org/10.1561/112.00000545
  PubDate: Sat, 30 Apr 2022 00:00:00 +020
On the Performance of Timberland as an Alternative Asset
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  Abstract: AbstractThe financial performance of timberland as an alternative asset is assessedby the intertemporal capital asset pricing model and Fama-MecBeth two-stepregression method. In the analysis, alternative assets include emergingmarkets, hedge funds, private equity, venture capital, commodities, realestate, farmland and timberland; conventional assets include S&P 500Index, Dow Jones Index, first, fourth, seventh, and tenth decile sizeportfolios of NYSE, AMEX, and NASDAQ listed stocks, 5- and 10-year Treasurybonds, and long-term AAA and BAA corporate bonds; and risk factors includemarket excess returns, term spread, default spread, personal consumptionexpenditures and inflation. Timberland return is found to becountercyclical, positively correlated with innovations in default spread,personal consumption expenditures and inflation, and negatively correlatedwith innovations in term spread. On a risk-adjusted basis, timberland showssuperior performance than stocks and most other alternative assets. There isalso evidence that alternative asset market is not integrated withconventional asset market as the risk premiums for these two asset groupsdiffer significantly.Suggested CitationBin Mei (2022), "On the Performance of Timberland as an Alternative Asset", Journal of Forest Economics: Vol. 37: No. 2, pp 169-184. http://dx.doi.org/10.1561/112.00000539
  PubDate: Wed, 30 Mar 2022 00:00:00 +020
The Performance of Private Equity Timberland Funds in the United States
between 1985 and 2018
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  Abstract: AbstractBetween the end of 1980s and today, the timberland asset class managed bytimberland investment management organizations in the United States hasgrown from one to over 30 billion USD. However, to date, the application ofscholarly research on the assessment of the performance of private equitytimberland funds has been limited. In this study, we attempt to fill thisknowledge void by investigating the performance of private equity timberlandfunds in the United States between 1985 and 2018 based on confidential datafrom Preqin Pro (February 2020). Our results show that the historicalreturns of private equity timberland funds (4–6%) were close to thereturns of the bond markets (3.4% and 7.6% for 3-Month Treasury billand US treasury 10-year bond, respectively) and much less than BAA CorporateBond (9.7%) and stock markets (12.6%). The results may help investorsbetter understand privately placed timberland as an asset class andtherefore improve their strategic investment decisions.Suggested CitationRafał Chudy, Bin Mei and Svein Skjerstad (2022), "The Performance of Private Equity Timberland Funds in the United States between 1985 and 2018", Journal of Forest Economics: Vol. 37: No. 2, pp 199-215. http://dx.doi.org/10.1561/112.00000550
  PubDate: Wed, 30 Mar 2022 00:00:00 +020
Special Issue on The Economics of Global Forest Investments
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  Abstract: AbstractIntroduction to the Special Issue on The Economics of Global Forest Investments.Suggested CitationRafał Chudy, Bin Mei and Frederick Cubbage (2022), "Special Issue on The Economics of Global Forest Investments", Journal of Forest Economics: Vol. 37: No. 2, pp 167-168. http://dx.doi.org/10.1561/112.00000554
  PubDate: Wed, 30 Mar 2022 00:00:00 +020
Pine Log Price Changes in South America: A Comparison of Argentina,
Brazil, and Uruguay Markets
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  Abstract: AbstractWe analysed the degree of price cointegration among pine log markets innortheast Argentina, Paraná State of Brazil, and Uruguay by examiningprice series over the period 2008--2020. We evaluated the cointegration ofprice series of the same product through the study regions. In the same way,we analysed the cointegration of price series of different products withinthe same zone. We found market cointegration for medium sawlogs and exportlogs, between Paraná and Uruguay and between Misiones and Uruguay. Inaddition, pairwise groups of sawlogs, pulpwood and woodchips werecointegrated in sawmill and pulp mill-markets. In regions withoutpulp mills, the prices of sawlogs and veneer logs of similar size andquality were cointegrated. These results reveal the existence of a dynamicof substitution. Usually, veneer logs are delivered to sawmills. However, insome situations, small sawlogs may be downgraded and sold to pulp mills.Suggested CitationEduardo Hildt, Adriana Bussoni, Virginia Morales Olmos, Patricio M. Mac Donagh and Frederick W. Cubbage (2022), "Pine Log Price Changes in South America: A Comparison of Argentina, Brazil, and Uruguay Markets", Journal of Forest Economics: Vol. 37: No. 2, pp 217-236. http://dx.doi.org/10.1561/112.00000555
  PubDate: Sun, 20 Feb 2022 00:00:00 +010
Productivity Dynamics and Exports in the French Forest Product Industry
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  Abstract: AbstractThis paper investigates aggregate productivity dynamics of the French forest product industry based on firm-level data from 1994 to 2016. The main objectives of the paper are to investigate aggregate productivity growth in the industry, while taking market entry and exit into account. Further, aggregate productivity growth is investigated with respect to firms’ export status and with respect to their domestic and export economic activity. Decomposing the productivity growth into the contribution of incumbent, entering, and exiting firms, the results show a considerable slowdown during the economic crisis from 2007 on, which is mainly induced by decreasing productivity improvements and inefficient resource allocation among incumbent firms. Moreover, the study shows that exporters contribute more to aggregate productivity growth than non-exporters. However, investigating the contribution of firms’ domestic and export economic activities on aggregate productivity growth, I find that the aggregate productivity growth is mainly related to firms' domestic economic activity.Suggested CitationEnrico De Monte (2022), "Productivity Dynamics and Exports in the French Forest Product Industry", Journal of Forest Economics: Vol. 37: No. 1, pp 1-71. http://dx.doi.org/10.1561/112.00000540
  PubDate: Tue, 01 Feb 2022 00:00:00 +010
Impact of Forest Stewardship Council on Integrated Pest Management in
Certified Plantations of South Africa
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  Abstract: Abstract“Highly hazardous” pesticides have been listed and banned in ForestStewardship Council (FSC) certified areas and producers from tropicalcountries in the southern hemisphere, such as Australia, Brazil and SouthAfrica suffer the consequences of these restrictions. The objective was toassess changes and costs of FSC forest certification in the pest managementfrom the perspective of certified foresters in South Africa. Questionnaireswere sent to for all FSC certified forest plantations managers in SouthAfrica until July 2014. Deltamethrin was considered the most needed activeingredient in derogation, but cypermethrin and alpha-cypermethrin were alsoconsidered necessary. A total of 37.5% of respondents were totallydissatisfied with the cost/benefit ratio of FSC certification related topest management. Excessive rigidity and a lack of justifiable criteria forbanning chemicals may turn the certification process difficult and reduceits adoption in South Africa, although FSC certification has made pestmanagement more sustainable.Suggested CitationPedro G. Lemes, Simon A. Lawson, José C. Zanuncio, Laercio A. G. Jacovine, Carlos M. M. E. Torres and Carlos F. Wilcken (2022), "Impact of Forest Stewardship Council on Integrated Pest Management in Certified Plantations of South Africa", Journal of Forest Economics: Vol. 37: No. 1, pp 103-125. http://dx.doi.org/10.1561/112.00000543
  PubDate: Tue, 01 Feb 2022 00:00:00 +010
In Memoriam: Karl-Gustaf Löfgren 1943-2021
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  Abstract: AbstractSuggested CitationPer-Olov Johansson and Bengt Kriström (2022), "In Memoriam: Karl-Gustaf Löfgren 1943-2021", Journal of Forest Economics: Vol. 37: No. 1, pp 163-165. http://dx.doi.org/10.1561/112.00000553
  PubDate: Tue, 01 Feb 2022 00:00:00 +010
Branding Wooden Multi-storey Construction – Real-Estate Agents as
Gatekeepers for Enhancing Consumer Value in Housing
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  Abstract: AbstractUnderstanding of consumer value expectations in the Finnish multistorey construction (MSC) markets is limited. Even less information exists on branding in the MSC businesses. Real-estate agents are powerful actors in the housing markets through their intermediary role between construction sector businesses and home purchasers. Despite this, their perceptions on the consumer value expectations or branding possibilities in the MSC markets has not been previously addressed. In our pilot study, by employing data gathered from real-estate agents from Finland in 2018 (n = 65, response rate 14%) we address the following questions: Based on real-estate agents’ perceptions, what are the housing value expectations of consumers in the Finnish multi-storey housing markets' Are there branding possibilities in those markets' Could wood be a source for branding in the MSC businesses' The quantitative and qualitative analysis show that branding opportunities exist. However, branding requires enhancing differentiation above traditional product-service thinking, which currently dominates MSC businesses.Suggested CitationKatja Lähtinen, Liina Häyrinen, Jaakko Jussila, Charlotta Harju, Anne Toppinen and Ritva Toivonen (2022), "Branding Wooden Multi-storey Construction – Real-Estate Agents as Gatekeepers for Enhancing Consumer Value in Housing", Journal of Forest Economics: Vol. 37: No. . http://dx.doi.org/10.1561/112.00000538
  PubDate: Mon, 31 Jan 2022 00:00:00 +010