Values, value, risk, and satisfaction as antecedents to continue in farming with specific reference to farming in Great Britain

This study concerns ‘value’ and how this leads to the ‘decision’ of whether to stay in farming, or to exit the industry. Most of the research into the ‘value’ of farming is based upon the quantitative economic evaluation of either farmland income or production modelling. This study proposes that there is additional ‘value’ beyond the income received. ‘Value’ is deemed to be ‘customer perceived value’ (‘value’) on the basis that farmers are considered to be consumers of the system of farming within a professional environment. Farming is a “way of life” and this is the first study that investigates whether the ‘personal values’ (‘values’) of farmers effect the ‘value’ they perceive from farming as suggested by Schoon and Te Grontenhuis (2000). This study investigates the relationship between ‘values, value, risk, satisfaction and decision’. The research model posits that ‘values’ (each one separately) impacts on the formation of ‘value’ (which is treated as a higher-order construct of the benefits [“get”] and sacrifices [“give”] components, each of which comprises a number of dimensions), ‘risk’ (also conceptualised as a higher-order construct) impacts on ‘value’ and ‘decision’, ‘value’ is a determinant of ‘satisfaction’ which in tum affects ‘decision’ of whether or not to remain in farming, The competing model although it maintains the above structure treats the two ‘value’ components as separate constructs (that is, tests for differential impact of ‘value’ and ‘risk’ on the “get” and “give” components and for the differential impact of these two components on ‘satisfaction’). The relationships between the constructs were tested via data collected from a postal and internet survey sent to farmers within Great Britain. The empirical investigation involved the use of Partial Least Squares (structural equation modelling). Examination of the solutions obtained for the research and competing model led to the adoption of the latter because of is greater sensitivity and analytical clarity. Overall, the findings confirm the relevance of ‘perceived value’ in a person's decision to remain within a given professional domain. Specifically, the following contributions to extant knowledge are made: • The differential behaviour of the two ‘value’ components (i.e., “give” and “get”) indicates that ‘value’ should not be conceptualised and consequently examined as a unidimensional higher-order construct. Instead each of the ‘value’ components should be free to relate to other constructs. • The research has confirmed the link between personal ‘values’ and value. However, the form of this relationship is considered to be context specific (i.e., in this study only Self Direction, Tradition and Benevolence were found to be a significant determinant of the ‘value’ components). • Risk has been found to impact significantly only on the “give” component of ‘value’. • Of the two components, only the “get” to satisfaction relationship was supported. This implies that the benefits received rather than the “give/sacrifices” made are the main driver of personal satisfaction with the chosen professional domain (in this case farming). • As expected the satisfaction to decision to remain in the chosen profession relationship has been confirmed. Based on the above policy suggestions are put forward regarding actions that could engender farmer's satisfaction with their profession and consequently ensure continuation with their chosen profession