소득원 다각화와 사회적 자본이 농가소득에 미치는 영향: 경영주 연령과 농가규모별 차이를 중심으로

Effects of Portfolio Diversification and Social Capital on Farm Income: Analysis of Differences by Farm Manager Age and Farm Scale in Korea

This study analyzes the effects of portfolio diversification and social capital on farm household income during Korea's agricultural structural transformation period. Using the Korea Welfare Panel Study data from 2005 to 2022, we employ Poisson pseudo-maximum-likelihood estimation with household fixed effects. The results show that diversification exhibits diminishing returns, with its effects varying systematically by farm characteristics. Notably, small-scale farms with elderly farm managers (aged 65 and above) show the largest positive effect of diversification along with strong diminishing returns. The effects of social capital vary distinctly by farm characteristics. Community participation shows its strongest effect among medium-scale farms with young farm managers, while family social capital demonstrates positive effects only among medium-scale farms with elderly farm managers. In contrast, family interaction shows negative effects on income for small-scale farms with young farm managers. These findings suggest the need for differentiated income enhancement strategies based on farm characteristics, particularly emphasizing the importance of tailored policies according to farm life cycles and scales.