Naslov
An analysis of the long-term capital-market performance of forestry companies: Investors’ perspective

Autori
Beljan, Karlo ; Brener, Magdalena ; Dolinar, Denis

Vrsta, podvrsta i kategorija rada
Radovi u zbornicima skupova, cjeloviti rad (in extenso), znanstveni

Izvornik
MANAGERIAL, SOCIAL AND ENVIRONMENTAL ASPECTS OF THE FOREST-BASED SECTOR FOR SUSTAINABLE DEVELOPMENT / Holušová, Kateřina - Brno : Mendel University in Brno, 2021, 50-53

ISBN
978-80-7509-805-4

Skup
Annual Conference of the IUFRO Research Group 4.05.00 Managerial Economics and Accounting and its subgroups

Mjesto i datum
Brno, Češka Republika, 04.06.2021. - 05.06.2021

Vrsta sudjelovanja
Predavanje

Vrsta recenzije
Nije recenziran

Ključne riječi
forestry, asset, stock exchange, return, risk, investment

Sažetak
Investing in forestry is recommended as a good portfolio risk diversifying choice. Investors who seek diversification benefit from holding forest assets (regarding its high risk-adjusted returns, low level of correlation with other financial asset classes and regarding forest’s inflation-hedging abilities. From the investor’s perspective, the main purpose of investing is to increase, or at least, preserve the current level of his/her wealth (Damodaran, 2002). About 80% of the world’s forests are owned by governments (Palo and Lehto, 2012), and governments usually are not exclusively profit-oriented but hold forest capital more preferably for social well-being instead (Möhring, 2001). Thus, it is not suppressing why the forestay perspective as a lucrative branch is neglected. The main reason why we have focused just on the forestry companies that are listed on stock exchanges is that stocks of these companies are evaluated daily by market participants and thus are instantaneously capturing market sentiment and perceived sector perspective. A study like this one should give a more realistic overview of the economic characteristics of the forestry business.In total, we have analyzed 48 companies that have satisfied the condition of forest possession (ownership or lease). According to their business activities 1) forest management 2) sawmilling, 3) production of final products (e.g. furniture), and 4) paper production, it is possible to distinguish them into the type- subgroups. For this phase of our research here we present just the long-term capital-market performance of forestry companies for the overall sample.

Izvorni jezik
Engleski

Znanstvena područja
Šumarstvo, Ekonomija

POVEZANOST RADA