Expand or exit? Strategic decisions in milk production

Results show that farmers hold separate identity, business, and farm-living values. The identity value construct is strongly correlated with the other two, suggesting that for some farmers, identity is more coupled with business management, whereas for others identity is more tied to farm-living. At the same time, it is the business value construct that is most significant in explaining changes in production, exerting a positive influence on both planned exit and expansion, whereas the identity and farm-living value constructs show a more mixed influence on farmers' strategic planning. (C) 2013 Elsevier B.V. All rights reserved.