Segmenting agricultural land market according to development potential: A latent class approach = Mengasingkan pasaran tanah pertanian menurut potensi pembangunan: Pendekatan kelas terpendam
Not all farmlands are purchased for farming. Where development pressures are strong and urban boundaries still fluid, some farmlands are purchased for non-agricultural purposes. However, since the future development use is not evident or pre-determined at the time of transaction, the farmland mark...
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| Format: | Article |
| Language: | English English |
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Universiti Kebangsaan Malaysia
2017
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| Online Access: | http://irep.iium.edu.my/57984/ http://irep.iium.edu.my/57984/ http://irep.iium.edu.my/57984/ http://irep.iium.edu.my/57984/1/JEM_published%20HK.pdf http://irep.iium.edu.my/57984/7/Segmenting%20agricultural%20land%20market%20according%20to%20development%20potential%20A%20latent%20class%20approach.pdf |
| Summary: | Not all farmlands are purchased for farming. Where development pressures are strong and urban boundaries still fluid,
some farmlands are purchased for non-agricultural purposes. However, since the future development use is not evident
or pre-determined at the time of transaction, the farmland market may appear to operate as one albeit with latent
segments. Analyses of land price determinants should involve some measures to ascertain the cause and the degree
of functional segmentation in the market, so that the shadow prices of different land attributes can be differentiated
by market segments. Using an extensive dataset of over 2,000 Malaysian farmland sales, our Latent Class Analysis
confirms that there are two underlying distinct distributions and that within each distribution, relationships between
variables display considerable local independence. Strength of potential drivers of farmland price is proven to differ
according to segments. In addition, we are able to show that the segment classification results based on the parcel’s
‘developability’ was fairly accurate when compared to the classification given by official land valuation documents.
This exercise proves that unobserved segmentation can be predicted with a reasonable degree of accuracy simply by
letting the data ‘speak for itself’. In terms of agricultural support funding, the segmentation may allow for the country’s
better targeting of recipients and refinement of farm support programs
Tidak semua tanah pertanian dibeli untuk tujuan pertanian. Di kawasan yang mana tekanan pembangunan adalah
kuat dan sempadan antara bandar dan luar bandar masih tidak jelas, banyak tanah kebun dibeli untuk tujuan bukan
pertanian. Guna-tanah masa depan boleh berubah-ubah dan tidak dapat dijangka dengan tepat pada tempoh urusan
jual beli. Oleh kerana ini, kita boleh perhatikan bahawa pasaran tanah pertanian selalunya mempunyai pelbagai
segmen terpendam, iaitu berdasarkan perbezaan niat sipembeli. Analisis penentu harga tanah haruslah melibatkan
langkah untuk menentukan punca dan tahap segmentasi pasaran yang berlaku, supaya harga bayangan bagi setiap
atribut tanah boleh dibezakan mengikut segmen pasaran masing-masing. Dengan menggunakan set data yang besar
iaitu lebih 2,000 data jualan tanah pertanian di Malaysia, Analisa Kelas Pendam kami telah mengesahkan bahawa
terdapat dua taburan yang berbeza dan bahawa dalam kedua-dua taburan/segmen, hubungan antara pemboleh ubah
adalah berlainan. Kekuatan setiap faktor yang mempengaruhi harga tanah pertanian terbukti berbeza mengikut segmen.
Selain itu, kami dapat menunjukkan bahawa hasil pengasingan segmen berdasarkan ‘daya maju’ sesebuah plot tanah
adalah hampir sama dengan pengelasan yang dibuat Jabatan Penilaian Harta. Kajian ini membuktikan bahawa segmen
terpendam masih boleh diramal dengan tahap ketepatan yang munasabah dengan kaedah membiarkan data ‘bercakap
untuk dirinya sendiri’. Menerusi pengasingan kelas terpendam di dalam pasaran tanah pertanian, pihak pembuat
polisi dapat membuat sasaran polisi dan penghalusan program yang lebih tepat untuk memajukan sektor pertanian. |
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