Regeneration investment strategies from the forest owner's point of view. Conference paper
1996
Eronen, J. | Kajanus, M. | Penttinen, M. | Siekkinen, V.
The present study complements traditional research by viewing the problem from the forest owner's point of view and using realized and future cash flows forecasts as starting points. Moreover, it is assumed that the forest owner chooses the sales tax option, i.e. a 28% tax on net income. Decision making is described by applying sensitivity analysis of central items such as prices, costs, sales volumes, subjective horizons starting from 10-30 years and subjective interest rates. A key question ist the tradeoff between the regeneration delay and costs levels in order to find favourable regeneration alternatives. The risk inherent in future prices and price relations of different roundwood assortments is described by means of cases. Silvicultural investments are strategic because of uncertainties caused by their long time horizon and the relatively high proportion of the sales income they require, especially when planting is used.
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