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Sensemaking and financial management in the decisionmaking process of farmers

Hayden, Michael T., Mattimoe, Ruth ORCID: 0000-0003-3744-779X and Jack, Lisa ORCID: 0000-0001-9303-192X (2021) Sensemaking and financial management in the decisionmaking process of farmers. Journal of Accounting and Organizational Change, 18 (4). ISSN 1832-5912

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Abstract

Purpose – The purpose of this paper is to contribute to a better understanding of the financial decisionmaking process of farmers and to highlight the potential role that improved farm financial management (FFM) could play in developing sustainable farm enterprises. Design/methodology/approach – This paper adopts a qualitative approach with 27 semi-structured interviews exploring farmers’ financial decision-making processes. Subsequently, the interview findings were presented to a focus group. Sensemaking theory is adopted as a theoretical lens to develop the empirical findings. Findings – The evidence highlights that FFM has a dual role to play in farmer decision-making. Some FFM activities may act as a cue, which triggers a sensebreaking activity, causing the farmer to enter a process of sensemaking whilst some/other FFM activities are drawn upon to provide a sensegiving role in the sensemaking process. The role of FFM in farmer decision-making is strongly influenced by the decision type (strategic or operational) being undertaken and the farm type (dairy, tillage or beef) in operation. Originality/value – The literature suggests that the majority of farmers spend little time on financial management. However, there are farmers who have quite a high level of engagement in FFM activities, when undertaking strategic farm expansion decisions. Those FFM activities help them to navigate through operational decision-making and to make sense of their strategic decision-making. Keywords: Sensemaking, Agriculture, Farm financial management, Farmer decision-making, Strategic decision-making, Operational decision-making

Item Type:Article (Published)
Refereed:Yes
Uncontrolled Keywords:Sensemaking; Agriculture; Farm financial management; Farmer decision-making, Strategic decision-making; Operational decision-making
Subjects:Business > Management
DCU Faculties and Centres:DCU Faculties and Schools > DCU Business School
Publisher:Emerald Publishing Limited
Official URL:https://doi.org/10.1108/JAOC-11-2020-0186
Copyright Information:© 2021 The Authors. Open access (CC-BY4.0)
Funders:Teagasc
ID Code:26757
Deposited On:11 Mar 2022 12:49 by Ruth Mattimoe . Last Modified 15 Sep 2022 12:18

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