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Articles containing the keyword 'return'.

Category: Research article

article id 350, category Research article
Ehsan Sayyad, Seyed Mohsen Hosseini, Jamshid Mokhtari, Reza Mahdavi, Seyed Gholamali Jalali, Moslem Akbarinia, Masoud Tabari. (2006). Comparison of growth, nutrition and soil properties of pure and mixed stands of Populus deltoides and Alnus subcordata. Silva Fennica vol. 40 no. 1 article id 350. https://doi.org/10.14214/sf.350
Concerns about decline in soil fertility and long-term productivity of fast-growing plantations have promoted interest in using nitrogen-fixing trees in mixed species plantations. Populus deltoides and Alnus subcordata were planted in five proportions (100P, 67P:33A, 50P:50A, 33P:67A, 100A) in Noor, Iran. After 7 years, the effects of species interactions on tree growth and nutrient concentration in live and senescent leaves and soil properties were assessed. Diameter at breast height and total height of individual Populus trees were positively affected by the presence of Alnus. Nitrogen concentrations in fully expanded and senescent leaves of Populus were higher in mixed plantations than monoculture plantations. The results of nutrition and nutrient return and growth indicated that mixed plantations of these two species were more productive and sustainable than their monoculture plantations. Within the framework of this experiment, it appeared that production was maximized when these two species were grown together in the relative proportions of 50% Populus and 50% Alnus.
  • Sayyad, Tarbiat Modarres University, Natural Resources Faculty, Emam St. Noor, 46414 Noor, Mazandaran, Iran ORCID ID:E-mail:
  • Hosseini, Tarbiat Modarres University, Natural Resources Faculty, Emam St. Noor, 46414 Noor, Mazandaran, Iran ORCID ID:E-mail: hosseini@europe.com (email)
  • Mokhtari, Tarbiat Modarres University, Natural Resources Faculty, Emam St. Noor, 46414 Noor, Mazandaran, Iran ORCID ID:E-mail:
  • Mahdavi, Tarbiat Modarres University, Natural Resources Faculty, Emam St. Noor, 46414 Noor, Mazandaran, Iran ORCID ID:E-mail:
  • Jalali, Tarbiat Modarres University, Natural Resources Faculty, Emam St. Noor, 46414 Noor, Mazandaran, Iran ORCID ID:E-mail:
  • Akbarinia, Tarbiat Modarres University, Natural Resources Faculty, Emam St. Noor, 46414 Noor, Mazandaran, Iran ORCID ID:E-mail:
  • Tabari, Tarbiat Modarres University, Natural Resources Faculty, Emam St. Noor, 46414 Noor, Mazandaran, Iran ORCID ID:E-mail:
article id 583, category Research article
Hans Fredrik Hoen, Tron Eid, Petter Økseter. (2001). Timber production possibilities and capital yields from the Norwegian forest area. Silva Fennica vol. 35 no. 3 article id 583. https://doi.org/10.14214/sf.583
How intensely should a forest be grown? This is a fundamental question in the process of formulating policy guidelines for the management of a forest area, both at the individual property level as well as at the national level. The question is related to a number of factors; the objective(s) of the forest owner, the productivity of the forestland, the initial growing stock, the accessibility within the forest, assumptions regarding future prices and costs and the required real rate of return. This paper presents an applied analysis with the objective of mapping possible future paths for the growing stock on, and timber harvest from the productive forest area in Norway. The analysis is deterministic. The regeneration strategy is a key factor for the long run development of a forest and is thus given particular attention. The analysis is restricted to deal with timber production only and maximisation of the net present value of the forest area is used as the objective function. The required real rate of return is varied and used as the driving force to find the best (optimal) level of intensity in silvicultural management and thus optimal paths for harvesting and growing stocks.
  • Hoen, Agricultural University of Norway, Dept. of Forest Sciences, P.O. Box 5044, N-1432 Ås, Norway ORCID ID:E-mail: hans.hoen@isf.nlh.no (email)
  • Eid, Agricultural University of Norway, Dept. of Forest Sciences, P.O. Box 5044, N-1432 Ås, Norway ORCID ID:E-mail:
  • Økseter, Agricultural University of Norway, Dept. of Forest Sciences, P.O. Box 5044, N-1432 Ås, Norway ORCID ID:E-mail:
article id 645, category Research article
Veli-Pekka Heikkinen, Antti Kanto. (2000). Market model with long-term effects – empirical evidence from Finnish forestry returns. Silva Fennica vol. 34 no. 1 article id 645. https://doi.org/10.14214/sf.645
The aim of the study is to reformulate the conventional market model by considering also long-run characteristics of forestry returns. Finnish stumpage prices and the stock market index are found co-integrated. Co-integration relationship between timber and stock market indicates that there are factors in timber market like high transaction costs, illiquidity or temporal lack of information, and in the Finnish case, price recommendations that are priced by market. The presence of long-run effects may make the short-term market model mis-specified and it may give misleading and incomplete results concerning the expected risk and return of forestry. In our case, the market model risk beta was only slightly biased. This study indicates that an error-correction model is more appropriate model than the market model.
  • Heikkinen, Helsinki School of Economics, P.O. Box 1210, FIN-00101 Helsinki, Finland ORCID ID:E-mail: vheikkin@hkkk.fi (email)
  • Kanto, Helsinki School of Economics, P.O. Box 1210, FIN-00101 Helsinki, Finland ORCID ID:E-mail:
article id 701, category Research article
Antrei Lausti, Markku Penttinen. (1998). The analysis of return and its components of non-industrial private forest ownership by forestry board districts in Finland. Silva Fennica vol. 32 no. 1 article id 701. https://doi.org/10.14214/sf.701
Non-industrial private forest ownership returns and risks in Finland are both estimated and disaggregated to local Forestry Board Districts (FBD) level. Additionally, the FBD level return is divided into price change, felling and change in the growing stock components, which are compared with the inflation rate. The results are based on a complete count of the stumpage prices, silvicultural costs and state subsidies as well as the National Forest Inventory (NFI) data. The influence of taxation is discussed as well. Although this database is excellent for economic studies as well, the estimation methodology is vitiated by a host of problems, the resolution of which is the major contribution of this study. The study period is 1972–1996. The results show that there have been fairly large differences in forest ownership returns and prices depending on the Forestry Board District. Results show that the price change component has been larger in Northern Forestry Board Districts, as much as 0.9% above the inflation rate in Lapland FBD, than in Southern Forestry Board Districts, 1.5% less than the inflation rate in southern Helsinki FBD. The net increase, however, has been larger in Southern Forestry Board Districts than in Northern Forestry Board Districts. Using the average net increment in Finland as a comparison base, the net increment in South Karelia exceeded it by 0.6%, but fell below it by 1.8% in Northeastern Finland. Finally, the return over the whole period is compared to the return on private housing and inflation in the case of North Savo. In all, the estimation methodology developed also serves as spin-off product development for the Forest Statistics Information Service (FSIS).
  • Lausti, Helsinki School of Economics and Business Administration, Centre for Doctoral Programme, Runeberginkatu 15 A, FIN-00100 Helsinki, Finland ORCID ID:E-mail:
  • Penttinen, Finnish Forest Research Institute, Helsinki Research Centre, Unioninkatu 40 A, FIN-00170 Helsinki, Finland ORCID ID:E-mail: markku.penttinen@metla.fi (email)

Category: Article

article id 5170, category Article
Matti Kärkkäinen. (1982). Näkökohta sisäisen korkokannan laskemisesta. Silva Fennica vol. 16 no. 4 article id 5170. https://doi.org/10.14214/sf.a15085
English title: Note on the calculation of the internal rate of return.

In forestry, a classical method of evaluating the profitability of an outlay is to calculate the internal rate of return. If there are many outlays and returns over a period, analytical determination of the internal rate is difficult and requires simulation methods. However, if there is only one outlay and one return, the computation is easy. In this paper, some formulae were developed for practical purposes. The equations also show how the return changes as the ratio between the return and the outlay changes.

The PDF includes a summary in English.

  • Kärkkäinen, ORCID ID:E-mail:
article id 7582, category Article
Pentti Alho. (1975). Metsien tuoton alueellisista eroista Suomessa. Acta Forestalia Fennica no. 148 article id 7582. https://doi.org/10.14214/aff.7582
English title: Regional differences in forest returns within Finland.

The aim of this paper was to study the nature of the relative areal differences in the Finnish forests in respect of timber yield, intensity of exploitation and stumpage prices. The yield index is the most inconsistent and the source of the greatest regional differences. The differences arise even in Southern Finland, as the yield in the South-West is only 80 % of that obtained in Eastern Häme. The areal variations in the wastage index are of the order of only 10 % at most, and the stumpage price index is relatively constant, remaining within the 10 % limit, as far north as the southern boundary of the province of Oulu.

Indices for the forest yield and final forest returns suggest that the further one goes in Finland the greater the discrepancy between the two, as a consequence of the increase in stumpage price differences. Thus, whereas the yield per hectare in North-Eastern Finland is about 20 % of that in Eastern Häme, the stumpage price is similarly only just over 50 % of that prevailing in the latter area. This, the resulting returns per hectare are only 10 % of those obtainable in the more southerly area. When the return per hectare for the Forestry Board District of Eastern Häme is represented by the index 100, one then obtains corresponding return indices of 21.0 for the Northern Ostrobothnia and Kainuu area, 13.0 for Lapland and 10.0 for North-Eastern Finland. Thus, it may be said that roughly 10 hectares of forest land in Lapland, 5 in Northern Ostrobothnia or Kainuu, or 2 in Northern Karelia or the coastal area of southern and central Ostrobothnia would be required to produce the same returns as 1 hectare in Eastern Häme. This represents an extremely wide range of variation within the borders of one country.

This work provides a clear and sufficiently accurate impression of the order of magnitude of the areal differences in returns from the Finnish forests, and may thus serve as an adequate basis for the taking of decisions in this field.

The PDF includes a summary in English.

  • Alho, ORCID ID:E-mail:

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