{"id":"https://openalex.org/W7225759296","doi":"https://doi.org/10.1002/agr.70184","title":"Culling the Capital Stock: Asset Specificity and the Margins of Herd Liquidation in China's Beef Cattle Sector","display_name":"Culling the Capital Stock: Asset Specificity and the Margins of Herd Liquidation in China's Beef Cattle Sector","publication_year":2026,"publication_date":"2026-11-10","ids":{"openalex":"https://openalex.org/W7225759296","doi":"https://doi.org/10.1002/agr.70184"},"language":"en","primary_location":{"id":"doi:10.1002/agr.70184","doi":"https://doi.org/10.1002/agr.70184","is_oa":false,"landing_page_url":"https://doi.org/10.1002/agr.70184","pdf_url":null,"source":{"id":"https://openalex.org/S180723199","display_name":"Agribusiness","issn_l":"0742-4477","issn":["0742-4477","1520-6297"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-c","anvur-scientific","cwts-core","dongbi-c","jufo-1","norway-1","poland-70","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Agribusiness","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5101866957","display_name":"Kai Zhao","orcid":"https://orcid.org/0000-0002-5772-0688","observed_orcids":["https://orcid.org/0000-0002-5772-0688"]},"institutions":[{"id":"https://openalex.org/I118803816","display_name":"Liaoning University","ror":"https://ror.org/03xpwj629","country_code":"CN","type":"education","lineage":["https://openalex.org/I118803816"]}],"countries":["CN"],"is_corresponding":true,"raw_author_name":"Kai Zhao","raw_affiliation_strings":["Asia\u2010Australia Business College Liaoning University Shenyang China","Rural Revitalization and Ecological Civilization Research Institute Liaoning University Shenyang China"],"raw_orcid":"https://orcid.org/0000-0002-5772-0688","affiliations":[{"raw_affiliation_string":"Asia\u2010Australia Business College Liaoning University Shenyang China","institution_ids":["https://openalex.org/I118803816"]},{"raw_affiliation_string":"Rural Revitalization and Ecological Civilization Research Institute Liaoning University Shenyang China","institution_ids":["https://openalex.org/I118803816"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5101866957"],"corresponding_institution_ids":["https://openalex.org/I118803816"],"apc_list":{"value":3800,"currency":"USD","value_usd":3800},"apc_paid":null,"fwci":0.0,"has_fulltext":false,"cited_by_count":0,"citation_normalized_percentile":{"value":0.0,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T14499","display_name":"Livestock Farming and Management","score":0.6909000277519226,"subfield":{"id":"https://openalex.org/subfields/1103","display_name":"Animal Science and Zoology"},"field":{"id":"https://openalex.org/fields/11","display_name":"Agricultural and Biological Sciences"},"domain":{"id":"https://openalex.org/domains/1","display_name":"Life Sciences"}},"topics":[{"id":"https://openalex.org/T14499","display_name":"Livestock Farming and Management","score":0.6909000277519226,"subfield":{"id":"https://openalex.org/subfields/1103","display_name":"Animal Science and Zoology"},"field":{"id":"https://openalex.org/fields/11","display_name":"Agricultural and Biological Sciences"},"domain":{"id":"https://openalex.org/domains/1","display_name":"Life Sciences"}},{"id":"https://openalex.org/T11805","display_name":"Agricultural economics and policies","score":0.2678000032901764,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11898","display_name":"Economics of Agriculture and Food Markets","score":0.029100000858306885,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[],"concepts":[{"id":"https://openalex.org/C194775826","wikidata":"https://www.wikidata.org/wiki/Q209542","display_name":"Herd","level":2,"score":0.7949000000953674},{"id":"https://openalex.org/C52991690","wikidata":"https://www.wikidata.org/wiki/Q1740042","display_name":"Culling","level":3,"score":0.7935000061988831},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5120999813079834},{"id":"https://openalex.org/C37621935","wikidata":"https://www.wikidata.org/wiki/Q3606845","display_name":"Agricultural science","level":1,"score":0.5112000107765198},{"id":"https://openalex.org/C112964050","wikidata":"https://www.wikidata.org/wiki/Q103459","display_name":"Livestock","level":2,"score":0.5008999705314636},{"id":"https://openalex.org/C27548731","wikidata":"https://www.wikidata.org/wiki/Q88272","display_name":"Investment (military)","level":3,"score":0.4643000066280365},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.4422000050544739},{"id":"https://openalex.org/C2780505807","wikidata":"https://www.wikidata.org/wiki/Q1208989","display_name":"Beef cattle","level":2,"score":0.44179999828338623},{"id":"https://openalex.org/C76178495","wikidata":"https://www.wikidata.org/wiki/Q4808784","display_name":"Asset (computer security)","level":2,"score":0.4399999976158142},{"id":"https://openalex.org/C48824518","wikidata":"https://www.wikidata.org/wiki/Q396340","display_name":"Agricultural economics","level":1,"score":0.43529999256134033},{"id":"https://openalex.org/C1670747","wikidata":"https://www.wikidata.org/wiki/Q396622","display_name":"Agribusiness","level":3,"score":0.38440001010894775},{"id":"https://openalex.org/C195742910","wikidata":"https://www.wikidata.org/wiki/Q176494","display_name":"Recession","level":2,"score":0.34619998931884766},{"id":"https://openalex.org/C2016182","wikidata":"https://www.wikidata.org/wiki/Q227675","display_name":"Animal breeding","level":2,"score":0.32190001010894775},{"id":"https://openalex.org/C2778348673","wikidata":"https://www.wikidata.org/wiki/Q739302","display_name":"Production (economics)","level":2,"score":0.3151000142097473},{"id":"https://openalex.org/C83646750","wikidata":"https://www.wikidata.org/wiki/Q193893","display_name":"Capital (architecture)","level":2,"score":0.3118000030517578},{"id":"https://openalex.org/C2776482104","wikidata":"https://www.wikidata.org/wiki/Q38829","display_name":"Breed","level":2,"score":0.31040000915527344},{"id":"https://openalex.org/C2985722716","wikidata":"https://www.wikidata.org/wiki/Q4290","display_name":"Capital investment","level":2,"score":0.3091000020503998},{"id":"https://openalex.org/C2778137712","wikidata":"https://www.wikidata.org/wiki/Q13408403","display_name":"Market intelligence","level":2,"score":0.3019999861717224},{"id":"https://openalex.org/C2776580783","wikidata":"https://www.wikidata.org/wiki/Q5439902","display_name":"Fed cattle","level":2,"score":0.3003999888896942},{"id":"https://openalex.org/C140331021","wikidata":"https://www.wikidata.org/wiki/Q1868104","display_name":"Logit","level":2,"score":0.2896000146865845},{"id":"https://openalex.org/C180075932","wikidata":"https://www.wikidata.org/wiki/Q5333342","display_name":"Econometric model","level":2,"score":0.2806999981403351},{"id":"https://openalex.org/C177605951","wikidata":"https://www.wikidata.org/wiki/Q1484503","display_name":"Herding","level":2,"score":0.2768000066280365}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1002/agr.70184","doi":"https://doi.org/10.1002/agr.70184","is_oa":false,"landing_page_url":"https://doi.org/10.1002/agr.70184","pdf_url":null,"source":{"id":"https://openalex.org/S180723199","display_name":"Agribusiness","issn_l":"0742-4477","issn":["0742-4477","1520-6297"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-c","anvur-scientific","cwts-core","dongbi-c","jufo-1","norway-1","poland-70","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Agribusiness","raw_type":"journal-article"}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":39,"referenced_works":["https://openalex.org/W1480899479","https://openalex.org/W1969341825","https://openalex.org/W1994145830","https://openalex.org/W2006355434","https://openalex.org/W2006959391","https://openalex.org/W2013157753","https://openalex.org/W2013915050","https://openalex.org/W2017299421","https://openalex.org/W2019222975","https://openalex.org/W2019979672","https://openalex.org/W2040121361","https://openalex.org/W2040826293","https://openalex.org/W2043593255","https://openalex.org/W2053606821","https://openalex.org/W2064562353","https://openalex.org/W2087076079","https://openalex.org/W2090318031","https://openalex.org/W2090981889","https://openalex.org/W2097916756","https://openalex.org/W2111896755","https://openalex.org/W2111994979","https://openalex.org/W2140503238","https://openalex.org/W2154761988","https://openalex.org/W2162455264","https://openalex.org/W2168632201","https://openalex.org/W2177553720","https://openalex.org/W2753335427","https://openalex.org/W2889926085","https://openalex.org/W2924211873","https://openalex.org/W3023875755","https://openalex.org/W3023960206","https://openalex.org/W3122003031","https://openalex.org/W3125387544","https://openalex.org/W3203953521","https://openalex.org/W4232457426","https://openalex.org/W4303574827","https://openalex.org/W4311959704","https://openalex.org/W4365787967","https://openalex.org/W4404631543"],"related_works":[],"abstract_inverted_index":{"ABSTRACT":[0],"This":[1],"study":[2],"examines":[3],"how":[4,17],"Chinese":[5,56],"cattle":[6],"farms":[7,62,105,131],"reduced":[8,107,125],"their":[9,126],"breeding":[10,36,65,86,95,114],"herds":[11],"during":[12],"the":[13,39,49,52,92,111,119],"price":[14],"downturn":[15,120],"and":[16,23,38,69,81,91],"adjustment":[18],"differed":[19],"between":[20],"specialized":[21,43,160],"breeders":[22,123],"mixed":[24,129],"breeding\u2013fattening":[25,130],"farms.":[26],"A":[27],"conceptual":[28],"investment":[29],"framework":[30],"links":[31],"herd":[32,89,102,108,135,156],"retention":[33],"to":[34,54],"expected":[35],"returns":[37],"cost":[40],"of":[41,85,94,113,155],"abandoning":[42],"assets.":[44],"The":[45,137],"main":[46],"analysis":[47],"is":[48,150],"first":[50],"in":[51,67],"literature":[53],"use":[55],"administrative":[57],"operating":[58],"records":[59],"from":[60],"1,944":[61],"that":[63,147],"held":[64],"cows":[66],"2022":[68],"continued":[70],"reporting":[71],"through":[72],"2025.":[73],"Herd\u2010change":[74],"decomposition,":[75],"regressions":[76],"with":[77,152,159],"province":[78],"fixed":[79],"effects,":[80],"monthly":[82],"logit":[83],"models":[84],"exit":[87,163],"compare":[88],"reductions":[90],"cessation":[93,112],"across":[96],"farm":[97],"types,":[98],"controlling":[99],"for":[100,133],"initial":[101],"size.":[103],"Continuing":[104],"initially":[106],"size,":[109],"whereas":[110],"became":[115],"more":[116,164],"important":[117],"as":[118],"persisted.":[121],"Specialized":[122],"mainly":[124],"herds,":[127],"while":[128],"accounted":[132],"most":[134],"dissolutions.":[136],"findings":[138],"extend":[139],"agribusiness":[140],"research":[141],"on":[142],"livestock":[143],"supply":[144],"by":[145],"showing":[146],"production":[148],"specialization":[149],"associated":[151],"different":[153],"forms":[154],"contraction,":[157],"consistent":[158],"assets":[161],"making":[162],"costly.":[165]},"counts_by_year":[],"updated_date":"2026-11-11T12:16:26.678958","created_date":"2026-11-11T00:00:00"}