Two additional sets of models were developed to analyze the number of lenders that farmers use and the concentration of lenders within a farm. These used the same independent variables as the previous models with the addition of total assets. The first set of models used the number of institutions and the number of lenders as dependent variables. The dependent variables in this case were count data and therefore poisson analysis was used to estimate these models. Results of the study show that the market share of nontraditional lenders and the dollar volume of loans that they hold has indeed increased over the time period studied.
High efficiency is the most common trait among farmers that choose nontraditional lenders.
Overall, financial leverage, efficiency, and year were found to consistently be significant in explaining the changes in the dependent variables. The study also found that farmers with more financial leverage and larger farmers with more assets tend to use more lenders. In addition, older and more efficient farmers have loans with fewer lenders.