**<u>Table 5: Lease price regressions for commercial agricultural land; sample with registry information</u>**

||<br>**All tran**|<br>**sactions**|<br>**With c**|<br>**ontract**|<br>**With**|<br>**tenant**|<br>**Tenant**|**details &**|
|---|---|---|---|---|---|---|---|---|
||||**dur**|**ation**|**charac**|**teristics**|**contrac**|**t duration**|
|Area (ha)|0.080***|0.066***|0.084***|0.072***|0.092***|0.081***|0.098***|0.088***|
||(0.003)|(0.003)|(0.003)|(0.003)|(0.003)|(0.003)|(0.003)|(0.004)|
|Area^2|0.001|-0.002|0.004|0.001|0.002|0.001|0.005*|0.004|
||(0.003)|(0.003)|(0.003)|(0.003)|(0.003)|(0.003)|(0.003)|(0.003)|
|Moratorium lifted|0.102***|0.101***|0.078***|0.079***|0.095***|0.094***|0.070***|0.070***|
||(0.008)|(0.008)|(0.009)|(0.009)|(0.008)|(0.008)|(0.009)|(0.009)|
|Legal entity (renter)|0.366***|0.270***|0.381***|0.281***|||||
||(0.017)|(0.018)|(0.019)|(0.019)|||||
|Legal entity * 2024|<br>0.045|<br>0.069*|<br>0.056|<br>0.081**|||||
||(0.037)|(0.037)|(0.037)|(0.037)|||||
|# transactions|<br>0.052***|<br>0.046***|<br>0.046***|<br>0.040***|0.048***|0.046***|0.045***|0.042***|
|in village|(0.003)|(0.003)|(0.003)|(0.003)|(0.003)|(0.003)|(0.003)|(0.003)|
|Field area (ha)||0.064***||0.069***||0.041***||0.046***|
|||(0.007)||(0.007)||(0.008)||(0.008)|
|Field area^2||<br>-0.004***||<br>-0.004***||<br>-0.003**||<br>-0.003***|
|||(0.001)||(0.001)||(0.001)||(0.001)|
|Unmapped area||<br>-0.335***||<br>-0.307***||<br>-0.274***||<br>-0.242***|
|<br>share in field||(0.042)||(0.043)||(0.045)||(0.047)|
|<1% of field area||-0.011||-0.014||-0.011||-0.014|
|unregistered||(0.008)||(0.008)||(0.008)||(0.009)|
|<br>1-10% of field area||<br>-0.034***||<br>-0.034***||<br>-0.024***||<br>-0.024***|
|unregistered||(0.007)||(0.007)||(0.007)||(0.008)|
|<br>> 10% of field area||<br>-0.027***||<br>-0.023**||<br>-0.028***||<br>-0.024**|
|unregistered||(0.009)||(0.010)||(0.010)||(0.010)|
|<br><1% of field area||<br>0.015||<br>0.025**||<br>0.014||<br>0.020*|
|reg. by owner only||(0.010)||(0.011)||(0.011)||(0.011)|
|1-10% of field area||0.011*||0.011*||0.021***||0.023***|
|reg. by owner only||(0.006)||(0.007)||(0.007)||(0.007)|
|<br>>10% of field area||<br>0.032**||<br>0.015||<br>0.062***||<br>0.041***|
|reg. by owner only||(0.014)||(0.015)||(0.015)||(0.016)|
|<br>Largest user’s cult.||<br>0.128***||<br>0.117***||<br>0.133***||<br>0.120***|
|<br>share of field area||(0.018)||(0.018)||(0.019)||(0.020)|
|Buyer is the largest||0.079***||0.084***||-0.007||-0.004|
|<br>user in field||(0.007)||(0.008)||(0.008)||(0.009)|
|>5 registered users||<br>-0.021**||<br>-0.026***||<br>-0.026***||<br>-0.029***|
|<br>In field||(0.009)||(0.010)||(0.010)||(0.010)|
|Lease term 14-20|||0.010<br>|0.006<br>|||0.003<br>|0.004<br>|
|years|||(0.007)|(0.007)|||(0.008)|(0.008)|
|<br>Lease term > 20|||<br>-0.220***|<br>-0.225***|||<br>-0.229***|<br>-0.228***|
|Years|||(0.009)|(0.009)|||(0.009)|(0.009)|
|Tenant's cult.|||||-0.021**|-0.020**|<br>-0.007|<br>-0.006|
|area (ha)|||||(0010)|(0010)|(0010)|(0010)|
|<br>Tenant's area^2|||||.<br>0013***|.<br>0012***|.<br>0010***|.<br>0010***|
||||||.<br>(0.001)|.<br>(0.001)|.<br>(0.001)|.<br>(0.001)|
|Tenant uses <33%|||||<br>0023|<br>0019|<br>0011|<br>0006|
|<br>of village land|||||.<br>(0.019)|.<br>(0.019)|.<br>(0.019)|.<br>(0.019)|
|<br>Tenant uses 33-50%|||||<br>-0.035*|<br>-0.043**|<br>-0.015|<br>-0.024|
|of village land|||||(0.020)|(0.020)|(0.021)|(0.021)|
|<br>Tenant uses >50%|||||<br>-0.022|<br>-0.042**|<br>-0.005|<br>-0.025|
|of village land|||||(0.020)|(0.020)|(0.021)|(0.021)|
|<br>No. of obs (farms)|79,316|79,316|74,773|74,773|71,312|71,312|67,305|67,305|
|<br>AdjR-squared|0.439|0.444|0.450|0.455|0.466|0.468|0.477|0.479|

_Note:_ Parcel characteristics, year dummies, OTG fixed effects and a constant included but not reported (see appendix table 4 for estimated coefficients). Standard errors in parentheses (* p<0.10, ** p<0.05, *** p<0.010).

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