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Masterthesis.Pdf (2.181Mb) Norwegian School of Economics Bergen, Autumn, 2019 Resource Rent in the Norwegian Aquaculture Industry A bottom-up approach Simon Flatebø Selle Supervisor: Professor Linda Nøstbakken Master Thesis, MSc, Finance NORWEGIAN SCHOOL OF ECONOMICS This thesis was written as a part of the Master of Science in Economics and Business Administration at NHH. Please note that neither the institution nor the examiners are responsible − through the approval of this thesis − for the theories and methods used, or results and conclusions drawn in this work. Acknowledgments First and foremost, I wish to thank my thesis supervisor Professor Linda Nøstbakken. It has been a privilege and an honor to work under her guidance. Her honest and insightful feedback, patience, discussions, and advice have been invaluable throughout the process. I would also like to thank the Norwegian Directorate of Fisheries and the Brønnøysund Register Centre for providing necessary data. This study would not have been possible without their cooperation. Sincere thanks also go to my previous colleagues and friends in the aquaculture industry for making the first six years of my career an enjoyable and educational experience. I wish to thank my friends and family, whose love and support have been of great importance. Finally, a special thanks to my father for always setting an exceptional example with his unparalleled work ethic. Bergen, November, 2019 Simon Flatebø Selle I Abstract This thesis investigates the generation of resource rent in the Norwegian aquaculture industry during 2010-2017. Whereas past empirical research on resource rent assumes that the license holder captures the entire rent, this thesis analyzes rent by also allowing for rent generation in other parts of the value chain. I develop an appropriate model based on a standard definition of economic profit from the economic literature. Using firm-specific accounting data on more than seven hundred companies from 2010 to 2017, I find that the industry generates substantial resource rent. Specifically, the results indicate a total resource rent of NOK 74.9 billion over the period, where 70.5 accrues to the license holders, and the remaining 4.4 billion accrues to other parts of the value chain (floating prices). License holders benefit greatly from exclusive access to high-quality natural resources, whereas the remaining parts of the value chain profits from a strong demand for goods and services, mostly driven by biological challenges in the farming operations. II ACKNOWLEDGMENTS ..................................................................................................................................... I ABSTRACT .......................................................................................................................................................... II 1. INTRODUCTION ....................................................................................................................................... 1 2. THE NORWEGIAN AQUACULTURE INDUSTRY .............................................................................. 4 2.1 THE AQUACULTURE VALUE CHAIN ........................................................................................................... 5 2.2 PRODUCTION METRICS ............................................................................................................................ 10 2.3 PRICING AND MARKETS ........................................................................................................................... 14 2.4 INDUSTRY STRUCTURE ............................................................................................................................ 17 2.5 LAWS AND REGULATIONS ....................................................................................................................... 18 2.5.1 Licenses ......................................................................................................................................... 19 2.5.2 Other Relevant Legislation ............................................................................................................ 22 2.6 ONGOING TRENDS AND DEVELOPMENTS ................................................................................................. 23 2.7 SUMMARY ............................................................................................................................................... 26 3. THEORY AND RELATED LITERATURE ........................................................................................... 27 3.1 THE THEORETICAL CONCEPT OF RESOURCE RENT .................................................................................. 27 3.2 LITERATURE REVIEW .............................................................................................................................. 32 4. METHODOLOGY .................................................................................................................................... 37 4.1 ECONOMIC PROFIT – A STANDARD MODEL ............................................................................................. 37 4.2 OPERATIONAL INCOME AND INVESTED CAPITAL ..................................................................................... 38 4.3 THE REQUIRED RATE OF RETURN ............................................................................................................ 40 4.3.1 Cost of Equity ................................................................................................................................ 41 4.3.2 Cost of Debt ................................................................................................................................... 42 4.4 RESOURCE RENT ..................................................................................................................................... 43 4.4.1 Farming Rent ................................................................................................................................ 43 4.4.2 Rent Shifting .................................................................................................................................. 44 4.4.3 Total Resource Rent ...................................................................................................................... 48 5. DATA .......................................................................................................................................................... 49 5.1 DATA GATHERING ................................................................................................................................... 49 5.2 SEGMENTATION ....................................................................................................................................... 51 5.3 DATA SET CHARACTERISTICS .................................................................................................................. 53 5.4 REPRESENTATIVENESS OF THE SAMPLE ................................................................................................... 54 6. EMPIRICAL ANALYSIS ......................................................................................................................... 58 6.1 RESOURCE RENT IN FARMING – BASELINE RESULTS ............................................................................... 58 6.2 RENT SHIFTING EFFECTS – BASELINE RESULTS ....................................................................................... 61 6.3 TOTAL RESOURCE RENT – BASELINE RESULTS ....................................................................................... 71 6.4 SENSITIVITY ANALYSIS ........................................................................................................................... 72 III 6.4.1 Farming Rent ................................................................................................................................ 73 6.4.2 Rent Shifting .................................................................................................................................. 73 6.4.3 Total Resource Rent ...................................................................................................................... 74 7. CONCLUSION .......................................................................................................................................... 76 REFERENCES .................................................................................................................................................... 78 APPENDICES ..................................................................................................................................................... 85 APPENDIX 1 CODES FOR INDUSTRIAL CLASSIFICATION ..................................................................................... 85 APPENDIX 2 SEGMENT-BASED PROFITABILITY ANALYSIS ................................................................................. 86 APPENDIX 3 LICENSE VALUE .......................................................................................................................... 102 IV List of Figures Figure 1. The Aquaculture Value Chain ................................................................................... 5 Figure 2. Open-net technology and the ecosystem ................................................................... 7 Figure 3. Size distribution in 2018 ............................................................................................ 8 Figure 4. Quantity and value of
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