shifting private timberland ownership in south carolina implications for management intensity私人林地所有权转移在南卡罗来纳州对管理强度的影响.pdf

Open Journal of Forestry 2012. Vol.2, No.4, 279-285 Published Online October 2012 in SciRes (http://www.SciRP.org/journal/ojf) /10.4236/ojf.2012.24035 Shifting Private Timberland Ownership in South Carolina: Implications for Management Intensity 1 1 2 3 John E. Hatcher Jr. , Thomas J. Straka , Richard A. Harper , Tim O. Adams 1School of Agricultural, Forest, and Environmental Sciences, Clemson University, Clemson, USA 2 Forest Inventory and Analysis, USDA Forest Service, Southern Research Station, Clemson, USA 3South Carolina Forestry Commission, Columbia, USA Email: tstraka@ Received August 18th th th , 2012; Revised September 20 , 2012; Accepted October 5 , 2012 Beginning in the late 1970’s forest industry timberland gained the eye of financial investors. Diamond In- ternational and Crown Zellerbach were early firms that were purchased for the “break-up value” of their timberland. Timberland was perceived as undervalued by investors and made forest industry firms attrac- tive takeover targets. This started a process where forest industry divested of its timberland. Some firms formed separate entities for its timberland base. Acquisitions and mergers became popular in the industry. Some forest industry companies converted to real estate investment trusts, for