1

Fig. 1. The location of the five Forest Management Associations included in the study.

Table 1. Select descriptive statistics for the cases included in the models.
  Sawlogs Pulpwood
Mean Standard deviation Mean Standard deviation
Price (€ m–3) 51.82 8.12 16.22 3.90
Total volume (m3) 763.89 781.69 790.05 740.40
Assortment percentage 20.40 21.72 11.14 13.60
Sawlog percentage 57.27 19.35 39.42 22.42
Forest haulage distance (m) 182.44 142.54 225.36 162.59
Table 2. Regression model on stumpage prices (€ m–3) for sawlogs from regeneration felling and for pulpwood in 2008–2012.
  Sawlogs Pulpwood
Number of cases 4316 17808
R2 0.741 0.556
Variable β S.E. β S.E.
Constant 44.647 0.587*** 12.859 0.190***
Summer harvestability 1.223 0.165*** 0.575 0.045***
No seasonal harvest restrictions 1.906 0.257*** 0.679 0.091***
Forest damage present –1.067 0.436* –0.302 0.097**
ln total volume 1.484 0.076*** 0.736 0.024***
Forest haulage distance (km) –0.296 0.497 –1.559 0.133***
Assortment percentage 0.034 0.004*** 0.024 0.002***
Birch*assortment percentage 0.154 0.015*** - -
Sawlog percentage 0.020 0.004*** 0.016 0.001***
Q1_2008 5.255 0.493*** 1.493 0.170***
Q2_2008 4.510 0.511*** 1.952 0.154***
Q3_2008 3.861 0.385*** 2.045 0.121***
Q4_2008 2.184 0.389*** 2.114 0.119***
Q1_2009 –3.886 0.672*** 0.716 0.210***
Q2_2009 –8.014 0.645*** –0.175 0.221
Q3_2009 –8.342 0.453*** –1.088 0.165***
Q4_2009 –7.089 0.383*** –0.999 0.119***
Q1_2010 –5.190 0.446*** –0.134 0.132
Q2_2010 –1.573 0.432*** 0.164 0.132
Q3_2010 0.990 0.378** 0.828 0.117***
Q4_2010 0.766 0.354* 0.491 0.111***
Q1_2011 0.457 0.416 0.524 0.123***
Q2_2011 1.303 0.414** 0.767 0.129***
Q3_2011 2.322 0.433*** 0.814 0.142***
Q4_2011 0.867 0.397* 0.610 0.129***
Q1_2012 0.205 0.413 0.306 0.123**
Q2_2012 0.498 0.498 0.062 0.149
Q3_2012 0.973 0.453* 0.184 0.142
Pohjois-Karjala –0.842 0.189*** –1.793 0.056***
Länsi-Uusimaa –2.498 0.223*** –1.379 0.078***
Päijänne –0.192 0.197 –0.829 0.064***
Kuusamo –7.775 0.574*** –4.924 0.080***
Spruce sawlog –1.021 0.156*** - -
Birch sawlog –13.529 0.190*** - -
First thinning - - –4.350 0.060***
Thinning - - –3.019 0.047***
Spruce pulpwood - - 2.040 0.048***
Birch pulpwood - - –0.966 0.048***
* Corresponding p-value less than 0.05, ** less than 0.01 and *** less than 0.001.
2

Fig. 2. Predicted values plotted against stumpage prices for sawlogs.

3

Fig. 3. Predicted values plotted against stumpage prices for pulpwood.

4

Fig. 4. Residuals and predicted values from the sawlog model.

5

Fig. 5. Residuals and predicted values from the pulpwood model.

6

Fig. 6. Quarterly changes in stumpage prices for sawlogs and pulpwood as expressed in €/m3, 4/2012 = 0.

7

Fig. 7. The relative effect of the total volume of the sale on stumpage prices (€/m3), 750 m3 = 100.

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Fig. 8. The relative effect of forest haulage distance on stumpage prices (€/m3) of pulpwood, 225 m = 100.