Corporate ownership allows for legal structures and arrangements that introduces flexibility into this traditionally all-or-nothing arrangement. [2]
Also, corporate ownership structures allow farm operators to pool the risk and capital requirements of a larger scale operation. Business loans that limit personal liability in the event of insolvency is greatly preferable to personal loans when undertaking expansion and improvement towards the preexisting operation.
I'd appreciate it if you could explain to me how corporate ownership of farmland by virtue of corporate ownership alone would reduce land productivity, as you have asserted. While I certainly agree that factory farming methods have created problems with antibacterial and hormonal health, greenhouse gas production, etc., I have a difficultly seeing how such abusive practices would decrease land productivity, separate from the other problems they cause.
[1] http://www.maff.go.jp/j/pr/aff/1207/spe1_02.html
[2] "Creating Jobs Through the Specified Corporation Lease Program" http://www.tokyofoundation.org/en/articles/2008/let-corporat...
Japan already has such laws. They simply circumvent them and build more and more seven-elevens on agricultural land.