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The Joint Impact of Industry Structure And Financial Distress On Corporate Risk Management: An Empirical Analysis

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The Joint Impact of Industry Structure And Financial Distress On Corporate Risk Management: An Empirical Analysis

Liu, Qian (2017) The Joint Impact of Industry Structure And Financial Distress On Corporate Risk Management: An Empirical Analysis. Masters thesis, Concordia University.

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Abstract

While in risk management literature, there are many studies indicating that industry structure and financial distress have effects on corporate hedging behavior individually, their joint impact, however, has never been examined. This thesis presents the first-ever empirical research investigating the joint influence of industry structure and financial distress costs upon corporate risk management by examining 396 companies in the U.S. manufacturing industries with 2-digit SIC codes from 20 to 39 over the period from 2010 to 2015. According to their financial status and the measurement of industry structure, the 396 companies are divided into 4 groups: financially unconstrained-competitive industry, financially constrained-competitive industry, financially unconstrained-concentrated industry, and financially constrained-concentrated industry. The results suggest that industry structure and financial distress have a significant combined effect only on the financially constrained companies in competitive manufacturing industries.

Divisions:Concordia University > John Molson School of Business > Finance
Item Type:Thesis (Masters)
Authors:Liu, Qian
Institution:Concordia University
Degree Name:M. Sc.
Program:Finance
Date:31 March 2017
Thesis Supervisor(s):Shanker, Latha
ID Code:982336
Deposited By: QIAN LIU
Deposited On:09 Jun 2017 15:15
Last Modified:18 Jan 2018 17:54
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