Trade liberalization, profitability, and financial leverage

被引：44

作者：

Baggs, J

Brander, JA ^{[1
]}

机构：

[1] Univ British Columbia, Sauder Sch Business, Vancouver, BC V6T 1Z2, Canada

[2] Univ Victoria, Fac Business, Victoria, BC V8W 2Y2, Canada

来源：

JOURNAL OF INTERNATIONAL BUSINESS STUDIES | 2006年 / 37卷 / 02期

关键词：

international trade liberalization; profitability; leverage; NAFTA;

D O I：

10.1057/palgrave.jibs.8400183

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We investigate the effects of trade liberalization on profitability and financial leverage using Canadian data arising from implementation of the Canada-US Free Trade Agreement. We find that falling domestic tariffs are associated with declining profits, especially for import-competing firms, while falling foreign tariffs are associated with increasing profits, especially for export-oriented firms. Also, import tariff reductions tend to increase leverage while export tariff reductions tend to decrease leverage.

引用

页码：196 / 211

页数：16

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