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How Does Industry Affect Firm Financial Structure?
The Review of financial studies
We examine the importance of industry to firm-level financial and real decisions. We find that in addition to standard industry fixed effects, financial structure also depends on a firm's position within its industry. In competitive industries, a firm's financial leverage depends on its natural hedge (its proximity to the median industry capital-labor ratio), the actions of other firms in the industry, and its status as entrant, incumbent, or exiting firm. Financial leverage is higher and lessdoi:10.1093/rfs/hhi032 fatcat:jshbvsg5ijfofafgnja6cosigi