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Corporate financial leverage in Canadian manufacturing : consequences for employment and inventories

Author: Andrew Heisz; Sébastien LaRochelle-Côté; Statistics Canada. Business and Labour Market Analysis Division.
Publisher: [Ottawa, Ont.] : Analytical Studies, Statistics Canada, 2004
Series: Research paper series (Statistics Canada. Analytical Studies Branch), no. 217.
Edition/Format:   eBook : Document : National government publication : EnglishView all editions and formats
Summary:
This paper investigates the link between financial structure and employment growth, and the link between financial structure and inventory growth, among incorporated Canadian manufacturers from 1988 to 1997. It finds that financially vulnerable firms - smaller firms and those with higher leverage - shed nearly 10% more labour than financially healthier firms for a given drop in product demand. The influence was  Read more...
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Genre/Form: Electronic books
Statistics
Additional Physical Format: Print version:
Heisz, Andrew.
Corporate financial leverage in Canadian manufacturing : consequences for employment and inventories.
Ottawa : Statistics Canada, ©2000
Material Type: Document, Government publication, National government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Andrew Heisz; Sébastien LaRochelle-Côté; Statistics Canada. Business and Labour Market Analysis Division.
ISBN: 9780662358831 066235883X
OCLC Number: 246890367
Notes: Issued also in French under title: L'endettement des entreprises dans le secteur canadien de la fabrication : conséquences pour l'emploi et les inventaires.
Description: 1 online resource (20 pages).
Series Title: Research paper series (Statistics Canada. Analytical Studies Branch), no. 217.
Responsibility: by Andrew Heisz and Sébastien LaRochelle-Côté.
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Abstract:

This paper investigates the link between financial structure and employment growth, and the link between financial structure and inventory growth, among incorporated Canadian manufacturers from 1988 to 1997. It finds that financially vulnerable firms - smaller firms and those with higher leverage - shed nearly 10% more labour than financially healthier firms for a given drop in product demand. The influence was larger during the recession of 1990 to 1992 indicating that higher financial vulnerability, reflected in high leverage, may have worsened during that period. The influence was also greater in sectors that experienced larger cyclical fluctuations. On average, firms with high leverage also tend to cut inventories 5% more when a shock in demand occurs.

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