Trade Liberalization Profitability and Financial Leverage

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Catalogue no. 11F0019MIE — No. 256 ISSN: 1205-9153 ISBN: 0-662-40837-3

Research Paper Research Paper Analytical Studies Branch Research Paper Series

Trade Liberalization, Profitability, and Financial Leverage
by Jen Baggs and James A. Brander
Business and Labour Market Analysis Division 24-F, R.H. Coats Building, Ottawa, K1A 0T6 Telephone: 1 800 263-1136 T

Trade Liberalization, Profitability, and Financial Leverage by Jen Baggs* and James A. Brander** 11F0019MIE No. 256 ISSN: 1205-9153 ISBN: 0-662-40837-3 Business and Labour Market Analysis 24 -F, R.H. Coats Building, Ottawa, K1A 0T6 * Assistant Professor, School of Business, Queen’s University ** Professor, Sauder School of Business, University of British Columbia How to obtain more information : National inquiries line: 1 800 263-1136 E-Mail inquiries: infostats@statcan.ca June 2005 This paper builds on Chapter 3 of Jen Baggs’ unpublished Ph.D. thesis, written at the University of British Columbia. We thank Avi Goldfarb, colleagues at Queen’s University, and colleagues at the University of British Columbia, particularly Werner Antweiler, Sandra Chamberlain, Keith Head, Kai Li, and John Ries. We also owe a significant debt to the Business and Labour Market Analysis Division of Statistics Canada, particularly Garnett Picot. The authors are associated with the Entrepreneurship Research Alliance and gratefully acknowledge financial support from Social Sciences and Humanities Research Council (SSHRC) MCRI grant 412-98-0025. Published by authority of the Minister responsible for Statistics Canada © Minister of Industry, 2005 All rights reserved. The content of this publication may be reproduced, in whole or in part, and by any means, without further permission from Statistics Canada, subject to the following conditions: that it is done solely for the purposes of private study, research, criticism, review, newspaper summary, and/or for non-commercial purposes; and that statistics Canada be fully acknowledged as follows: source (or “Adapted from”, if appropriate): Statistics Canada, name of product, catalogue, volume and issue numbers, reference period and page(s). Otherwise, no part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopy, for any purposes, without prior written permission from Licensing Services, Marketing Division, Statistics Canada, Ottawa, Ontario, Canada K1A 0T6.

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Table of Contents
1. Introduction..................................................................................................................................... 5 2. Literature review............................................................................................................................. 6 3. Hypothesis development ................................................................................................................ 7 4. Data description ............................................................................................................................ 10 5. Empirical results and analysis ...................................................................................................... 13 6. Concluding remarks........................................................................................................................ 25 Data appendix ..................................................................................................................................... 28...
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