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英文文献：Adaptation to Shocks and The Role of Capital Structure: Danish Exporters During the Cartoon Crisis-适应冲击和资本结构的作用:卡通危机中的丹麦出口商
英文文献作者：Benjamin U. Friedrich,Michal Zator
英文文献摘要：
How do firms’ responses to an unexpected demand shock vary with their capital structure? We study the boycott of Danish products in Muslim countries in response to a Danish newspaper publishing caricatures of prophet Muhammad. Using detailed firm data on financial statements, trade flows, product innovation, and outsourcing activities of Danish exporters, we exploit variation in their capital structure and exposure to Muslim countries to analyze the effect of leverage on their response to the boycott in input and output markets. We find that firms with low leverage compensate for lost demand by increasing investment, introducing new products and redirecting their sales elsewhere. In contrast, high leverage firms reduce sales, employment and investment and substitute employees with outsourcing and owning assets with leasing. This focus on short-term cost savings is consistent with indirect costs of financial distress borne away from bankruptcy in the form of constrained adjustment to changing demand.
企业对意外需求冲击的反应如何随其资本结构而变化?我们研究穆斯林国家对丹麦报纸刊登先知穆罕默德漫画的抵制。利用丹麦出口商在财务报表、贸易流、产品创新和外包活动等方面的详细公司数据，我们利用他们资本结构的变化和对穆斯林国家的敞口来分析杠杆对他们在投入和产出市场上对抵制反应的影响。我们发现，低杠杆率的公司通过增加投资、推出新产品和将销售导向别处来弥补需求的损失。相比之下，高杠杆企业减少销售、就业和投资，用外包替代员工，用租赁替代资产。这种注重短期成本节约的做法，与因破产而产生的财务困境的间接成本是一致的，这种间接成本是根据不断变化的需求进行有限度的调整。
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