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David Versus Goliath: The Impact of Chinese Competition on Developing Countries

This paper explores the relationship between capital structure and import competition for the textile and apparel industries from 1974–1987. The level of import penetration should have an important effect on business risk and hence on financial leverage. We also examine the response of leverage to the interrelationships that may exist between import competition and three other factors: firm profitability, strength of the dollar, and investment in capital equipment.