Supply Chain Disruption Risk and Corporate Debt Concentration

Supply Chain Disruption Risk and Corporate Debt Concentration | Research Square window.SnipcartSettings = { analytics: { enabled: false } }; (function() { var accessVector = localStorage.getItem('access_vector') || ''; window.dataLayer = window.dataLayer || []; if (accessVector) { window.dataLayer.push({ user: { profile: { profileInfo: { snid: accessVector } } } }); } })(); (function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start':new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0],j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src='https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f);})(window,document,'script','dataLayer','GTM-K279D39R'); Browse Preprints In Review Journals COVID-19 Preprints AJE Video Bytes Research Tools Research Promotion AJE Professional Editing AJE Rubriq About Preprint Platform In Review Editorial Policies Our Team Advisory Board Help Center Sign In Submit a Preprint Cite Share Download PDF Research Article Supply Chain Disruption Risk and Corporate Debt Concentration Shuang Xue, Wenshuai Xu This is a preprint; it has not been peer reviewed by a journal. https://doi.org/ 10.21203/rs.3.rs-7731148/v1 This work is licensed under a CC BY 4.0 License Status: Posted Version 1 posted You are reading this latest preprint version Abstract This study investigates how supply chain disruption risk affects debt concentration, defined as the tendency of firms to rely on a small number of debt instruments. Using Chinese A-share listed firms as our sample, we find that firms with higher supply chain disruption risk have more concentrated debt structures. This effect is more pronounced among non-mature firms, non-state-owned enterprises, and firms with lower liquidation value. Mechanism analyses reveal that supply chain disruption risk elevates corporate default risk and exacerbates financing constraints, both of which contribute to increased debt concentration. Overall, our findings contribute to the literature on the economic implications of supply chain risks and underscore the importance of strategic debt structure decisions as a risk management tool. JEL Classification: G32; M41 supply chain disruption risk debt concentration financing constraints inefficient liquidation strategic default Full Text Additional Declarations No competing interests reported. Cite Share Download PDF Status: Posted Version 1 posted You are reading this latest preprint version Research Square lets you share your work early, gain feedback from the community, and start making changes to your manuscript prior to peer review in a journal. As a division of Research Square Company, we’re committed to making research communication faster, fairer, and more useful. We do this by developing innovative software and high quality services for the global research community. Our growing team is made up of researchers and industry professionals working together to solve the most critical problems facing scientific publishing. Also discoverable on Platform About Our Team In Review Editorial Policies Advisory Board Help Center Resources Author Services Accessibility API Access RSS feed Manage Cookie Preferences © Research Square 2026 | ISSN 2693-5015 (online) Privacy Policy Terms of Service Do Not Sell My Personal Information {"props":{"pageProps":{"initialData":{"identity":"rs-7731148","acceptedTermsAndConditions":true,"allowDirectSubmit":true,"archivedVersions":[],"articleType":"Research Article","associatedPublications":[],"authors":[{"id":531506591,"identity":"13b9ea81-370f-467a-919f-81bc1bd5f42a","order_by":0,"name":"Shuang Xue","email":"","orcid":"","institution":"Shanghai University of Finance and Economics","correspondingAuthor":false,"prefix":"","firstName":"Shuang","middleName":"","lastName":"Xue","suffix":""},{"id":531506594,"identity":"ce25b73e-a897-46f4-9d6b-e76fa73a6979","order_by":1,"name":"Wenshuai 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