In this paper, we develop a global supply chain network model in which both physical and electronic transactions are allowed and in which supply-side risk as well as demand-side risk are included in the formulation. The model consists of three tiers of decision-makers: the manufacturers, the...

This study examines the effects of global supply chain pressures on firm leverage ratios. I find that firms have historically responded to global supply pressures by reducing their total debt ratios. However, during the extreme pressures of the COVID-19 pandemic, firms sharply increased...