“…Many scholars link firm risk to structural variables, such as scale of production and industry concentration (O’Brien, ), firm size (Carroll & Wei, ; Chan & Chen, ; Handa, Kothari, & Wasley, ), dynamics at the sector level (Vos, ), operating and financial leverage (Gahlon & Gentry, ; Hill & Stone, ; John, John, & Reisman, ; Mandelker & Rhee, ; Rubinstein, ), and intrinsic business risk (Chung, ; Griffin & Dugan, ; Mensah, ).…”