Despite its rapid growth during the last three decades, salmon farming is risky because of production risk and dynamic market conditions, resulting in volatile salmon price over time. Price variability raises revenue uncertainty, affecting financial performance, capital structure, and survival probability. This study evaluates how price variability and financial ratios affect business failure in the Norwegian salmon farming industry. An initial statistical analysis indicates a positive correlation between price variability and firm exit cases. The estimation results of the nonproportional hazard model show a positive impact of price variability on the hazard rate. Among financial ratios, retained earnings/total assets and equity/total liabilities influence the hazard rate jointly with price variability. To this end, we discussed the implications regarding risk management and the sustainable growth of the aquaculture industry.

中文翻译：

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价格波动和财务比率对大西洋鲑鱼产业商业失败的影响

尽管三文鱼养殖在过去三年快速增长，但由于生产风险和动态市场条件，三文鱼养殖存在风险，导致三文鱼价格随时间波动。价格波动会增加收入的不确定性，影响财务业绩、资本结构和生存概率。本研究评估价格波动和财务比率如何影响挪威鲑鱼养殖业的商业失败。初步统计分析表明价格波动与企业退出案例之间存在正相关关系。非比例风险模型的估计结果表明价格变动对风险率有正向影响。在财务比率中，留存收益/总资产和权益/总负债共同影响风险率和价格波动。为此，