This study extends current knowledge on competition and corporate defense by investigating how firms transfer risk in response to their firm-specific multimarket and structural competitive conditions. Drawing on the theory of multimarket competition, we propose an inverted U–shaped relationship between multimarket competition and risk transfer. We also propose that, for the sake of gaining a competitive edge, the extent to which a firm manages risk will tend to be opposite to that of its competitors. Last, we propose that egocentric industry concentration will moderate the relationship between multimarket competition and risk transfer besides its direct effect. Analysis of reinsurance usage in the US property and casualty insurance industry strongly supports our model and shows that firm-specific competitive conditions are salient to a firm's risk transfer level.

本研究通过调查公司如何转移风险以应对其特定于公司的多市场和结构性竞争条件，扩展了当前关于竞争和公司防御的知识。借鉴多市场竞争理论，我们提出了多市场竞争与风险转移之间的倒U型关系。我们还提出，为了获得竞争优势，公司管理风险的程度往往与其竞争对手相反。最后，我们提出以自我为中心的行业集中度除了直接影响外，还将缓和多市场竞争与风险转移之间的关系。对美国财产和意外伤害保险业再保险使用情况的分析有力地支持了我们的模型，并表明公司特定的竞争条件对公司来说很重要。