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Link Between Corporate Hedging Theory and Derivatives Usage – Evidence From The South- Eastern Europe (CROSBI ID 53879)

Prilog u knjizi | izvorni znanstveni rad | međunarodna recenzija

Danijela Miloš Sprčić ; Željko Šević ; Petar Sprčić Link Between Corporate Hedging Theory and Derivatives Usage – Evidence From The South- Eastern Europe // Risk Management: Strategies for Economic Development and Challenges in the Financial System / Danijela Miloš Sprčić (ur.). New York (NY): Nova Science Publishers, 2014. str. 109-140

Podaci o odgovornosti

Danijela Miloš Sprčić ; Željko Šević ; Petar Sprčić

engleski

Link Between Corporate Hedging Theory and Derivatives Usage – Evidence From The South- Eastern Europe

This chapter analyses risk management decision to hedge corporate risks by using derivatives in large Slovenian and Croatian non-financial companies. By using univariate and multivariate analysis, we explore if the decision to hedge corporate risks with derivatives is a function of several firm’s characteristics that have been proven as relevant in making hedging decisions. The conducted analysis revealed that the explored hedging rationales have low predictive power in explaining decision to use derivatives as risk management instruments by Slovenian and Croatian risk managers. Multivariate regression conducted for Slovenian companies show that the decision to use derivatives is dependent only on the size of the company, what supports the informational and transactional scale economies argument that larger firms will use derivatives more likely. Corporate decision to use derivative instruments in Croatian companies is related only to investment expenditures-to-assets ratio, which is a proxy for capital market imperfections and costly external financing. Moreover, this research has revealed statistically significant relations between the decision to use derivatives and different corporate hedging theories, but these relations are contrary to the predicted sign. These unusual findings are discussed in the chapter.

corporate risk management decision, hedging theories, derivatives, non-financial companies, Slovenia, Croatia

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Podaci o prilogu

109-140.

objavljeno

Podaci o knjizi

Risk Management: Strategies for Economic Development and Challenges in the Financial System

Danijela Miloš Sprčić

New York (NY): Nova Science Publishers

2014.

978-1-63321-539-9

Povezanost rada

Ekonomija

Indeksiranost