Derivative financial instrument use in Australia

Henk Berkman, Michael E. Bradbury, Phil Hancock and Clare Innes

Accounting and Finance, 2002, vol. 42, issue 2, 97-109

Abstract: This paper examines the relation between derivatives use and financial characteristics of Australian industrial and mining firms. The firm characteristics proxy for financial distress, tax losses, managerial ownership, growth opportunities, the ability to generate operating cash flows and liquidity. We also control for firm size, dividends and exposure to foreign exchange risk. The results show that firm size and leverage are the main explanatory variables for derivative use for both industrial and mining firms

Date: 2002
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