Erklärungsfaktoren für den Einsatz von Währungsderivaten bei deutschen Unternehmen — eine empirische Logit-Analyse

Oliver Russ and Günther Gebhardt ()
Additional contact information
Oliver Russ: Stern Stewart & Co.
Günther Gebhardt: Johann Wolfgang Goethe-Universität Frankfurt am Main

Schmalenbach Journal of Business Research, 2005, vol. 57, issue 7, 565-594

Abstract: Summary We analyse the determinants of exchange risk management with derivative instruments by German nonfinancial companies testing hypotheses derived from financial theory. Our results differ from those of studies using data from Anglo-Saxon countries: Size related cost advantages, bankruptcy costs or costs of underinvestment because of an inadequate level of internal financing as suggested by Froot/Scharfstein/Stein (1993) turn out not to be significant. Variables that capture managerial interests or the extent of foreign exchange risk exposure are significant determinants of the use of foreign exchange derivatives. Further we find that closely held companies whose shareholders are less diversified and therefore should hedge more in fact use significantly less often foreign exchange derivatives.

Keywords: F23; F37; G39; Currency-Management; Derivatives; Derivative Usage; Hedging; Logit-Analysis; Risk Management; Derivate; Derivateeinsatz; Hedging; Logit-Analyse; Risikomanagement; Währungsmanagement (search for similar items in EconPapers)
Date: 2005
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://link.springer.com/10.1007/BF03377351 Abstract (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:sjobre:v:57:y:2005:i:7:d:10.1007_bf03377351

Ordering information: This journal article can be ordered from
https://www.springer.com/journal/41471

DOI: 10.1007/BF03377351

Access Statistics for this article

More articles in Schmalenbach Journal of Business Research from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().