What do we really know about corporate hedging? A multimethod meta-analytical study

Stefan Stöckl, J. Geyer-Klingeberg, Markus Hang, Andreas Rathgeber and M. Walter
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Stefan Stöckl: ICN Business School, CEREFIGE - Centre Européen de Recherche en Economie Financière et Gestion des Entreprises - UL - Université de Lorraine
J. Geyer-Klingeberg: UNIA - Universität Augsburg [Deutschland] = University of Augsburg [Germany] = Université d'Augsburg [Allemagne]
Andreas Rathgeber: UNIA - Universität Augsburg [Deutschland] = University of Augsburg [Germany] = Université d'Augsburg [Allemagne]
M. Walter: UNIA - Universität Augsburg [Deutschland] = University of Augsburg [Germany] = Université d'Augsburg [Allemagne]

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Abstract: We provide new evidence on the determinants of corporate hedging by conducting the very first multivariate meta-analysis in corporate finance. Hereby we use a unique sample of 132 empirical studies including more than 100,000 companies. Our results indicate a strong evidence for the bankruptcy and financial distress hypothesis. Moreover, we find weak support for the corporate tax and the coordination of financing and investment policy and agency conflicts of debt hypotheses. Regarding the asymmetric information and agency conflicts of equity hypothesis, we find no explanatory power.

Keywords: meta-analytical; study (search for similar items in EconPapers)
Date: 2015-09-10
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Citations: View citations in EconPapers (2)

Published in MAER-Net 2015 Prague Colloquium, Sep 2015, Prague, Czech Republic

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Working Paper: What do we really know about corporate hedging? A multimethod meta-analytical study (2018)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01507869

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