Does Centralisation of FX Derivative Usage Impact Firm Value?

被引：10
|
作者：
Jankensgard, Hakan [1 ]
机构：
[1] Lund Univ, Dept Business Adm, S-22007 Lund, Sweden
来源：
EUROPEAN FINANCIAL MANAGEMENT | 2015年 / 21卷 / 02期
关键词：
centralisation; risk management; currency risk; derivative; hedging; FOREIGN-CURRENCY DERIVATIVES; RISK-MANAGEMENT; DETERMINANTS; HEDGE; DEBT;
D O I：
10.1111/j.1468-036X.2013.12014.x
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Previous research has shown that firms identified as derivative users tend to be valued at a premium relative to non-users. In this paper I develop the hypothesis that the derivative premium' is higher in firms with centralised FX exposure management, compared to a decentralised approach in which subsidiaries retain bank contacts and/or decision-making authority. This study benefits from unique survey data on the FX management practices and derivative usage of Swedish listed firms. The data supports the centralisation-hypothesis. Firms with a centralised approach have a statistically significant derivative premium of around 15%, whereas there is no premium for decentralised firms.
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页码：309 / 332
页数：24
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