期刊
FINANCE RESEARCH LETTERS
卷 39, 期 -, 页码 -出版社
ACADEMIC PRESS INC ELSEVIER SCIENCE
DOI: 10.1016/j.frl.2020.101573
关键词
Derivatives use; Hedging; Firm value; Meta-analysis
资金
- Regional Government of Aragon/FEDER 2014-2020 Building Europe from Aragon [S56-17R]
- University of Zaragoza [JIUZ-2018-SOC-01]
The research findings indicate that the use of foreign currency derivatives can positively impact firm value, and hedging presents an economic advantage for all firms, especially those from common law and developed countries.
Despite an enormous amount of research on the relationship between financial hedging and firm performance, the literature provides so far no clear-cut findings on whether the use of derivatives results in higher firm valuation. Using a meta-analysis of 51 studies, this research explains whether the absence of a consensus is due to different country specificities and hedging types. The findings show that the use of foreign currency derivatives, alone or along with other types of derivatives, drives firm value positively. They also show that hedging presents an economic advantage for all firms, especially those from common law and developed countries.
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