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

Abstract

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.