Abstract
Este artigo estuda o uso de derivativos de moeda para uma amostra de empresas brasileiras não-financeiras de 1996 a 2004. O trabalho verifica que algumas das hipóteses apresentadas pela teoria do hedging ótimo são capazes de explicar a decisão acerca da utilização e o volume de derivativos utilizados pelas firmas brasileiras. Além disso, o estudo mostra que o ambiente macroeconômico e fatores específicos do país não analisados na literatura empírica existente também são importantes na determinação da política de gerenciamento de risco das empresas e que o uso de derivativos de moeda tem um impacto na decisão das firmas sobre sua estrutura de capital e composição da moeda de sua dívida.
Highlights
The corporate finance literature has not reached a consensus on the reason companies resort to hedging activities
Extensive for developed countries, the empirical literature that analyzes the risk management practices – especially the use of derivatives by companies in emerging markets – remains scarce.2. This paper explores this oversight by analyzing the use of foreign currency derivatives for a sample of non-financial Brazilian companies from 1996 to 2004
20This second variable was added to the model since, as argued by Geczy et al (1997), the underinvestment theory predicts the hedging activity as the result of the interaction between the companies’ growth opportunities and costly external finance
Summary
The corporate finance literature has not reached a consensus on the reason companies resort to hedging activities. Extensive for developed countries, the empirical literature that analyzes the risk management practices – especially the use of derivatives by companies in emerging markets – remains scarce.. Extensive for developed countries, the empirical literature that analyzes the risk management practices – especially the use of derivatives by companies in emerging markets – remains scarce.2 This paper explores this oversight by analyzing the use of foreign currency derivatives for a sample of non-financial Brazilian companies from 1996 to 2004. In the case of emerging markets, companies see their foreign currency revenue as a “natural” hedge to offset negative shocks on the liability side of their balance sheets Such is the case of Brazil, where the foreign currency denominated debt is viewed as the main risk factor for the Brazilian companies due to the country’s vulnerability to negative international shocks associated to devaluations of its own currency.
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