Abstract
This paper examines the factors determining the selection of currency hedging strategiesusing a sample of non-financial French firms. It is the first study investigatingthe financial characteristics of firms that determine the choice of foreign currencyhedging strategies, namely not using financial instruments, using only one hedgingtechnique or combining derivatives and foreign currency debt. Results show that thesize of the company, the percentage of foreign sales, and the leverage are the mainfactors determining the implementation of a hedging strategy based upon derivativesand/or foreign currency debt.
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