Por favor, use este identificador para citar o enlazar este ítem: http://hdl.handle.net/10637/11654
Título : Determinants of foreign exchange risk management in Latin American firms
Autor : Giraldo Prieto, César Augusto.
Fuentes Barberá, Cristina de.
Sogorb Mira, Francisco.
Materias: Bolsa - América Latina.Business enterprises - Finance - Latin America.Empresas - Gestión - América Latina.Empresas - Finanzas - América Latina.Riesgo (Economía) - Gestión - América Latina.Risk - Management - Latin America.Business enterprises - Management - Latin America.Stock exchanges - Latin America.
Fecha de publicación : 4-nov-2019
Editorial : Emerald.
Citación : Giraldo-Prieto, CA., Fuentes, CD. & Sogorb-Mira, F. (2019). Determinants of foreign exchange risk management in Latin American firms. Academia : Revista Latinoamericana de Administración, vol. 32, n. 4 (4 nov. 2019), pp. 502-524. DOI: https://doi.org/10.1108/ARLA-03-2019-0072
Resumen : Purpose: This study aims to identify whether Latin American (LA) firms are adopting any hedging strategy when designing Foreign Exchange Risk (FXR) measures. To that end, we explore the impact of several drivers of FXR management. Design/methodology/approach: The sample consists of 342 non-financial listed firms established in a group of representative countries of the LA region and covers the period from 2008 to 2016. Hypothesis testing is performed through a Logit model that measures the likelihood to adopt hedging practices. In addition, a Tobit test offers further insights into the derivatives users. Findings: We corroborate capital structure related hypotheses such as tax goals, financial distress, liquidity, and growth opportunities. In addition, both, ownership concentration and income tax payable seem to be negative and significant determinants of FXR coverage. Originality/value: Results reported in this study are relevant for the LA region with high tradition in raw materials and commodities exports. Our results show that LA firms still make limited use of derivatives and there is still much room for improvement. Hence, additional efforts to promote FXR hedging should be desirable, to meet authorities’ recommendations (OECD, World Bank, and IMF, 2007). Further research exploring Corporate Governance (CG) relationships and differences between large and small firms might be helpful.
Descripción : Este artículo se encuentra disponible en la página web de la revista en la siguiente URL: https://www.emerald.com/insight/content/doi/10.1108/ARLA-03-2019-0072/full/html
Este es el pre-print del siguiente artículo: Giraldo-Prieto, C.A., De Fuentes, C. and Sogorb-Mira, F. (2019), "Determinants of foreign exchange risk management in Latin American firms", Academia Revista Latinoamericana de Administración, Vol. 32 No. 4, pp. 502-524, que se ha publicado de forma definitiva en https://doi.org/10.1108/ARLA-03-2019-0072
This is the pre-peer reviewed version of the following article:Giraldo-Prieto, C.A., De Fuentes, C. and Sogorb-Mira, F. (2019), "Determinants of foreign exchange risk management in Latin American firms", Academia Revista Latinoamericana de Administración, Vol. 32 No. 4, pp. 502-524, which has been published in final form at https://doi.org/10.1108/ARLA-03-2019-0072
El número donde aparece este artículo lleva por título "Challenges and trends in management for Ibero".
URI : http://hdl.handle.net/10637/11654
Derechos: http://creativecommons.org/licenses/by-nc-nd/4.0/deed.es
ISSN : 1012-8255
Aparece en las colecciones: Dpto. Economía y Empresa

Ficheros en este ítem:
Fichero Descripción Tamaño Formato  
Determinants_Giraldo_ARLA_2019.pdf454,41 kBAdobe PDFVisualizar/Abrir



Los ítems de DSpace están protegidos por copyright, con todos los derechos reservados, a menos que se indique lo contrario.