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首页> 外文期刊>Journal of Risk Finance >Corporate hedging and risk management theory: evidence from Polish listed companies
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Corporate hedging and risk management theory: evidence from Polish listed companies

机译：公司对冲和风险管理理论：来自波兰上市公司的证据

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摘要

Purpose - This paper aims to provide a comprehensive empirical assessment of major contemporary corporate hedging theories, i.e. financial theory, agency theory, stakeholder theory and new institutional economics. Design/methodology/approach - Hypotheses regarding the determinants of hedging are tested on a sample of 150 companies listed on the Warsaw Stock Exchange. The panel covers a period of five years (2001-2005). Unlike in previous research the tests are organised around theories rather than individual hypotheses. In addition to classic tests, CART analysis is used to verify hypotheses. Findings - The results show low empirical verification of all theories considered. However, the results support some single hypotheses. Tests identified currency exposure, market-to-book value, IT and service sectors and size as being determinants of hedging. Research limitations/implications - The results provide evidence for the low usefulness of contemporary theories. New models are needed to explain hedging behaviour more accurately. Practical implications - The results identify characteristics shared by firms that use hedging. Companies considering implementing hedging can check whether they share these characteristics. Originality/value - This paper adds to risk management research by providing strong empirical evidence of theory verification status. It can serve as a base for future conceptual research.
机译：目的-本文旨在对当代主要公司对冲理论（即金融理论，代理理论，利益相关者理论和新制度经济学）进行全面的实证评估。设计/方法/方法-有关套期保值决定因素的假设在华沙证券交易所上市的150家公司的样本中进行了测试。该小组为期五年（2001年至2005年）。与以前的研究不同，测试是围绕理论而不是单个假设进行组织的。除经典测试外，CART分析还用于验证假设。调查结果-结果表明，对所有考虑的理论的经验不足。但是，结果支持某些单一假设。测试确定货币敞口，市净率，IT和服务行业以及规模是套期保值的决定因素。研究局限性/意义-研究结果为当代理论的低实用性提供了证据。需要新的模型来更准确地解释对冲行为。实际意义-结果确定了使用对冲的公司所共有的特征。考虑实施对冲的公司可以检查它们是否具有这些特征。原创性/价值-本文通过提供理论验证状态的有力经验证据，增加了风险管理研究。它可以作为未来概念研究的基础。

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