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Corporate Risk Management in Slovenian Firms

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Author Info

  • Ales S. Berk

    (Faculty of Economics, University of Ljubljana, Slovenia)

  • Jozko Peterlin

    (Institute for Corporate Finance, Slovenia)

  • Mitja Cok

    (Faculty of Economics, University of Ljubljana, Slovenia)

Abstract

In today’s competitive environment the modern firm increasingly focuses on identifying, measuring and managing various risk exposures. Risk management is interwoven with the firm’s business strategy and impacts considerably on its competitive position. Thus, management should develop an integrated approach to address it. Although hedging using derivatives accounts for just one part of such an approach, the article solely covers financial risk management using derivatives. Namely, it is found that even Slovenian blue-chip firms still have room to improve as they have only recently started to use derivatives. The article reviews some of the most interesting characteristics and practices of modern Slovenian financial risk management departments and provides a practically oriented case-study which describes the important steps a risk manager must take to hedge commodity price exposure.

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Bibliographic Info

Article provided by University of Primorska, Faculty of Management Koper in its journal Managing Global Transitions.

Volume (Year): 7 (2009)
Issue (Month): 3 ()
Pages: 281-306

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Handle: RePEc:mgt:youmgt:v:7:y:2009:i:3:p:281-306

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Related research

Keywords: risk management; derivatives; corporate finance; hedging accounting; reporting; supervision; auditing;

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  1. Gordon M. Bodnar & Gunther Gebhardt, 1998. "Derivatives Usage in Risk Management by US and German Non-Financial Firms: A Comparative Survey," NBER Working Papers 6705, National Bureau of Economic Research, Inc.
  2. Bartram, S.M., 2000. "Corporate Risk Management as a Lever for Shareholder Value Creation," Papers 00-58, Southern California - School of Business Administration.
  3. Myers, Stewart C., 1977. "Determinants of corporate borrowing," Journal of Financial Economics, Elsevier, vol. 5(2), pages 147-175, November.
  4. Froot, Kenneth A & Scharfstein, David S & Stein, Jeremy C, 1993. " Risk Management: Coordinating Corporate Investment and Financing Policies," Journal of Finance, American Finance Association, vol. 48(5), pages 1629-58, December.
  5. Fatemi, Ali & Luft, Carl, 2002. "Corporate risk management: Costs and benefits," Global Finance Journal, Elsevier, vol. 13(1), pages 29-38.
  6. Peter Tufano, 1998. "Agency Costs of Corporate Risk Management," Financial Management, Financial Management Association, vol. 27(1), Spring.
  7. Nance, Deana R & Smith, Clifford W, Jr & Smithson, Charles W, 1993. " On the Determinants of Corporate Hedging," Journal of Finance, American Finance Association, vol. 48(1), pages 267-84, March.
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