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La cobertura corporativa del riesgo de cambio en las empresas no financieras españolas

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Author Info
Azofra Palenzuela, Valentín () (Departamento de Economía Financiera y Contabilidad, Facultad de Ciencias Económicas y Empresariales, Universidad de Valladolid)
Díez Esteban, José María () (Departamento de Economía y Administración de Empresas, Facultad de Ciencias Económicas y Empresariales, Universidad de Burgos)
Abstract

El objeto del presente trabajo es estudiar los factores determinantes de la decisión de algunas empresas no financieras españolas de diseñar e implantar estrategias de cobertura del riesgo de cambio. Los factores que se analizan en este estudio son el nivel de exposición económica al riesgo de cambio de la empresa, sus problemas financieros y de agencia y la existencia de economías de escala informativas y transaccionales en el uso de derivados financieros para la cobertura del riesgo de cambio. Los resultados obtenidos muestran que la probabilidad de que las empresas diseñen e implanten estrategias de cobertura del riesgo de cambio fue mayor en los años más recientes, siendo las empresas más endeudadas y de mayor tamaño las que cubren en mayor medida el riesgo de cambio.

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Publisher Info
Paper provided by Interuniversitary Doctorate Program "New Trends on Business Administration", Universities of Valladolid, Burgos and Salamanca (Spain). Programa de Doctorado Interuniversitario "Nuevas Tendencias en Dirección de Empresas", Universidades de Valladolid, Burgos y Salamanca (España). in its series Documentos de Trabajo "Nuevas Tendencias en Dirección de Empresas". Working Papers "New Trends on Business Administration". with number 2001-15.

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Length: 22 pages
Date of creation: Dec 2001
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Handle: RePEc:ntd:wpaper:2001-15

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Related research
Keywords: cobertura de riesgos financieros; riesgo de tipo de cambio; datos de panel.;

References listed on IDEAS
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