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La copertura dei rischi finanziari nelle imprese non finanziarie italiane attraverso gli strumenti derivati

Author

Listed:
  • Gianluca Bison

    (GRETA Associati, Venezia)

  • Loriana Pellizzon

    (Università degli Studi di Padova, Dipartimento di Scienze Economiche, Padova)

  • Domenico Sartore

    (Università CaÕ Foscari di Venezia, Dipartimento di Scienze Economiche, Venezia)

Abstract

The paper deals with the use of derivatives by Italian non-financial firms, in order to analyse existing theories of hedging behaviour, and provides empirical evidence on a potential differentiation of determinants of derivative use over time. Univariate and multivariate analyses show that the determinants of derivative use reveal marked differences when compared in the different years, so they may change over time. In general, we find that the most determinant variable is foreign sales, and analysis therefore suggests the hypothesis that exposure to exchange rate risk is the strongest determinant in derivative use. Interest rate risk exposure seems to be less relevant. Moreover, from 1997, another variable proves determinant, firm size, which suggests that economies of scale could also be a key variable in derivative use. With respect to financial distress cost models, tax and agency cost theories, the results are mixed.

Suggested Citation

  • Gianluca Bison & Loriana Pellizzon & Domenico Sartore, 2002. "La copertura dei rischi finanziari nelle imprese non finanziarie italiane attraverso gli strumenti derivati," Moneta e Credito, Economia civile, vol. 55(217), pages 55-75.
    • Handle: RePEc:psl:moneta:2002:13
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    File URL: http://ojs.uniroma1.it/index.php/monetaecredito/article/view/9786/9671
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    References listed on IDEAS

    as
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    Cited by:

    1. Mariano Graziano, 2012. "Italian nonfinancial firms and derivatives," Questioni di Economia e Finanza (Occasional Papers) 139, Bank of Italy, Economic Research and International Relations Area.

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    More about this item

    Keywords

    Financial Risk; Firm; Hedging;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • F31 - International Economics - - International Finance - - - Foreign Exchange

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