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

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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.

Suggested Citation

  • Azofra Palenzuela, Valentín & Díez Esteban, José María, 2001. "La cobertura corporativa del riesgo de cambio en las empresas no financieras españolas," Working Papers "New Trends on Business Administration". Documentos de Trabajo "Nuevas Tendencias en Dirección de Empresas". 2001-15, Interuniversity Research Master and Doctorate Program (with a quality mention of ANECA) on "Business Economics", Universities of Valladolid, Burgos, Salamanca and León (Spain). Until 2008, Interuniversity Doctorate Program (with a quality mention of ANECA) “New trends in Business Administration”, Universities of Valladolid, Burgos, and Salamanca (Spain). Master en Investigación y Programa de Docto.
    • Handle: RePEc:ntd:wpaper:2001-15
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