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Does Centralisation of FX Derivative Usage Impact Firm Value?

In English

Författare

  • Håkan Jankensgård

Summary, in English

Previous research has shown that firms identified as derivative users tend to be valued at a premium relative to non-users. In this paper I develop the hypothesis that the derivative premium' is higher in firms with centralised FX exposure management, compared to a decentralised approach in which subsidiaries retain bank contacts and/or decision-making authority. This study benefits from unique survey data on the FX management practices and derivative usage of Swedish listed firms. The data supports the centralisation-hypothesis. Firms with a centralised approach have a statistically significant derivative premium of around 15%, whereas there is no premium for decentralised firms.

Publiceringsår

2015

Språk

Engelska

Sidor

309-332

Publikation/Tidskrift/Serie

European Financial Management

Volym

21

Issue

2

Dokumenttyp

Artikel i tidskrift

Förlag

Wiley-Blackwell

Ämne

  • Business Administration

Nyckelord

  • centralisation
  • risk management
  • currency risk
  • derivative
  • hedging

Status

Published

ISBN/ISSN/Övrigt

  • ISSN: 1354-7798