La decisión de cobertura del riesgo cambiario en las empresas internacionales.

  1. Vivel Búa, Milagros
  2. Durán Santomil, Pablo
Journal:
Revista de economía mundial

ISSN: 1576-0162

Year of publication: 2012

Issue: 30

Pages: 233-268

Type: Article

DIALNET GOOGLE SCHOLAR lock_openArias Montano editor

More publications in: Revista de economía mundial

Abstract

This paper analyzes the factors that determine the decision to currency hedge with derivatives in the Spanish market during the period 2004-2007 from the postulates of the theories of hedging. We have estimated random effects probit models with panel data. We have obtained that this decision relates primarily to the economies of scale and the use of foreign currency debt. There is also a positive relationship on growth opportunities and business location in the manufacturing sector. Finally, there is a negative for the costs of financial distress.

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