On the Determinants of Corporate Usage of Financial Derivatives
On the Determinants of Corporate Usage of Financial Derivatives
复制标题
论企业使用金融衍生品的决定因素
DOI：
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发表时间：
1998
期刊：
影响因子：
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通讯作者：
C. Tritschler
中科院分区：
文献类型：
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作者：
Stephen R. Goldberg;Joseph H. Godwin;Myungsun Kim;C. Tritschler
We analyze firm characteristics associated with adoption and then level of financial derivatives usage for U.S. non‐financial firms. Interest‐rate derivatives are disaggregated from foreign‐exchange derivatives. The analysis provides initial evidence on determinants of the level of derivatives usage. We find differences between characteristics of adopters and characteristics influencing level of derivative activity. We also find differences between characteristics of interest‐rate and foreign‐exchange derivatives users. Level of both interest‐rate and foreign‐exchange derivatives usage is positively associated with multinationality, variance of accounting return on assets, and growth opportunities (proxied by research and development expenditures), and size. Interest‐rate derivatives usage is also positively associated with debt levels. The findings on the adoption decision generally confirm other research. Our findings are consistent with extant theories.
