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| Tekijä: | Brunzell, T. Hansson, M. Liljeblom, E. |
| Otsikko: | The use of derivatives in Nordic firms |
| Lehti: | European Journal of Finance
2011 : MAY-JUL, VOL 17:5-6 p. 355-376 |
| Asiasana: | derivative securities risk management hedging diversification companies Nordic countries |
| Vapaa asiasana: | ownership |
| Kieli: | eng |
| Tiivistelmä: | This paper examines separately the determinants of profit seeking vs. those of hedging. In our sample of listed firms from four Nordic countries, about 62 percent use derivatives. Although the hedging motive clearly dominates, over half of the firms give some weight for additional income as a motive for the use of derivatives. Combining survey data on the use of derivatives with financial variables, data on management and blockholder ownership, and data on firm-level diversification, it is found that very different determinants drive the use of derivatives for these two motives. It is found that firm-level diversification is negatively related to hedging, but is positively related to the use of derivatives for additional income. |
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