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

• Autores: Milagros Vivel Búa, Pablo Durán Santomil
• Localización: Revista de economía mundial, ISSN 1576-0162, Nº 30, 2012, págs. 233-268
• Idioma: español
• Enlaces
  • Texto completo
• Resumen
  • español

    Este trabajo analiza los determinantes de la decisión de cobertura cambiaria con derivados para 100 empresas internacionales españolas en el período 2004-2007. El marco teórico son las teorías de cobertura y la metodología consiste en la estimación de modelos probit binomiales de efectos aleatorios para datos de panel. Los resultados muestran que esta decisión se relaciona principalmente con las economías de escala y la deuda en divisa.

    Asimismo, existe una relación positiva con las oportunidades de crecimiento y la ubicación de la empresa en el sector de la industria manufacturera.

    Finalmente, se encuentra una relación negativa respecto a los costes de insolvencia financiera.

  • English

    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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