Autore
Del Giudice, AlfonsoTitolo
Le strategie di copertura del rischio di cambio delle società quotate non finanziarie in ItaliaPeriodico
Banca impresa societàAnno:
2014 - Volume:
33 - Fascicolo:
3 - Pagina iniziale:
409 - Pagina finale:
422The paper analyzes foreign exchange risk hedging strategies using a sample of Italian industrial listed companies. Collecting data from both annual reports and financial data providers, we compare operating and financial hedging strategies over the period 2007-2012. The number and the concentration of foreign subsidiaries are used as a proxy for operational hedging, while currency derivatives are used as a proxy for financial hedging. After controlling for the sign and the magnitude of foreign exchange risk exposure, we find that financial strategies mitigate exchangerisk.
SICI: 1120-9453(2014)33:3<409:LSDCDR>2.0.ZU;2-F
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