دانلود مقاله ISI انگلیسی شماره 79826
ترجمه فارسی عنوان مقاله

مدیریت ریسک ارز خارجی با مشتقات در شرکت های غیرمالی انگلستان

عنوان انگلیسی
Managing foreign exchange risk with derivatives in UK non-financial firms
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
79826 2013 9 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : International Review of Financial Analysis, Volume 29, September 2013, Pages 294–302

ترجمه کلمات کلیدی
مشتقات ارز خارجی؛ مواجهه ارز
کلمات کلیدی انگلیسی
G32; F31FRS 13; Foreign exchange derivatives; Foreign exchange exposure
پیش نمایش مقاله
پیش نمایش مقاله  مدیریت ریسک ارز خارجی با مشتقات در شرکت های غیرمالی انگلستان

چکیده انگلیسی

This study assesses the effect of derivatives use of large UK non-financial firms in their foreign exchange risk management activity and tests value relevance of FRS 13. Using a sample of FT UK 500 non-financial firms for 1999 when FRS 13 was implemented, we examine the foreign exchange risk exposure of the firm that is engaged in international business activities, and the effect of the use of foreign exchange derivatives on the firm's foreign exchange risk exposure. There is evidence that UK non-financial firms use derivatives to hedge against the risk of unfavorable exchange rate movements and the hedge is effective in reducing firms' risk exposure to varied degrees. The results support value relevance of FRS 13 that numerical disclosure of derivatives use by firms reveals important information to investors and helps firms reduce the cost of capital and increase firm value.