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510.0.#.a: Consejo Nacional de Ciencia y Tecnología (CONACyT); Sistema Regional de Información en Línea para Revistas Científicas de América Latina, el Caribe, España y Portugal (Latindex); Scientific Electronic Library Online (SciELO); SCOPUS, SCImago Journal Rank (SJR)

561.#.#.u: https://www.fca.unam.mx/

650.#.4.x: Ciencias Sociales y Económicas

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336.#.#.3: Artículo de Investigación

336.#.#.a: Artículo

351.#.#.6: http://www.cya.unam.mx/index.php/cya/index

351.#.#.b: Contaduría y Administración

351.#.#.a: Artículos

harvesting_group: RevistasUNAM

270.1.#.p: Revistas UNAM. Dirección General de Publicaciones y Fomento Editorial, UNAM en revistas@unam.mx

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883.#.#.a: Revistas UNAM

590.#.#.a: Coordinación de Difusión Cultural

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850.#.#.a: Universidad Nacional Autónoma de México

856.4.0.u: http://www.cya.unam.mx/index.php/cya/article/view/1840/1213

100.1.#.a: Giraldo Prieto, César Augusto; Ferreira Herrera, Diana Carolina; Vesga Bermejo, Cristhian; González Uribe, Gabriel Jaime

524.#.#.a: Giraldo Prieto, César Augusto, et al. (2017). Financial hedging with derivatives and its impact on the Colombian market value for listed companies. Contaduría y Administración; Vol. 62, Núm. 5:. Recuperado de https://repositorio.unam.mx/contenidos/14245

245.1.0.a: Financial hedging with derivatives and its impact on the Colombian market value for listed companies

502.#.#.c: Universidad Nacional Autónoma de México

561.1.#.a: Facultad de Contaduría y Administración, UNAM

264.#.0.c: 2017

264.#.1.c: 2017-12-14

653.#.#.a: Financial hedging; derivative instruments; market risk; market value; financial hedging; derivative instruments; market risk; market value

506.1.#.a: La titularidad de los derechos patrimoniales de esta obra pertenece a las instituciones editoras. Su uso se rige por una licencia Creative Commons BY 4.0 Internacional, https://creativecommons.org/licenses/by/4.0/legalcode.es, fecha de asignación de la licencia 2017-12-14, para un uso diferente consultar al responsable jurídico del repositorio por medio del correo electrónico revista_cya@fca.unam.mx

884.#.#.k: http://www.cya.unam.mx/index.php/cya/article/view/1840

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041.#.7.h: eng

520.3.#.a: The financial theory (Modigliani & Miller, 1958) presents risk management as a matter without importance in companies, given that the shareholders themselves managed their hedges, diversifying their portfolios. However, subsequent studies dispute said premise and present evidence that business financial hedging improves performance and increases the value of the same (Ahmed, Azevedo, & Guney, 2014; Allayannis & Weston, 2001; Kapitsinas, 2008). The efficient market risk management is supported in the financial derivatives, and demands strategic and efficient administrators in hedges that add value, especially in the face of clashes and macroeconomic and financial imbalances. The empirical evidence analyzes the behavior of the Q-Tobin as an indicator of the effect of the hedge strategies for the exchange rate associated to the market value. The aim of this work is to find evidence in Colombia on the effect of the use of derivatives in the market value of the company. Its added value lies in the analysis that is done by economic sectors, identified by ISIC codes and grouped into five (5) macro sectors (Agriculture and livestock, Commercial, Industrial or Manufacture, Services, and Construction). The methodology used includes the estimation of several regression models in data panels, using a Pooled regression model with fixed and random effect estimators through the maximum likelihood estimator. In general, a statistical and financially significant premium for hedges was found for companies exposed to exchange rate risks that use derivatives of a 6.3% average on the market value. Additionally, mixed results were found in relation to the variables analyzed in the model. The financial theory (Modigliani & Miller, 1958) presents risk management as a matter without importance in companies, given that the shareholders themselves managed their hedges, diversifying their portfolios. However, subsequent studies dispute said premise and present evidence that business financial hedging improves performance and increases the value of the same (Ahmed, Azevedo, & Guney, 2014; Allayannis & Weston, 2001; Kapitsinas, 2008). The efficient market risk management is supported in the financial derivatives, and demands strategic and efficient administrators in hedges that add value, especially in the face of clashes and macroeconomic and financial imbalances. The empirical evidence analyzes the behavior of the Q-Tobin as an indicator of the effect of the hedge strategies for the exchange rate associated to the market value. The aim of this work is to find evidence in Colombia on the effect of the use of derivatives in the market value of the company. Its added value lies in the analysis that is done by economic sectors, identified by ISIC codes and grouped into five (5) macro sectors (Agriculture and livestock, Commercial, Industrial or Manufacture, Services, and Construction). The methodology used includes the estimation of several regression models in data panels, using a Pooled regression model with fixed and random effect estimators through the maximum likelihood estimator. In general, a statistical and financially significant premium for hedges was found for companies exposed to exchange rate risks that use derivatives of a 6.3% average on the market value. Additionally, mixed results were found in relation to the variables analyzed in the model.

773.1.#.t: Contaduría y Administración; Vol. 62, Núm. 5: (2017)

773.1.#.o: http://www.cya.unam.mx/index.php/cya/index

046.#.#.j: 2021-10-20 00:00:00.000000

022.#.#.a: ISSN electrónico: 2448-8410; ISSN impreso: 0186-1042

310.#.#.a: Trimestral

264.#.1.b: Facultad de Contaduría y Administración, UNAM

758.#.#.1: http://www.cya.unam.mx/index.php/cya/index

doi: https://doi.org/10.1016/j.cya.2017.04.009

handle: 00c7f56d5743d62e

harvesting_date: 2019-02-06 00:00:00.0

856.#.0.q: application/pdf

245.1.0.b: Financial hedging with derivatives and its impact on the Colombian market value for listed companies

last_modified: 2023-03-22 16:00:00

license_url: https://creativecommons.org/licenses/by/4.0/legalcode.es

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Artículo

Financial hedging with derivatives and its impact on the Colombian market value for listed companies

Giraldo Prieto, César Augusto; Ferreira Herrera, Diana Carolina; Vesga Bermejo, Cristhian; González Uribe, Gabriel Jaime

Facultad de Contaduría y Administración, UNAM, publicado en Contaduría y Administración, y cosechado de Revistas UNAM

Licencia de uso

Procedencia del contenido

Entidad o dependencia
Facultad de Contaduría y Administración, UNAM
Revista
Contaduría y Administración
Repositorio
Revistas UNAM
Contacto
Revistas UNAM. Dirección General de Publicaciones y Fomento Editorial, UNAM en revistas@unam.mx

Cita

Giraldo Prieto, César Augusto, et al. (2017). Financial hedging with derivatives and its impact on the Colombian market value for listed companies. Contaduría y Administración; Vol. 62, Núm. 5:. Recuperado de https://repositorio.unam.mx/contenidos/14245

Descripción del recurso

Autor(es)
Giraldo Prieto, César Augusto; Ferreira Herrera, Diana Carolina; Vesga Bermejo, Cristhian; González Uribe, Gabriel Jaime
Tipo
Artículo de Investigación
Área del conocimiento
Ciencias Sociales y Económicas
Título
Financial hedging with derivatives and its impact on the Colombian market value for listed companies
Fecha
2017-12-14
Resumen
The financial theory (Modigliani & Miller, 1958) presents risk management as a matter without importance in companies, given that the shareholders themselves managed their hedges, diversifying their portfolios. However, subsequent studies dispute said premise and present evidence that business financial hedging improves performance and increases the value of the same (Ahmed, Azevedo, & Guney, 2014; Allayannis & Weston, 2001; Kapitsinas, 2008). The efficient market risk management is supported in the financial derivatives, and demands strategic and efficient administrators in hedges that add value, especially in the face of clashes and macroeconomic and financial imbalances. The empirical evidence analyzes the behavior of the Q-Tobin as an indicator of the effect of the hedge strategies for the exchange rate associated to the market value. The aim of this work is to find evidence in Colombia on the effect of the use of derivatives in the market value of the company. Its added value lies in the analysis that is done by economic sectors, identified by ISIC codes and grouped into five (5) macro sectors (Agriculture and livestock, Commercial, Industrial or Manufacture, Services, and Construction). The methodology used includes the estimation of several regression models in data panels, using a Pooled regression model with fixed and random effect estimators through the maximum likelihood estimator. In general, a statistical and financially significant premium for hedges was found for companies exposed to exchange rate risks that use derivatives of a 6.3% average on the market value. Additionally, mixed results were found in relation to the variables analyzed in the model. The financial theory (Modigliani & Miller, 1958) presents risk management as a matter without importance in companies, given that the shareholders themselves managed their hedges, diversifying their portfolios. However, subsequent studies dispute said premise and present evidence that business financial hedging improves performance and increases the value of the same (Ahmed, Azevedo, & Guney, 2014; Allayannis & Weston, 2001; Kapitsinas, 2008). The efficient market risk management is supported in the financial derivatives, and demands strategic and efficient administrators in hedges that add value, especially in the face of clashes and macroeconomic and financial imbalances. The empirical evidence analyzes the behavior of the Q-Tobin as an indicator of the effect of the hedge strategies for the exchange rate associated to the market value. The aim of this work is to find evidence in Colombia on the effect of the use of derivatives in the market value of the company. Its added value lies in the analysis that is done by economic sectors, identified by ISIC codes and grouped into five (5) macro sectors (Agriculture and livestock, Commercial, Industrial or Manufacture, Services, and Construction). The methodology used includes the estimation of several regression models in data panels, using a Pooled regression model with fixed and random effect estimators through the maximum likelihood estimator. In general, a statistical and financially significant premium for hedges was found for companies exposed to exchange rate risks that use derivatives of a 6.3% average on the market value. Additionally, mixed results were found in relation to the variables analyzed in the model.
Tema
Financial hedging; derivative instruments; market risk; market value; financial hedging; derivative instruments; market risk; market value
Idioma
eng
ISSN
ISSN electrónico: 2448-8410; ISSN impreso: 0186-1042

Enlaces