Determinants of corporate hedging: A (statistical) meta-analysis

被引：21
作者：
Arnold, Matthias M. [1 ]
Rathgeber, Andreas W. [1 ]
Stockl, Stefan [2 ]
机构：
[1] Univ Augsburg, Fac Math & Nat Sci, Inst Mat Resource Management, Chair Finance & Informat Management, D-86159 Augsburg, Germany
[2] ICN Business Sch Nancy Metz Grande Ecole, Accounting & Finance, 3 Pl Edouard Branly, F-57070 Metz, France
来源：
QUARTERLY REVIEW OF ECONOMICS AND FINANCE | 2014年 / 54卷 / 04期
关键词：
Hedging; Meta-analysis; Risk management;
D O I：
10.1016/j.qref.2014.05.002
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
While literature provides several hedging theories, evidence on the corporate incentives to hedge remains ambiguous. We synthesize data of empirical studies via statistical meta-analysis to test different hedging hypotheses. To our knowledge, this constitutes the first application of such a methodology in financial economics. Our results imply that financial distress costs induce firms to hedge. We find weak evidence that the underinvestment problem and the dependence on costly external financing influence hedging behavior. Taxes and agency conflicts do not show explanatory power. Because statistical and narrative reviews yield different outcomes, we see various other application possibilities for meta-analysis in financial economics. (C) 2014 The Board of Trustees of the University of Illinois. Published by Elsevier B.V. All rights reserved.
引用
收藏
页码：443 / 458
页数：16
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