Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/286899 
Autor:innen: 
Erscheinungsjahr: 
2021
Quellenangabe: 
[Journal:] Review of Managerial Science [ISSN:] 1863-6691 [Volume:] 15 [Issue:] 8 [Publisher:] Springer [Place:] Berlin, Heidelberg [Year:] 2021 [Pages:] 2377-2406
Verlag: 
Springer, Berlin, Heidelberg
Zusammenfassung: 
We examine the impact of managerial characteristics on the choice of risk-decreasing and risk-increasing/-constant strategies. Using unique data on firm-, year-, and currency-specific FX exposure before and after hedging with corresponding hedging instruments, we are able to measure how much a CEO has been involved in risk-increasing/-constant strategies over several years. We provide evidence that firms where the CEO has an MBA degree and is older are more likely to engage in risk-increasing/-constant strategies. In addition, we find that a CEO's affiliation to the owner's family seems to reduce the amount of derivatives a firms uses, while hedging short tends to increase derivative volumes.
Schlagwörter: 
Foreign exchange
Derivatives
Risk management
Speculation
Managerial characteristics
JEL: 
G30
G32
G39
Persistent Identifier der Erstveröffentlichung: 
Creative-Commons-Lizenz: 
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Dokumentart: 
Article
Dokumentversion: 
Published Version

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