Corporate derivatives use and firm value: Evidence from Turkey

Borsa Istanbul Review - Tập 16 - Trang 108-120 - 2016
Yusuf Ayturk1, Ali Osman Gurbuz2, Serhat Yanik1
1Istanbul University, Faculty of Political Sciences, Department of Business Administration, Istanbul, Turkey
2Istanbul Commerce University, Faculty of Commercial Sciences, Department of Banking and Finance, Istanbul, Turkey

Tài liệu tham khảo

Allayannis, 2012, The use of foreign currency derivatives, corporate governance, and firm value around, Journal of International Economics, 87, 65, 10.1016/j.jinteco.2011.12.003 Allayannis, 2001, The use of foreign currency derivatives and firm market value, The Review of Financial Studies, 14, 243, 10.1093/rfs/14.1.243 Arellano, 1991, Some tests of specification for panel data: Monter Carlo evidence and an application to employment equations, Review of Economic Studies, 58, 277, 10.2307/2297968 Arellano, 1995, Another look at the instrumental variables estimation of error-components models, Journal of Econometrics, 68, 29, 10.1016/0304-4076(94)01642-D Aretz, 2010, Corporate hedging and shareholder value, The Journal of Financial Research, 33, 317, 10.1111/j.1475-6803.2010.01278.x Bartram, 2011, The effects of derivatives on firm risk and value, Journal of Financial and Quantitative Analysis, 46, 967, 10.1017/S0022109011000275 Belghitar, 2013, Foreign currency derivative use and shareholder value, International Review of Financial Analysis, 283, 10.1016/j.irfa.2012.02.004 Berkman, 1996, Empirical evidence on the corporate use of derivatives, Financial Management, 25, 5, 10.2307/3665985 Berrospide, 2008 Blundell, 1998, Initial conditions and moment restrictions in dynamic panel data models, Journal of Econometrics, 87, 115, 10.1016/S0304-4076(98)00009-8 Carter, 2006, Hedging and value in the U.S. Airline Industry, Journal of Applied Corporate Finance, 18, 21, 10.1111/j.1745-6622.2006.00107.x Chung, 1994, A simple approximation of Tobin's Q, Financial Management, 23, 70, 10.2307/3665623 Dadalt, 2002, Asymmetric information and corporate derivatives use, The Journal of Futures Markets, 22, 241, 10.1002/fut.2216 Demarzo, 1995, Corporate incentives for hedging and hedge accounting, The Review of Financial Studies, 8, 743, 10.1093/rfs/8.3.743 Froot, 1993, Risk management: coordinating corporate investment and financing policies, The Journal of Finance, 48, 1629, 10.1111/j.1540-6261.1993.tb05123.x Guay, 2003, How much do firms hedge with derivatives?, Journal of Financial Economics, 70, 423, 10.1016/S0304-405X(03)00179-X Hirsch, 1993, Functional form in regression models of Tobin's Q, The Review of Economics and Statistics, 75, 381, 10.2307/2109449 Jin, 2006, Firm value and hedging: evidence from U.S. Oil and Gas Producers, The Journal of Finance, 61, 893, 10.1111/j.1540-6261.2006.00858.x Khediri, 2010, Do investors really value derivative use? Empirical evidence from France, The Journal of Risk Finance, 11, 62, 10.1108/15265941011012688 Leland, 1998, Agency costs, risk management, and capital structure, The Journal of Finance, 53, 1213, 10.1111/0022-1082.00051 Lookman, 2004, Does hedging increase firm value? Evidence from oil and gas producing firms Mackay, 2007, The value of corporate risk management, The Journal of Finance, 62, 1379, 10.1111/j.1540-6261.2007.01239.x Magee, 2009 Modigliani, 1958, The cost of capital, corporation finance and the theory of investment, The American Economic Review, 48, 261 Nelson, 2005, The impact of hedging on the market value of equity, Journal of Corporate Finance, 11, 851, 10.1016/j.jcorpfin.2005.02.003 Panaretou, 2013, Corporate risk management and firm value: evidence from the UK market, The European Journal of Finance, 20, 1161, 10.1080/1351847X.2013.766625 Perez-Gonzalez, 2013, Risk management and firm value: evidence from weather derivatives, Journal of Finance, 68, 2143, 10.1111/jofi.12061 Phan, 2014, Uncovering the asymmetric linkage between financial derivatives and firm value – the case of oil and gas exploration and production companies, Energy Economics, 45, 340, 10.1016/j.eneco.2014.07.018 Roodman, 2006 Ross, 1996 Smith, 1985, The determinants of firms' hedging policies, The Journal of Financial and Quantitative Analysis, 20, 391, 10.2307/2330757 Stulz, 1996, Rethinking risk management, Journal of Applied Corporate Finance, 9, 8, 10.1111/j.1745-6622.1996.tb00295.x Wernerfelt, 1988, Tobin's q and the importance of focus in firm performance, The American Economic Review, 78, 246 Yermack, 1996, Higher market valuation of companies with a small board of directors, Journal of Financial Economics, 40, 185, 10.1016/0304-405X(95)00844-5