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Factors influencing the use of derivatives in Poland
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Title: Factors influencing the use of derivatives in Poland

Creator:

Mizerka, Jacek ; Stróżyńska-Szajek, Agnieszka

Description:

Argumenta Oeconomica, 2018, Nr 1 (40), s. 5-20

Abstrakt:

Taking into account the ambiguous results of research concerning the impact of the use of derivatives on a firm’s value, we propose a more complex approach that would better explain the role of derivatives. We investigate the factors influencing derivatives usage by 308 nonfinancial firms listed on the Warsaw Stock Exchange for the period of 2008-2011. We also test the hypothesis saying that there are differences in the factors influencing the use of derivatives by companies in developed economies and by companies operating in transition economies. To examine the direction of the influence of certain factors on derivatives usage and the significance of that influence, we use a logit model. To explore the impact of a specific group of factors, we construct 47 different logit models using a combination of variables reflecting firm’s size, default risk, debt service costs, liquidity constraints, and growth options. Owing to specific time-series cross-sectional data, we used a method of building a model based on panel data. The results of our analysis indicate that such factors as company size, risk of default and debt usage have a significant positive effect on derivatives usage. According to our results there is no permanent, statistically significant relationship between derivative usage by Polish companies and liquidity ratios. In all models, considering an option to develop, this factor has a significant negative impact on derivative usage. In general, we have obtained results showing the similarity of the factors that affect the use of derivatives by companies operating in Polish and foreign markets

Publisher:

Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu

Place of publication:

Wrocław

Date:

2018

Resource Type:

artykuł

Resource Identifier:

doi:10.15611/aoe.2018.1.01 ; oai:dbc.wroc.pl:41144

Language:

eng

Relation:

Argumenta Oeconomica, 2018, Nr 1 (40)

Rights:

Wszystkie prawa zastrzeżone (Copyright)

Access Rights:

Dla wszystkich w zakresie dozwolonego użytku

Location:

Uniwersytet Ekonomiczny we Wrocławiu

Group publication title:

Argumenta Oeconomica

Format:

application/pdf

Subject and keywords:

derivatives risk management hedging

Object collections:

Last modified:

May 26, 2022

In our library since:

May 17, 2018

Number of object content hits:

453

Number of object content views in PDF format

444

All available object's versions:

https://dbc.wroc.pl./publication/48741

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Edition name Date
Factors influencing the use of derivatives in Poland May 26, 2022

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