Fiche du document
2022
- handle: 10670/1.7nwvn3
- hal: hal-04452666
- doi: 10.1007/s10479-020-03730-5
Ce document est lié à :
info:eu-repo/semantics/altIdentifier/doi/10.1007/s10479-020-03730-5
Sujets proches
Cambistry International exchange Exchange, Foreign Foreign exchange problem Foreign currency Currency exchange FX (Finance) Foreign money ForexCiter ce document
S. Boubaker et al., « Foreign Currency Hedging and Firm Productive Efficiency », HAL-SHS : droit et gestion, ID : 10.1007/s10479-020-03730-5
Métriques
Partage / Export
Résumé
This study assesses whether foreign currency (FC) hedging improves firm productive efficiency. Using a unique sample of French non-financial listed firms belonging to the CAC All-Tradable index (former SBF250 index) index over the period 2004\textendash2012, we employ a non-parametric method\textemdashdata envelopment analysis\textemdashto estimate a firm's efficiency frontier and analyze the role of financial hedging in addressing agency conflicts in France. The empirical results show that FC hedging has a significant positive effect on efficiency. This finding supports the theoretical view that hedging is a disciplinary device that can mitigate the owner\textendashmanager agency conflicts, leading to a better firm efficiency. The results are robust to a battery of sensitivity and endogeneity tests. \textcopyright 2020, Springer Science+Business Media, LLC, part of Springer Nature.