Le strategie di copertura del rischio di cambio delle società quotate non finanziarie in Italia.

Translated title of the contribution: [Autom. eng. transl.] The exchange rate risk hedging strategies of listed non-financial companies in Italy.

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Abstract

[Autom. eng. transl.] Financial risk management and coverage decisions can lead to the definition of different strategies. This work examines the operational and financial strategies used by Italian listed industrial companies in addressing the exchange rate risk in the period between 2007 and 2012. The proxy variables of the operational strategies, classically medium-long term, have been identified in the number ( breadth) and concentration (depth) of foreign subsidiaries. The short-term financial ones are represented by the quantification of the net value declared in the financial statements of all foreign exchange derivatives. From the results obtained, financial hedging is a very effective tool in reducing risk exposure, while operational hedging loses significance when the breadth and depth characteristics of foreign subsidiaries are considered together.
Translated title of the contribution[Autom. eng. transl.] The exchange rate risk hedging strategies of listed non-financial companies in Italy.
Original languageItalian
Pages (from-to)411-424
Number of pages23
JournalBANCA IMPRESA SOCIETÀ
Publication statusPublished - 2014

Keywords

  • rischio di cambio

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