La decisión de cobertura del riesgo cambiario en las empresas internacionales.

  1. Vivel Búa, Milagros
  2. Durán Santomil, Pablo
Revista:
Revista de economía mundial

ISSN: 1576-0162

Año de publicación: 2012

Número: 30

Páginas: 233-268

Tipo: Artículo

DIALNET GOOGLE SCHOLAR lock_openArias Montano editor

Otras publicaciones en: Revista de economía mundial

Resumen

Este trabajo analiza los determinantes de la decisión de cobertura cambiaria con derivados para 100 empresas internacionales españolas en el período 2004-2007. El marco teórico son las teorías de cobertura y la metodología consiste en la estimación de modelos probit binomiales de efectos aleatorios para datos de panel. Los resultados muestran que esta decisión se relaciona principalmente con las economías de escala y la deuda en divisa. Asimismo, existe una relación positiva con las oportunidades de crecimiento y la ubicación de la empresa en el sector de la industria manufacturera. Finalmente, se encuentra una relación negativa respecto a los costes de insolvencia financiera.

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