El sector turístico cotizado español y la cobertura de su exposición cambiaria (2004-2014)
- Vivel-Búa, Milagros
- Lado-Sestayo, Rubén
- Fernández-López, Inés
ISSN: 2386-8570, 2444-0299
Year of publication: 2017
Volume: 3
Issue: 4
Pages: 535-553
Type: Article
More publications in: International journal of scientific management and tourism
Abstract
This paper studies the exposure to exchange rate risk and its hedging in the Spanish listed company of the tourist sector during the period 2004-2014. In particular, the study focuses on five companies: Amadeus IT Holding S.A., Iberia S.A., IAG - International Consolidated Airlines Group S.A., Meliá International Hotels S.A., and NH Hotel Group S.A. In general, the results highlight the relevance of the currency exposure in the strategic risk management for these companies. Likewise, the profile of such exposure is transactional, linked to its income in foreign currency, and operational, related to the activity of the foreign subsidiaries. Exchange rate risk of an accounting nature is also important when accounting consolidation is performed. Regarding its hedging, an active position against exchange rate risk prevails by applying financial hedging techniques, mainly derivatives and foreign currency debt, and, to a lesser extent, operational hedging.