Hedge cambial aumenta o valor de mercado das firmas? Evidências do caso brasileiro
Carregando...
Arquivos
Data
2007-05
Autores
Orientador(res)
Bonomo, Marco Antônio Cesar
Métricas
Título da Revista
ISSN da Revista
Título de Volume
Resumo
This article examines the hedging activities of 33 Brazilian non-financial firms classified as ‘basic materials’ companies by BOVESPA between 2001 and 2006 and its potential impact on firm value. Using Tobin ́s Q as a proxy for firm value, we find a negative and significant relation between firm value and exchange rates exposure. Firms that face currency risks and decide to hedge have an increase on value about 7% on average in comparison to the others. And data suggest that a 10% reduction in exchange rates exposure is associated with a 3,5% gain in market value. Finally, we find evidence that firms that remain a regular hedging policy (and not firms that occasionally decide to hedge) have their market value increased.