Managerial Ownership and Corporate Hedging

Marcello Spanò

35 citations0/0 files storedJournal of Business Finance &amp Accounting

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Risk Management in Financial Firms Corporate Finance and Governance Corporate Taxation and Avoidance

Abstract

Abstract: Using information on 443 UK non‐financial companies, this work provides evidence supporting the hypothesis that managerial risk aversion is an incentive to deviate from the optimal hedging position. Conflicts of interest between shareholders and managers are at the centre of the decision about the firm's risk profile but are not relevant as determinants of the decision to hedge. This is rather associated with factors enhancing the firm's expected value (underinvestment, scale economies, tax savings).

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1977Determinants of corporate borrowing 1993The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems 1991The Theory of Capital Structure 1990Additional evidence on equity ownership and corporate value 1990Managerial discretion and optimal financing policies 1992The investment opportunity set and corporate financing, dividend, and compensation policies 1993Risk Management: Coordinating Corporate Investment and Financing Policies

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