An Empirical Investigation on the Use of Derivative Instruments by Industrial Firms in Turkey

Özek, Pelin

doi:10.14784/jfrs.23358

Cited by 5 publications

(3 citation statements)

References 37 publications

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“…Research conducted by Ahmad, Mardiyati, and Nashrin (2015), and Ozek (2016), also stated that companies that have large firm sizes, have a tendency to hedge. Large companies have extensive operational activities and can be more risky.…”

Section: Table 5 Hosmer and Lemeshow Test Resultsmentioning

confidence: 99%

“…Research conducted by Utami, Sriyanto and Purbasari (2018), also states that the higher the level of a company's debt, it has no effect in hedging. While research conducted by Ozek (2016), Tanha, Dempsey, Labeb (2017), Wijaya, Astuti, and Nugraha (2018), states that leverage has an influence on hedging decision making.…”

Section: Table 5 Hosmer and Lemeshow Test Resultsmentioning

confidence: 99%

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Decision Determination with Hedging Financial Derivative Instruments in the Manufacturing Sector Company

Yuhasril¹,

Wahyono²,

Sumiyarsih³

2020

RJFA

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Hedging is an alternative of company that aims to protect the assets of company from losses caused by the risk. This study purposed to analyze the influence of independent variables which include firm size, growth opportunity, liquidity, and leverage on determined hedging decision using derivative instruments at manufacturer companies listed on the Indonesia Stock Exchange in 2015-2018. Sample selection method used in this research is purposive sampling method with criteria manufacturer companies basic industry and chemicals, and miscellaneous industry sector and the publication of annual financial report routine since 2015-2018. This method result samples 40 companies for research. This study using logistic regression analysis, to find sets of independent variables that affect the probability the use of derivative instruments as hedging activities. The results showed that variable firm size has significant effect on hedging decision. Variable growth opportunity, liquidity and leverage has not significant effect on hedging decision.

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Section: Table 5 Hosmer and Lemeshow Test Resultsmentioning

confidence: 99%

Section: Table 5 Hosmer and Lemeshow Test Resultsmentioning

confidence: 99%

Decision Determination with Hedging Financial Derivative Instruments in the Manufacturing Sector Company

Yuhasril¹,

Wahyono²,

Sumiyarsih³

2020

RJFA

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“…The derivative variable shows the companies that are using derivatives. The derivative variables will be measured using dummy variables, 1 if it uses derivatives and 0 if it does not use derivatives (ÖZEK, 2016). The cost of debt variable shows the interest that comes from debt.…”

Section: Variable Measurementmentioning

confidence: 99%

Analysis of Factors Affecting Company Using Derivatives

Sriwati

2021

International, J. , Contemporary, account.

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<p>This study aims to determine the factors that influence companies in using derivatives. In this study, the factors studied were the cost of debt, foreign sales, risk management, and corporate governance on the company's decision to use derivatives. The analytical method used in this research is logistic regression analysis using the Statistical Product and Services Solutions software. A total of 60 samples were used in this study, which were 20 companies included in the Corporate Governance Perception Index survey from 2016 to 2018. The Corporate Governance Perception Index survey is a survey conducted by the Indonesian Institute for Corporate Governance. The results of this study indicate that the cost of debt variable has a significant effect on the decision to use derivatives by the company. The corporate governance variable also has a significant effect on the decision to use derivatives by the company. The foreign sales variable in this study does not have a significant effect on the decision to use derivatives by companies. The risk management variable does not have a significant effect on the decision to use derivatives by the company. In this study, there are also control variables, namely firm size and return on assets. In this study, the firm size variable does not have a significant effect on the decision to use derivatives by the company. Meanwhile, the return on assets variable has a significant effect on the decision to use derivatives by the company.</p>

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Determination of Financial Factors Affecting the Use of Derivative Instruments Istanbul Stock Exchange Application

Aksoy

2021

Hacettepe Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi

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Firmaların risk yönetiminde kullanabilecekleri en etkili yöntemlerden biri türev araçlardır. Firmaların türev araç kullanımlarının artırılmasında türev araç kullanım kararını etkileyen faktörlerin belirlenmesi büyük öneme sahiptir. Bu çalışmanın amacı firmaların türev araç kullanımlarını etkileyen firmaya özgü finansal faktörlerin tespitidir. Çalışmada Borsa İstanbul'da imalat sanayi sektöründe faaliyet gösteren 176 firmanın 2014:12-2018:12 dönemi verileri kullanılmıştır. Türev araç kullanımını etkilemesi beklenen finansal kaldıraç, cari oran, büyüklük ve aktif karlılığı modele alınmıştır. İkili lojistik regresyon analizinin yapıldığı çalışmanın sonucunda türev araç kullanım kararı büyüklük ile pozitif ve diğer değişkenlerle negatif ilişkiye sahiptir. Elde edilen bulgulara göre likidite düzeyi düşük, büyük ölçekli ve karlılığı düşük olan firmalarda risk yönetiminde türev araçlar etkin bir yöntem olarak kullanılabilir.

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An Empirical Investigation on the Use of Derivative Instruments by Industrial Firms in Turkey

Cited by 5 publications

References 37 publications

Decision Determination with Hedging Financial Derivative Instruments in the Manufacturing Sector Company

Decision Determination with Hedging Financial Derivative Instruments in the Manufacturing Sector Company

Analysis of Factors Affecting Company Using Derivatives

Determination of Financial Factors Affecting the Use of Derivative Instruments Istanbul Stock Exchange Application

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