| Name: | Description: | Size: | Format: | |
|---|---|---|---|---|
| DM_PreciosaCarvalho_MGIE_2017 | 1.22 MB | Adobe PDF |
Authors
Advisor(s)
Abstract(s)
No sentido de garantirem a sua sobrevivência a longo prazo, as empresas têm necessidade de alargar os seus mercados de atuação, com consequente expansão no mercado exterior. Esta realidade potencia o impacto e relevância das alterações das taxas de câmbio no valor da empresa e consequentemente a forma como as empresas controlam e gerem essas alterações. Esta dissertação tem como finalidade analisar as práticas de cobertura de risco cambial das empresas portuguesas e espanholas cotadas em bolsa, entre 2009 e 2013 e a determinação dos fatores que influenciam esta tomada de decisão por partes das empresas analisadas. Os resultados obtidos apontam que as variáveis dimensão; alavancagem; exposição ao risco e impostos demonstraram ser variáveis determinantes e estatisticamente significativas, durante os anos deste estudo, na cobertura de risco cambial. As restantes variáveis explicativas utilizadas como determinantes da prática de cobertura de risco cambial demonstraram não ter qualquer significância estatística.
In order to guarantee their long-term survival, companies need to broaden their markets, with a consequent expansion in the foreign market. This reality enhances the impact and relevance of exchange rate changes on the value of the company, and consequently on the way that companies control and manage these changes. This dissertation aims to analyze the exchange risk hedging practices of Portuguese and Spanish listed companies between 2009 and 2013 and the determination of the factors that influence the decisions made by the companies analyzed. The results obtained indicate that the variables dimension; leverage; risk exposure and taxes have proven to be determinant and been statistically significant variables, during the years of this study, in hedging currency risk. The remaining explanatory variables used as determinants of the practice of hedging the exchange risk were not statistically significant.
In order to guarantee their long-term survival, companies need to broaden their markets, with a consequent expansion in the foreign market. This reality enhances the impact and relevance of exchange rate changes on the value of the company, and consequently on the way that companies control and manage these changes. This dissertation aims to analyze the exchange risk hedging practices of Portuguese and Spanish listed companies between 2009 and 2013 and the determination of the factors that influence the decisions made by the companies analyzed. The results obtained indicate that the variables dimension; leverage; risk exposure and taxes have proven to be determinant and been statistically significant variables, during the years of this study, in hedging currency risk. The remaining explanatory variables used as determinants of the practice of hedging the exchange risk were not statistically significant.
Description
Dissertação de Mestrado em Gestão e Internacionalização de Empresas
Keywords
Cobertura de risco cambial mercado de câmbios
Citation
Publisher
Instituto Politécnico do Porto. Escola Superior de Tecnologia e Gestão