£192.99

Hedging, Corporate Governance & Firm Value: Empirical Evidence on Risk Management from an Emerging Market (Business Issues, Competition and Entrepreneurship)

Corporate

Price data last checked 72 day(s) ago - refreshing...

View at Amazon

We'll watch every seller, every day. One email when your price arrives.

It has never been this cheap. We have no record of a lower price.

£193 today · cheaper than every other day in the last 3 months

NEW HERE?

Amazon shows you one price. We show you all of them.

Tosheroon watches Amazon prices so you don't have to. Every product on Amazon has a price history — we make it visible. Set the price you'd actually pay, and we'll email you the second it gets there. No app, no account, one email.

WHAT'S ON THIS PAGE

↓ Price chart
when this has been cheap or pricey

↓ Forecast
where the price is heading next

↓ Statistics
all-time high & low, recent range

↑ Price alert
name your number, we'll email you

Price History & Forecast

Grey patches = out of stock. Cheaper = lower on the chart. Hover for exact prices.

Last 19 days • 19 data points (No recent data available)

Historical

Generating forecast...

Price Distribution

Price distribution over 19 days • 1 price levels

Days at Price

Price Analysis

Most common price: £193 (19 days, 100.0%)

Price range: £193 - £193

Price levels: 1 different prices over 19 days

Description

Corporate risk management policy is essential during a period of volatile commodity prices and exchange rates in managing the risk exposure and its consequent impact on cash flow, profitability and firm value. Debates on whether hedging with derivatives practically enhances firm value through market imperfections, however, are still on-going. Hitherto, conflicting and mixed empirical evidence supported the debates in financial risk management theories. Taking into account that the contradictions among the existing literature could possibly be caused by the problem of endogeneity among variables and firm heterogeneity or fixed effects due to differences in corporate governance, this book explores the interrelationship between commodity risk exposure, hedging, corporate governance and firm value in an emerging market, using Malaysia as a case study. It provides the major findings in this area and the conclusions for strategies and insights for further generalisation in wider capital markets from the perspective of an emerging market of the Asia-Pacific region. Three main econometrics models are applied in this book. The first model estimates the commodity risk exposure of non-financial companies in the Malaysian stock exchange as a case study, and its implications for corporate hedging policy, by examining two sets of commodities; namely crude oil and palm oil. The commodity risk exposures were estimated by employing the augmented ordinary least squares (OLS) market model. Probit and tobit models were applied to assess the effect of risk exposure on corporate risk management policy. The results conclude that commodity risk exposure significantly affects the hedging policy of Malaysian firms. The second set of models examined the impact of hedging on firm value, using 420 firm-year observations (2004 to 2009). The results strongly support the positive effect of hedging on firm value. Both univariate and multivariate analysis support the hypothesis that a companys decisions to hedge -- as well as the extent of its hedging -- lead to higher firm value. The results remain robust by comparing pooled-OLS regressions, fixed-effects panel analysis, two-stage least squares and generalised methods of moments (GMM). The third model investigates the effect of corporate governance on hedging using probit and tobit regressions. This book presents major empirical findings for the relationship between risk management, corporate governance and firm value, and their general implications for capital markets. The empirical and general findings discussed in this book strongly support managerial risk aversion theory, which posits that firms with a higher proportion of directors shareholdings are likely to hedge more. The findings also revealed that firm size is positively related to hedging, that geographically diversified firms are more likely to hedge and have higher hedging activity, and that firms with higher cash holdings and lower dividend pay-outs are less likely to hedge. As a conclusion for policy implication, the findings emphasise the need for greater transparency and disclosure of commodity price risks and hedging policy in corporate financial statements in an emerging market.

Product Specifications

Format: hardcover
ASIN: 1536119857
Category: Books > Subjects > Business, Finance & Law > Professional Finance > Corporate
Domain: Amazon UK
Release Date: 01 July 2017
Listed Since: 19 April 2017

Barcode

No barcode data available

Hedging, Corporate Governance & Firm Value: Empirical Evidence on Risk Management from an Emerging Market (Business Issues, Competition and Entrepreneurship)

It has never been this cheap. We have no record of a lower price.

Price History & Forecast

Price Distribution

Price Analysis

Description

Product Specifications

Barcode

Similar Products You Might Like

Corporate hedging, financial structure and investment: A theoretical and empirical investigation on the use of derivative financial instruments by non financial companies

Global Risk Management: Financial, Operational, and Insurance Strategies: 3 (International Finance Review, 3)

Risk Management (PROFESSIONAL FINANCE & INVESTM)

Understanding Risk Management and Hedging in Oil Trading: A Practitioner's Guide to Managing Risk

Financial Risk Management: A Practitioner's Guide to Managing Market and Credit Risk: 721 (Wiley Finance)

Risk Management and Corporate Governance (Routledge Advances in Management and Business Studies)

Financial Risk Management: Models, History, and Institutions: 538 (Wiley Finance)

Financial Risk and Financial Risk Management: 16 (Research in International Business and Finance, 16)

Asset and Risk Management: Risk Oriented Finance (The Wiley Finance Series)

RISK MANAGEMENT AND CORPORATE GOVERNANC (Business Economics in a Rapidly Changing World)

Understanding Risk Management and Hedging in Oil Trading: A Practitioner's Guide to Managing Risk

Risk Management and Analysis, Volume 1: Measuring and Modelling Financial Risk (Wiley Series in Financial Engineering)

Risk Management in Emerging Markets: Issues, Framework, and Modeling

New Challenges and Global Outlooks in Financial Risk Management (Handbook of Research on Advances in Finance, Accounting, and Economics)

Mandatory Non-financial Risk-Related Disclosure: Measurement Problems and Usefulness for Investors

Risk, Value And Default: 8 (World Scientific Series in Finance)

Global Risk Agility and Decision Making: Organizational Resilience in the Era of Man-Made Risk

Managing Risk and Opportunity: The Governance of Strategic Risk-Taking

Quantitative Risk Management Using Python: An Essential Guide for Managing Market, Credit, and Model Risk

Monetary Policy and Risk Management in Financial Globalization (Monetary, Fiscal and Trade Policies)

Hands-On Value-at-Risk and Expected Shortfall: A Practical Primer (Management for Professionals)

Understanding and Managing Risk Attitude

Financial Risk Management: An End User Perspective

Financial Risk Management: An End User Perspective