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https://doi.org/10.21256/zhaw-28171| Publication type: | Article in scientific journal |
| Type of review: | Peer review (publication) |
| Title: | The role of managerial characteristics in FX risk management : who increases risk? |
| Authors: | Hecht, Andreas |
| et. al: | No |
| DOI: | 10.1007/s11846-020-00432-x 10.21256/zhaw-28171 |
| Published in: | Review of Managerial Science |
| Volume(Issue): | 15 |
| Issue: | 8 |
| Page(s): | 2377 |
| Pages to: | 2406 |
| Issue Date: | 2021 |
| Publisher / Ed. Institution: | Springer |
| ISSN: | 1863-6683 1863-6691 |
| Language: | English |
| Subjects: | Foreign exchange; Derivatives; Risk management; Speculation; Managerial characteristics |
| Subject (DDC): | 332.6: Investment |
| Abstract: | We examine the impact of managerial characteristics on the choice of risk-decreasing and risk-increasing/-constant strategies. Using unique data on firm-, year-, and currency-specific FX exposure before and after hedging with corresponding hedging instruments, we are able to measure how much a CEO has been involved in risk-increasing/-constant strategies over several years. We provide evidence that firms where the CEO has an MBA degree and is older are more likely to engage in risk-increasing/-constant strategies. In addition, we find that a CEO’s affiliation to the owner’s family seems to reduce the amount of derivatives a firms uses, while hedging short tends to increase derivative volumes. |
| URI: | https://digitalcollection.zhaw.ch/handle/11475/28171 |
| Fulltext version: | Published version |
| License (according to publishing contract): | CC BY 4.0: Attribution 4.0 International |
| Departement: | School of Management and Law |
| Organisational Unit: | Institute for Financial Management (IFI) |
| Appears in collections: | Publikationen School of Management and Law |
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| File | Description | Size | Format | |
|---|---|---|---|---|
| 2021_Hecht_Managerial-characteristics-in-FX-risk-management.pdf | 1.33 MB | Adobe PDF |  View/Open |
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Hecht, A. (2021). The role of managerial characteristics in FX risk management : who increases risk? Review of Managerial Science, 15(8), 2377–2406. https://doi.org/10.1007/s11846-020-00432-x
Hecht, A. (2021) ‘The role of managerial characteristics in FX risk management : who increases risk?’, Review of Managerial Science, 15(8), pp. 2377–2406. Available at: https://doi.org/10.1007/s11846-020-00432-x.
A. Hecht, “The role of managerial characteristics in FX risk management : who increases risk?,” Review of Managerial Science, vol. 15, no. 8, pp. 2377–2406, 2021, doi: 10.1007/s11846-020-00432-x.
HECHT, Andreas, 2021. The role of managerial characteristics in FX risk management : who increases risk? Review of Managerial Science. 2021. Bd. 15, Nr. 8, S. 2377–2406. DOI 10.1007/s11846-020-00432-x
Hecht, Andreas. 2021. “The Role of Managerial Characteristics in FX Risk Management : Who Increases Risk?” Review of Managerial Science 15 (8): 2377–2406. https://doi.org/10.1007/s11846-020-00432-x.
Hecht, Andreas. “The Role of Managerial Characteristics in FX Risk Management : Who Increases Risk?” Review of Managerial Science, vol. 15, no. 8, 2021, pp. 2377–406, https://doi.org/10.1007/s11846-020-00432-x.
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