Derivatives use and the value of cash holdings: Evidence from the US oil and gas industry

被引：2

作者：

Choi, Sanghak ^{[1
]}

Jang, Hyeonung ^{[1
]}

Kim, Daejin ^{[2
]}

Seo, Byoung Ki ^{[2
]}

机构：

[1] Ulsan Natl Inst Sci & Technol, Dept Engn Management, Ulsan 44919, South Korea

[2] Ulsan Natl Inst Sci & Technol, Sch Business Adm, Ulsan, South Korea

来源：

JOURNAL OF FUTURES MARKETS | 2021年 / 41卷 / 03期

关键词：

cash holdings; derivatives use; marginal value of cash holdings; CORPORATE GOVERNANCE; RISK-MANAGEMENT; FIRM VALUE; INVESTMENT; DETERMINANTS; POLICY;

D O I：

10.1002/fut.22173

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We examine the effect of the oil and gas firms' use of derivatives for hedging risks on the marginal value of cash holdings. Analyzing 155 U.S. oil and gas producers from 1998 to 2017, we find that the use of derivatives for hedging risks, especially oil and gas-related risk, reduces the marginal value of corporate cash holdings. Furthermore, the effect of using derivatives is stronger for firms exposed to higher risk. Our findings imply that cash holdings and derivatives use act as substitutes in hedging risk in this industry.

引用

页码：361 / 383

页数：23

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