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Does ownership structure matter in explaining derivatives’ use policy in French listed firms

Author

Listed:
  • Sabri Boubaker

    (Groupe ESC Troyes en Champagne, IRG - Institut de Recherche en Gestion - UPEM - Université Paris-Est Marne-la-Vallée - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12)

  • Salma Mefteh

    (DRM - Dauphine Recherches en Management - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres - CNRS - Centre National de la Recherche Scientifique)

  • Junaid Shaikh

Abstract

The purpose of this study is to investigate the effect of ownership structure on derivatives' use policy. Using data for 262 French non-financial listed firms, the results show that the two decisions of whether to use derivatives or not and the extent of derivatives use are not affected by the same variables. CEO ownership has a negative effect on the decision to use derivatives, whereas CEO tenure length influences negatively the extent of derivative use. CEO age impacts positively both decisions, whereas firms that grant stock options to their CEOs do not rely too much on derivatives. However, the presence of outside blockholders seems not to affect the firms' hedging policy.

Suggested Citation

  • Sabri Boubaker & Salma Mefteh & Junaid Shaikh, 2010. "Does ownership structure matter in explaining derivatives’ use policy in French listed firms," Post-Print hal-01158153, HAL.
    • Handle: RePEc:hal:journl:hal-01158153
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    Cited by:

    1. Thomas Kiptanui TARUS, 2020. "Does Corporate Governance Mechanisms Matter in Explaining Risk Management? Evidence from Non-Financial Kenyan Listed Firms," Journal of Economics and Financial Analysis, Tripal Publishing House, vol. 4(1), pages 79-97.
    2. Thomas Kiptanui Tarus & Joel K Tenai & Joyce Komen, 2020. "Does Ownership Structure Affect Risk Management? Evidence from an Emerging Economy, Kenya," Journal of Accounting, Business and Finance Research, Scientific Publishing Institute, vol. 8(1), pages 1-10.
    3. abbas, asad, 2024. "Robotic Process Automation (RPA) and AI in Business Process Optimization," OSF Preprints hwtye, Center for Open Science.
    4. Affaf Asghar Butt & Main Sajid Nazir & Hamera Arshad & Aamer Shahzad, 2018. "Corporate Derivatives and Ownership Concentration: Empirical Evidence of Non-Financial Firms Listed on Pakistan Stock Exchange," JRFM, MDPI, vol. 11(3), pages 1-15, June.

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