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What do we really know about corporate hedging? A multimethod meta-analytical study

Author

Listed:
  • Stefan Stöckl

    (ICN Business School, CEREFIGE - Centre Européen de Recherche en Economie Financière et Gestion des Entreprises - UL - Université de Lorraine)

  • J. Geyer-Klingeberg

    (UNIA - Universität Augsburg [Deutschland] = University of Augsburg [Germany] = Université d'Augsburg [Allemagne])

  • M. Hang

    (UNIA - Universität Augsburg [Deutschland] = University of Augsburg [Germany] = Université d'Augsburg [Allemagne])

  • Andreas Rathgeber

    (UNIA - Universität Augsburg [Deutschland] = University of Augsburg [Germany] = Université d'Augsburg [Allemagne])

  • M. Walter

    (UNIA - Universität Augsburg [Deutschland] = University of Augsburg [Germany] = Université d'Augsburg [Allemagne])

Abstract

We provide new evidence on the determinants of corporate hedging by conducting the very first multivariate meta-analysis in corporate finance. Hereby we use a unique sample of 132 empirical studies including more than 100,000 companies. Our results indicate a strong evidence for the bankruptcy and financial distress hypothesis. Moreover, we find weak support for the corporate tax and the coordination of financing and investment policy and agency conflicts of debt hypotheses. Regarding the asymmetric information and agency conflicts of equity hypothesis, we find no explanatory power.

Suggested Citation

  • Stefan Stöckl & J. Geyer-Klingeberg & M. Hang & Andreas Rathgeber & M. Walter, 2015. "What do we really know about corporate hedging? A multimethod meta-analytical study," Post-Print hal-01507869, HAL.
    • Handle: RePEc:hal:journl:hal-01507869
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    Cited by:

    1. Hang, Markus & Geyer-Klingeberg, Jerome & Rathgeber, Andreas W. & Stöckl, Stefan, 2018. "Measurement matters—A meta-study of the determinants of corporate capital structure," The Quarterly Review of Economics and Finance, Elsevier, vol. 68(C), pages 211-225.
    2. Markus Hang & Jerome Geyer-Klingeberg & Andreas W. Rathgeber & Clémence Alasseur & Lena Wichmann, 2021. "Interaction effects of corporate hedging activities for a multi-risk exposure: evidence from a quasi-natural experiment," Review of Quantitative Finance and Accounting, Springer, vol. 56(2), pages 789-818, February.
    3. Geyer-Klingeberg, Jerome & Hang, Markus & Rathgeber, Andreas W., 2019. "What drives financial hedging? A meta-regression analysis of corporate hedging determinants," International Review of Financial Analysis, Elsevier, vol. 61(C), pages 203-221.
    4. Wimmer, Thomas & Geyer-Klingeberg, Jerome & Hütter, Marie & Schmid, Florian & Rathgeber, Andreas, 2021. "The impact of speculation on commodity prices: A Meta-Granger analysis," Journal of Commodity Markets, Elsevier, vol. 22(C).
    5. Markus Hang & Jerome Geyer‐Klingeberg & Andreas W. Rathgeber & Stefan Stöckl, 2021. "Rather complements than substitutes: Firm value effects of capital structure and financial hedging decisions," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(4), pages 4895-4917, October.
    6. Jan Christoph Neumann, 2020. "An Empirical Analysis of the Currency Hedging Behavior of North German SMEs," European Journal of Business Science and Technology, Mendel University in Brno, Faculty of Business and Economics, vol. 6(1), pages 53-65.
    7. Choi, Young Mok & Park, Kunsu & Kim, Woo Sung, 2020. "Corporate hedging and dividend policy: An empirical study of Korean firms," Finance Research Letters, Elsevier, vol. 32(C).
    8. Jędrzej Białkowski & Martin T. Bohl & Devmali Perera, 2022. "Commodity Futures Hedge Ratios: A Meta-Analysis," Working Papers in Economics 22/12, University of Canterbury, Department of Economics and Finance.
    9. Geyer-Klingeberg, Jerome & Hang, Markus & Rathgeber, Andreas, 2020. "Meta-analysis in finance research: Opportunities, challenges, and contemporary applications," International Review of Financial Analysis, Elsevier, vol. 71(C).
    10. Richard Friberg & Isak Trygg Kupersmidt, 2023. "Hedging to market‐wide shocks and competitive selection," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 32(2), pages 450-466, April.
    11. Stefan Stöckl, 2017. "Measurement matters - A meta-Study of the determinants of corporate capital structure," Post-Print hal-01772346, HAL.
    12. Jerome Geyer-Klingeberg & Markus Hang & Andreas Rathgeber, 2021. "Corporate financial hedging and firm value: a meta-analysis," The European Journal of Finance, Taylor & Francis Journals, vol. 27(6), pages 461-485, April.

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    Keywords

    meta-analytical study;

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