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Une mesure empirique des déterminants qui affectent la gestion des risques des entreprises non financières

Author

Listed:
  • Dionne, Georges

    (HEC Montreal, Canada Research Chair in Risk Management)

  • Garand, Martin

    (HEC Montreal, Canada Research Chair in Risk Management)

Abstract

The goal of this article is to isolate the significant determinants that affect the decision of non-financial firms to hedge their risks. Our application is for the gold mining industry in North America. We show that many factors related to the objective of firm value maximization are significant, contrary to other studies in the literature who obtained that, practically, only managerial risk aversion factors were the most significant.

Suggested Citation

  • Dionne, Georges & Garand, Martin, 2000. "Une mesure empirique des déterminants qui affectent la gestion des risques des entreprises non financières," Working Papers 00-9, HEC Montreal, Canada Research Chair in Risk Management.
    • Handle: RePEc:ris:crcrmw:2000_009
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    Keywords

    Empirical measure; determinants; risk management; non-financial firms; Tobit; panel; mining enterprises; gold;
    All these keywords.

    JEL classification:

    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)

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