[雙語翻譯]經(jīng)濟(jì)學(xué)外文翻譯--針對意大利非金融企業(yè)的外匯風(fēng)險和利率風(fēng)險的管理（英文）

1、European Financial Management, 2012 doi: 10.1111/j.1468-036X.2012.00659.xRisk Management for Italian Non-Financial Firms: Currency and Interest Rate ExposureGordon M. BodnarSchool of Advanced International Studies (SAIS)

2、, The Johns Hopkins University, 1740 Massachusetts Ave NW , Washington DC 20036 USAE-mail: bodnar@jhu.eduCostanza ConsolandiUniversit` a degli Studi di Siena, ItalyE-mail: costanza.consolandi@unisi.itGiampaolo GabbiUnive

3、rsit` a degli Studi di Siena, Italy and SDA Bocconi Milan ItalyE-mail: giampaolo.gabbi@sdabocconi.itAmeeta Jaiswal-DaleOpus College of Business University of St. Thomas, 1000 LaSalle Avenue, Minneapolis, MN 55403 USA EDH

4、EC Business School E-mail: a9jaiswal@stthomas.eduAbstractThis paper surveys risk management practices among Italian non-financial firms. This paper’s contribution lies in investigating derivative usage particular to Ital

5、ian businesses, a group whose public disclosure of derivative instruments is not routine. Italy is characterised by a high percentage of small and medium sized family run firms. The survey examines determinants of curren

6、cy and interest rate derivative use with respect currency and to firm size, geographical location, rating, industry, access to capital markets and educated management. The results from the logisticWe thank the editor (Jo

7、hn Doukas) and an anonymous referee for helpful comments. We also thank Riccardo Bramante, Marco Tucci and Roberto Ren` o for very helpful discussions anda careful reading of the manuscript. We are grateful to Carefin, C

8、entre for Applied Research in Finance of Universit` a Bocconi for its financial support. We thank ANRA, the ItalianAssociation of Risk Managers for its help to select and collect data and to Davide Scialdone for its assi

9、stance to contact firms and fill the questionnaires. All remaining errors are our own.C ? 2012 Blackwell Publishing LtdRisk Management for Italian Non-Financial Firms 3theories in different countries. While the direct ta

10、x influences are weak, support has been found for the increased debt capacity argument (Berkman and Bradbury, 1996; Graham and Rogers, 2002; Guay, 1999). Generally leverage is found to be positively related to derivative

11、 usage. The internal financing explanation is also supported in some cases (Berkman and Bradbury, 1996; Geczy et al., 1997; Guay, 1999) but rejected in others (Mian, 1996). A positive link between the potential for finan

12、cial distress and risk management activity is also supported (Judge, 2006). The managerial risk aversion linkage is supported in the studies of Tufano (1996) and Berkman and Bradbury (1996). Industry and size effects are

13、 nearly uniform across the studies with some measure of firm scale being strongly positively related to financial derivative usage in almost every study.While these features have been shown to play a role in the decision

14、 to use derivativesby publicly traded firms across many different countries, our survey of Italian non- financial firms looks at derivative usage in several different risk areas and focuses on differences in usage across

15、 publicly listed and private firms. Given this focus and the anonymity required in order for the Italian non-listed firms to participate in the survey) we have limits on the breadth of the firm characteristic data we hav

16、e to help explain the pattern of derivative usage.2 As such we have information on geographical location within a country, managerial expertise in terms of education level, ownership structure in terms of whether the fir

17、m is publicly listed or privately held and the firm’s external credit ratings. This study examines not only the frequency of derivative use in the foreign currency and interest rate area but also uses logit regressions t

18、o attempt to explain the influence of these firm characteristics on the pattern of derivative instrument use by Italian non-financial firms.The survey designed by the authors is comprehensive. It identifies the above key

19、characteristics associated with the choice to use derivatives instruments, the types of derivatives used. The paper proceeds as follows. Section 2 summarises the existing literature. Section 3 describes our sample and th

20、e collection of data for the Italian non-financial firms. Section 4 presents the methodology and our hypothesis. Section 5 reports the results and Section 6 concludes.2. A Review of Previous SurveysDuring the last three

21、decades, several studies have examined risk management practices, focusing on management behaviour and the use of innovative financial instruments. Block and Gallagher (1986) examined the use of derivatives instruments f

22、or hedging interest rate exposure in the USA, post-October 1979, when the Federal Reserve changed its policy, leading to an increase in the interest rates and interest rate volatility. Results show that approximately one

23、 out of five firms used interest rate futures and options to hedge the interest rate exposure, with a higher usage degree by larger firms and companies in commodity-oriented industries. Dolde (1993) examines Fortuneuse d

24、erivative intensity measured (derivative contact values over firm market value) in their study of 116 firms in New Zealand.2 Many of the firms are not publicly traded and do not have public financial statements and were

25、not willing to participate in the survey if such information was required. As a result, we work largely off observable firm characteristics and some basic firm demographics that were obtainable for the full sample.C ? 20