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Journal of the Faculty of Economics and Administrative Sciences
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  This is an Open Access Journal Open Access journal
ISSN (Print) 1308-5549 - ISSN (Online) 2147-4206
Published by Cankiri Karatekin University Homepage  [3 journals]
  • On The Determinants of Corporates’ Derivatives Usage An Application
           on Istanbul Stock Exchange

    • Authors: Özgür DURMUŞ ; Ender COŞKUN
      Abstract: In this paper, which isaimed at researching the factors influencing the level of firms’ derivativesusage, 8-year dataset for 185 companies whose shares are traded in BorsaIstanbul has been set up and further analyzed by panel OLS methodology.Investigating these factors on FX derivatives, interest rate derivatives andtotal usage separately, we have found that company size is a major factorexplaining use of derivatives and big companies use more of these instruments.Another factor increasing usage is increased level of financial distress.Companies with higher long-term debts use higher amounts of derivativeinstruments. Moreover, among the results of this research are the findingswhich indicate that companies with more floating rate debts and short FXposition, i.e. those which are more sensitive to risks due to changes ininterest and FX rates, use more derivatives. A terminal result suggests thatgrowth opportunities increase usage of interest rate derivatives.
      PubDate: Mon, 30 Dec 2019 00:00:00 +030
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