دانلود رایگان مقاله مروری بر مطالعات مدیریت ریسک کالا

Abstract

This paper analyzes research on commodity risk management by nonfinancial firms and provides a review of the findings to date. We discuss the theories and methodologies used including the models best suited for examining commodity risk management and exposure. In this study, we review how the research to date provides evidence to the following questions. Is commodity risk reflected in share price behavior? Is the use of commodity risk management tools (derivatives) associated with reduced risk? Is there a relationship between the use of commodity risk management and the value of the firm? What other factors are important to commodity risk management? Suggestions are provided for future research in this area.

Conclusions and Suggestions for Future Research

Overall, we find that corporate risk management literature is increasingly reliant on samples drawn from commodity users and producers. The findings of research to date show that commodity price risk can affect the returns on stocks and that commodity hedging can reduce this exposure. Results are mixed regarding whether commodity risk management adds value. Finally, various factors have been shown to affect corporate hedging policy. These factors include variables related to financing and compensation, as well as selective hedging by firm management.

Despite the fact that empirical work in corporate risk management has been published over the last 20+ years, we observe that academic understanding is still very incomplete. In particular, the academic finance profession is still far from being able to provide clear guidance as to whether Mr. Topping (“hedging is a fiduciary responsibility”) or Mr. Kirby (“hedging is a waste of time”) are more correct in their views. Thus, we believe that there are plenty of opportunities to expand our knowledge in the risk management area. Because of data limitations with respect to studying corporate risk management generally by nonfinancial companies, there should be plenty of opportunities to study risk management through the lens of commodity producers and users.