Hedging behavior of agribusiness cooperatives and investor-owned firms in Germany

IF 2.2 Q3 MANAGEMENT
Robin Nienhaus , Jason R.V. Franken , Joost M.E. Pennings
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引用次数: 0

Abstract

While agriculture is unique with respect to the prevalence of producer owned cooperatives (coops) operating alongside and investor owned firms (IOFs), little is known about their relative reliance on futures markets to hedge commodity price risk. This study investigates factors influencing the hedging behavior of both business forms and finds that each are significantly impacted by the perspective of key influencers of their decision making units (e.g., employees, members, shareholders, board of directors, advisors, consultants, bankers). Notably, coops are found to be more likely to hedge using futures but do so more sparingly (i.e., lower hedging ratios), which may reflect an ability to conduct natural hedges internally and/or less speculative positions taken in futures markets. [Econ Lit classification: Q130].

德国农业企业合作社与投资者所有公司的对冲行为
尽管农业在生产者所有的合作社和投资者所有的公司的普遍性方面是独特的,但人们对它们相对依赖期货市场来对冲商品价格风险知之甚少。本研究调查了影响两种业务形式套期保值行为的因素,发现每种因素都受到其决策单位的关键影响者(如员工、成员、股东、董事会、顾问、顾问、银行家)的观点的显著影响。值得注意的是,合作社更有可能使用期货进行套期保值,但这样做更为谨慎(即较低的套期保值比率),这可能反映了在内部进行自然套期保值的能力和/或在期货市场中采取的投机性头寸较少。【经济学分类:Q130】。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
4.40
自引率
19.00%
发文量
27
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