对冲CEO变动:来自油气行业的进一步证据

Q4 Business, Management and Accounting

American Business Review Pub Date : 2023-11-01 DOI:10.37625/abr.26.2.385-398

Zahid Iqbal, Shekar Shetty

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引用次数: 0

摘要

本研究考察了围绕首席执行官招聘的套期保值活动。我们从10-k文件中手工收集了一些石油和天然气公司使用衍生品的数据，并对CEO更换前后的几年进行了比较。在控制套期保值变量的影响后，采用回归方法检验套期保值是否与CEO变更相关。研究结果显示，从聘用首席执行官前三年开始，净套期保值有所下降，此后几年有所上升。回归结果表明，当考虑解释变量之间的相互作用时，聘请新CEO可以解释CEO上任一年后套期保值的变化。这是少数研究对冲行为与CEO变动之间关系的研究之一。

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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Hedging Around a CEO Change: Further Evidence from the Oil and Gas Industry

This study examines hedging activities around hiring of chief executive officer (CEO). Data on the use of derivatives by a sample of oil and gas firms were hand collected from the 10-k filings and compared for several years before and after a CEO change. A regression method was employed to examine if hedging is associated with the CEO change after controlling for the effects of hedging variables. The findings show that net hedging decreased from three years prior to CEO hiring and increased for several years thereafter. The regression results show that hiring of a new CEO explains change in hedging one year after the CEO is hired when interactions among the explanatory variables are considered. This is one of the few studies that examine the relationship between hedging behavior and CEO change.

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来源期刊

American Business Review Business, Management and Accounting-Business, Management and Accounting (miscellaneous)

CiteScore

1.00

自引率

0.00%

发文量

审稿时长

8 weeks