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The Impact of hedging on Firm Value in Global Airline Industry
|Issue Date: ||2016-07-20 17:13:03 (UTC+8)|
Using a sample of 39 airline companies around the world over period 1995 to 2015 to examine whether jet fuel hedging, currency hedging and interest rate hedging increase the firm value of airline companies. We find that jet fuel and currency hedging is significantly positively related to their firm value holds in various sub-samples and total sample, but North American area is only one sub-sample which have negative relationship between currency hedging and firm value. However, interest rate hedging have significantly negatively impact on various sub-samples and total sample. Based on our result, there is no absolutely negative or positive relationship between hedging and firm value, it depend on which risk the firm faced and should be hedged.
Furthermore, CEO shares holding have non-significant positively relationship with hedge ratio. Our result also show there are no effect of hedging on reducing interest rate of syndicate loan.
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|Source URI: ||http://thesis.lib.nccu.edu.tw/record/#G0103357037|
|Data Type: ||thesis|
|Appears in Collections:||[財務管理學系] 學位論文|
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