The impact of corporate hedging on stock price performance

摘要: This study explores the extent and benefit of corporate hedging in South Africa by examining disclosure financial derivative instruments annual reports non-financial companies listed on JSE. The conflicting academic theory shortage empirical evidence to support provide decision-makers, especially Africa, with poor information impact market value their and, therefore, total return provided shareholders. A database usage was constructed from all JSE-listed companies. data used quantify African construct portfolios necessary calculate risk factors for regression model. Fama French fourfactor model as basis analysis show whether or not has a positive stock price performance. results that is prevalent Africa. However, through use only value-adding strategy firms exclusively currency derivatives. commodity interest rate derivatives strategy, nor conjunction