Bibliographic citations
Orozco, F., (2024). Impacto del uso de derivados financieros en el valor de las empresas peruanas no financieras entre los años 2018 - 2024 [Trabajo de investigación, Universidad Peruana de Ciencias Aplicadas (UPC)]. http://hdl.handle.net/10757/684075
Orozco, F., Impacto del uso de derivados financieros en el valor de las empresas peruanas no financieras entre los años 2018 - 2024 [Trabajo de investigación]. PE: Universidad Peruana de Ciencias Aplicadas (UPC); 2024. http://hdl.handle.net/10757/684075
@misc{renati/1668474,
title = "Impacto del uso de derivados financieros en el valor de las empresas peruanas no financieras entre los años 2018 - 2024",
author = "Orozco Trillo, Franco Andre",
publisher = "Universidad Peruana de Ciencias Aplicadas (UPC)",
year = "2024"
}
The research presented here aims to analyze the impact of foreign exchange financial derivatives on the value of Peruvian companies belonging to five non-financial sectors. For this purpose, a sample of 37 companies listed on the Lima Stock Exchange was formed, which have assets and liabilities with which they operate in a currency other than the national currency, and, therefore, are exposed to exchange rate risk. It should be noted that for this research a time period was determined between the first quarter of 2018 and the first quarter of 2024. In order to carry out this study, Tobin's Q was chosen as an endogenous variable in a proxy sense to represent the value of the firms, whose estimation will be determined by an econometric model with panel data, together with the estimation of fixed effects. Likewise, a series of independent variables are taken such as the use of derivatives, the effect of derivatives on the balance sheet and income statement, in addition to liquidity, leverage, profitability and the size of the company. Finally, the main conclusion reached is that the financial coverage or “hedging” strategy has a positive effect on the value of the company, reducing the impact of exchange rate volatility during periods of lower economic growth. It has also been possible to demonstrate which variables influence the value of the company, with ROE, leverage, liquidity and company size having the greatest effect.
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