Abstracts
Abstract
We investigate the impact of foreign currency debt on firm performance for a sample of non-financial French firms studied over the period 2002 to 2012. As foreign currency debt is both a financing and hedging instrument against foreign exchange risk, we examine whether its impact results from an optimal hedging policy or a capital structure policy. We find that foreign currency debt and domestic debt have the same positive effect before the crisis and negative impact after. The capital structure theory or the hedging theory can explain this result. During the crisis period, only corporate hedging theory explains the impact of foreign debt.
Keywords:
- Foreign Currency Derivatives,
- Foreign Currency Debt,
- Foreign Currency Hedging,
- Firm performance
Résumé
Nous étudions l'impact de la dette en devises sur la performance d’un échantillon d'entreprises non-financières françaises sur la période 2002-2012. Compte tenu de la double nature de la dette en devises, nous vérifions si cet impact résulte d'une politique de couverture ou de structure du capital. Nous constatons que la dette en devises et la dette domestique ont le même effet positif avant et négatif après la crise de 2008. Les théories de la structure du capital et de la couverture expliquent ce résultat. Pendant la crise, l’impact de la dette en devises est expliqué uniquement par la théorie de la couverture.
Mots-clés :
- Produits dérivés,
- Dette en devises,
- Couverture du risque de change,
- Performance de l’entreprise
Resumen
Estudiamos el impacto de la deuda en divisa sobre el desempeño de una muestra de empresas francesas no financieras durante el período 2002-2012. Dada la naturaleza dual de la deuda en divisa, verificamos si este impacto es el resultado de una política de cobertura o de estructura de capital. Observamos que la deuda en divisa y la deuda interna tienen el mismo efecto positivo antes de la crisis de 2008 y después negativo. Las teorías de estructura de capital y cobertura explican este resultado. Durante la crisis, el impacto de la deuda en divisa se explica únicamente por la teoría de la cobertura cambiaria.
Palabras clave:
- Productos derivados,
- Deuda en divisa,
- Cobertura del riesgo de cambio,
- Desempeño de las empresas
Appendices
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