{"id":{"repo_id":"london-metro","oai_identifier":"oai:repository.londonmet.ac.uk:7287"},"canonical_url":"https://search.dev.ndltd.org/etd/london-metro/oai:repository.londonmet.ac.uk:7287","repository":{"repo_id":"london-metro","name":"London Metropolitan University","base_url":"https://repository.londonmet.ac.uk/cgi/oai2"},"display":{"title":"The economic determinants of corporate hedging: an empirical analysis of UK non-financial firms","abstract":"This thesis attempts to differentiate among the theories of corporate hedging by using UK corporate level data for the first time. The UK provides a particularly valuable focus for empirical investigation since it has a large and sophisticated corporate sector. Additionally UK firms have become more exposed to financial risk because of the increasing level of debt type commitments, expanding international operations and the growth in price volatility in the world's commodities markets. Lack of a consensus on the economic effects of corporate hedging as well as the limited research on this issue in the UK intrigued the author and led to this research into whether the UK evidence supports theories that imply risk management enhances shareholder wealth. In this way the thesis contributes to an ongoing debate in the literature and provides a valuable additional case study. It provides a further contribution by giving insights into the determinants of hedging across exposure categories. One of the main contributions of this study is that the evidence presented suggests that the conflicts between the results of this study and those of previous studies focusing on the hedging of specific exposures can be explained by the treatment of other hedgers in non-hedging samples. In undertaking this analysis, a systematic empirical approach is taken which employs essentially four different econometric methodologies: a logit analysis, a multinomial logit analysis, a tobit analysis and a two step estimation process incorporating probit and truncated regression analysis.","abstract_html":"This thesis attempts to differentiate among the theories of corporate hedging by using UK corporate level data for the first time. The UK provides a particularly valuable focus for empirical investigation since it has a large and sophisticated corporate sector. Additionally UK firms have become more exposed to financial risk because of the increasing level of debt type commitments, expanding international operations and the growth in price volatility in the world's commodities markets. Lack of a consensus on the economic effects of corporate hedging as well as the limited research on this issue in the UK intrigued the author and led to this research into whether the UK evidence supports theories that imply risk management enhances shareholder wealth. In this way the thesis contributes to an ongoing debate in the literature and provides a valuable additional case study. It provides a further contribution by giving insights into the determinants of hedging across exposure categories. One of the main contributions of this study is that the evidence presented suggests that the conflicts between the results of this study and those of previous studies focusing on the hedging of specific exposures can be explained by the treatment of other hedgers in non-hedging samples. In undertaking this analysis, a systematic empirical approach is taken which employs essentially four different econometric methodologies: a logit analysis, a multinomial logit analysis, a tobit analysis and a two step estimation process incorporating probit and truncated regression analysis.","abstract_has_math":false,"creators":["Judge, Amrit"],"institution":"London Guildhall University","degree_name":"phd","degree_level":"doctoral","degree_discipline":null,"degree_department":null,"school":null,"contributors":[],"advisors":[],"committee_chairs":[],"committee_members":[],"year":2001,"date_issued":"2001-05","date_published":"2001-05","updated_at":"2026-07-24T02:54:36Z","subjects":["330 Economics","650 Management & auxiliary services"],"languages":[],"rights":[],"rights_urls":[],"identifier_entries":[{"key":"dc:identifier.grantnumber","label":"Dc Identifier Grantnumber","values":["N/A"],"render_values":[{"text":"N/A","href":null,"code":true}]}]},"links":{"outbound_url":null,"outbound_label":null,"outbound_source":null},"metadata_groups":[{"id":"people","label":"People","entries":[{"key":"dc:contributor.sponsor","label":"Sponsor","values":["London Metropolitan University"]},{"key":"dc:creator","label":"Author","values":["Judge, Amrit"]}]},{"id":"academic_context","label":"Academic Context","entries":[{"key":"dc:date","label":"Dc Date","values":["2001-05"]},{"key":"dc:date.issued","label":"Date","values":["2001-05"]},{"key":"dc:publisher.department","label":"Dc Publisher Department","values":["Guildhall School of Business and Law (GSBL)","Guildhall School of Business and Law"]},{"key":"dc:publisher.institution","label":"Dc Publisher Institution","values":["London Guildhall University"]},{"key":"dc:relation.isreferencedby","label":"Dc Relation Isreferencedby","values":["https://repository.londonmet.ac.uk/7287/"]},{"key":"dc:type","label":"Dc Type","values":["Thesis"]},{"key":"dc:type.qualificationlevel","label":"Dc Type Qualificationlevel","values":["doctoral"]},{"key":"dc:type.qualificationname","label":"Dc Type Qualificationname","values":["phd"]}]},{"id":"subjects_keywords","label":"Subjects and Keywords","entries":[{"key":"dc:subject","label":"Dc Subject","values":["330 Economics","650 Management & auxiliary services"]}]},{"id":"identifiers","label":"Identifiers","entries":[{"key":"dc:identifier.grantnumber","label":"Dc Identifier Grantnumber","values":["N/A"]},{"key":"dc:identifier.uri","label":"Identifier URI","values":["https://repository.londonmet.ac.uk/7287/1/248445.pdf"]}]},{"id":"additional","label":"Additional Metadata","entries":[{"key":"dc:description.abstract","label":"Abstract","values":["This thesis attempts to differentiate among the theories of corporate hedging by using UK corporate level data for the first time. 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One of the main contributions of this study is that the evidence presented suggests that the conflicts between the results of this study and those of previous studies focusing on the hedging of specific exposures can be explained by the treatment of other hedgers in non-hedging samples. In undertaking this analysis, a systematic empirical approach is taken which employs essentially four different econometric methodologies: a logit analysis, a multinomial logit analysis, a tobit analysis and a two step estimation process incorporating probit and truncated regression analysis."]},{"key":"dc:format","label":"Dc Format","values":["text"]},{"key":"dc:title","label":"Title","values":["The economic determinants of corporate hedging: an empirical analysis of UK non-financial firms"]}]}],"canonical_facts":{"dc:contributor.sponsor":["London Metropolitan University"],"dc:creator":["Judge, Amrit"],"dc:date":["2001-05"],"dc:date.issued":["2001-05"],"dc:description.abstract":["This thesis attempts to differentiate among the theories of corporate hedging by using UK corporate level data for the first time. The UK provides a particularly valuable focus for empirical investigation since it has a large and sophisticated corporate sector. Additionally UK firms have become more exposed to financial risk because of the increasing level of debt type commitments, expanding international operations and the growth in price volatility in the world's commodities markets. Lack of a consensus on the economic effects of corporate hedging as well as the limited research on this issue in the UK intrigued the author and led to this research into whether the UK evidence supports theories that imply risk management enhances shareholder wealth. In this way the thesis contributes to an ongoing debate in the literature and provides a valuable additional case study. It provides a further contribution by giving insights into the determinants of hedging across exposure categories. 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In undertaking this analysis, a systematic empirical approach is taken which employs essentially four different econometric methodologies: a logit analysis, a multinomial logit analysis, a tobit analysis and a two step estimation process incorporating probit and truncated regression analysis."],"dc:format":["text"],"dc:identifier.grantnumber":["N/A"],"dc:identifier.uri":["https://repository.londonmet.ac.uk/7287/1/248445.pdf"],"dc:publisher.department":["Guildhall School of Business and Law (GSBL)","Guildhall School of Business and Law"],"dc:publisher.institution":["London Guildhall University"],"dc:relation.isreferencedby":["https://repository.londonmet.ac.uk/7287/"],"dc:subject":["330 Economics","650 Management & auxiliary services"],"dc:title":["The economic determinants of corporate hedging: an empirical analysis of UK non-financial firms"],"dc:type":["Thesis"],"dc:type.qualificationlevel":["doctoral"],"dc:type.qualificationname":["phd"]},"updated_at":"2026-07-24T02:54:36Z"}