Wykorzystanie instrumentów pochodnych w celu ograniczania zmienności wyniku finansowego przedsiębiorstw

Bogusław Wacławik

doi:10.55225/pel.490

Authors

Bogusław Wacławik Krakow University of Economics, Poland https://orcid.org/0000-0002-2583-2386

DOI:

https://doi.org/10.55225/pel.490

Keywords:

derivatives, hedging, International Financial Reporting Standards (IFRS), financial results

Abstract

Purpose of the article: The aim of the study is to determine whether the use of derivatives by companies listed on the Warsaw Stock Exchange contributes to reducing the volatility of their financial results.
Materials and methods: For the purpose of verifying the hypotheses put forward in the work, the following research methods were used: critical analysis of domestic and foreign literature on the subject, analysis of quarterly financial statements of 241 companies from the non-financial sector listed on the Warsaw Stock Exchange, prepared for the years 2016–2019. The empirical material was subjected to statistical analysis using such methods as: tests of averages and multiple regression analysis
Results: The author’s own research, using statistical methods, showed that the use of derivatives by enterprises to hedge against financial risk contributes to reducing the volatility of the financial result (statistical significance).
Conclusions: Enterprises should use derivatives to hedge against the risk of changes in the prices of raw materials, commodities, exchange rates or interest rates. The use of hedging has a positive impact on the reported financial results. The use of derivatives also contributes to better cash flow management, which is particularly important during periods of significant turbulence on global markets.

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