경영자 위험회피성향이 환위험관리에 미치는 영향: 복합파생상품을 대상으로

We investigate the influence of CEO type and governance mechanisms on managerial decision to hedge foreign currency exposure via structured derivatives in Korean firms. After financial crisis in 2008, structured derivatives are widely known as highly risky products. This paper argues that the tendency towards risk-aversion of a professional CEO influences on managerial decision to use structured derivatives negatively and, also, outside board of directors and foreign investors monitor their CEO not to use them. We examined these hypotheses with Korean manufacturing companies in 2008. The findings show that a professional CEO is less likely to using structured derivatives to manage foreign currency exposure and that outside board of directors has negative relationship with managerial decision to using structured derivatives, ether. But foreign investors are not statistically significant. Through this research, we suggest that CEO type and governance mechanisms should be considered as an important factors in the research stream on managing foreign currency exposure.