기업지배구조가 파생상품사용에 미치는 영향

Under the assumption that firms’ foreign currency derivative usage depends on corporate governance and outside blockholders, this paper examines the impact of corporate governance on foreign currency derivative usage.
Using non-financial Korean firms from 2002 to 2007, the results showed that there exists inverted U-shape relationship between major shareholders ownership and foreign currency derivative usage. This shows that when major shareholders ownership is low, major shareholders want to decrease risk, but when it’s high, major shareholders want to increase risk.
Second, there are negative relationship between domestic blockholders ownership and derivative usage. This relationship also holds when foreign blockholders ownership was used. This showed that domestic as well as foreign blockholders want to use derivatives to maximize profits. Third, the significance of the relationship between blockholders ownership and derivative usage was different if fair market value or contract value was used as derivative usage.
This paper finds that there exists different purpose of foreign derivative usage between major shareholders and blockholders, domestic and foreign blockholders have same perspectives on derivative usage.