Uso de instrumentos financeiros derivados para cobertura de riscos: um estudo de caso em empresas cotadas em diferentes bolsas europeias

• Autor(a) principal: Barbosa, Joana Filipa Magalhães
• Data de Publicação: 2021
• Tipo de documento: Dissertação
• Idioma: por
• Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
• Texto Completo: http://hdl.handle.net/10400.22/19590
• topic: Derivados financeiros; Riscos; Cobertura de riscos; Índices bolsistas; Financial derivatives; Risks; Risk coverage; Stock market indices; Contabilidade

The acquisition of derivative financial instruments is a recurrent practice in companies, especially those that are exposed to risks arising from their activity. In this sense, it is important to carry out a study that aims to understand whether companies operating in the same sector of activity are exposed to the same financial risks and, consequently, if they choose to acquire financial derivatives for hedging purposes. On the other hand, it is intended to analyze the possible similarity of the derivative financial instruments used to cover these same risks. To achieve these goals, a qualitative methodology was adopted for this study, in the form of a multiple case study. Thus, twenty-nine companies were selected, divided into four distinct sectors of activity, namely the construction, energy, fuel and telecommunications sectors - listed on five European stock exchanges, namely the Portuguese, English, Spanish, French and Greek. The results of this study demonstrate that companies attach great importance to the implementation of a risk management policy. In addition, organizations are exposed to practically the same risks, within the same sector of activity, and the derivative financial instruments acquired by companies are also similar. With this study, some limitations emerged, namely regarding the choice of the sample, since not all stock exchange indexes had listed companies in the same sector of activity. Taking this into account, it would be pertinent, for future investigations, to analyze the impact of the use of financial derivatives on the consolidated accounts of organizations.