The dynamic effect of corporate financial hedging on firm value : the case of Indian MNCs

This paper explores the effect of financial instruments for exchange rate hedging on a firm's value in the presence of non-operating profit or loss from foreign exchange transactions. This study uses Tobin's Q ratio as a proxy for firm value and a two-step generalized method of moments (GM...
Ausführliche Beschreibung

Gespeichert in:

Autor*in:	Das, Jyoti Prakash [verfasserIn] Kumar, Shailendra [verfasserIn]

Format:	E-Artikel
Sprache:	Englisch

Erschienen:	2023

Rechteinformationen:	Open Access Namensnennung - Nicht kommerziell - Keine Bearbeitungen 4.0 International ; CC BY-NC-ND 4.0

Schlagwörter:	FCD FDD Financial hedging Firm value FXPROFIT

Übergeordnetes Werk:	Enthalten in: Borsa Istanbul Review - Borsa İstanbul, Amsterdam [u.a.] : Elsevier, 2013, 23(2023), 3 vom: Mai, Seite 696-708
Übergeordnetes Werk:	volume:23 ; year:2023 ; number:3 ; month:05 ; pages:696-708

Links:	Link aufrufen Link aufrufen

DOI / URN:	10.1016/j.bir.2023.01.010

Katalog-ID:	1852586966

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allfields	10.1016/j.bir.2023.01.010 doi (DE-627)1852586966 (DE-599)KXP1852586966 DE-627 ger DE-627 rda eng Das, Jyoti Prakash verfasserin (DE-588)129756216X (DE-627)1853871656 aut The dynamic effect of corporate financial hedging on firm value the case of Indian MNCs Jyoti Prakash Das, Shailendra Kumar 2023 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier DE-206 Open Access Controlled Vocabulary for Access Rights http://purl.org/coar/access_right/c_abf2 This paper explores the effect of financial instruments for exchange rate hedging on a firm's value in the presence of non-operating profit or loss from foreign exchange transactions. This study uses Tobin's Q ratio as a proxy for firm value and a two-step generalized method of moments (GMM) model to estimate the effect of financial hedging. Our dynamic panel analysis using extensive data on 61 Indian multinational corporations (MNCs) in 2009-2020 shows that financial hedging instruments, such as foreign currency derivatives (FCD) and foreign currency-denominated debt (FDD), enhance firm value by 16.91% and 10.21%, respectively. The results of the robustness test confirm the findings. DE-206 Namensnennung - Nicht kommerziell - Keine Bearbeitungen 4.0 International CC BY-NC-ND 4.0 cc https://creativecommons.org/licenses/by-nc-nd/4.0/ FCD (dpeaa)DE-206 FDD (dpeaa)DE-206 Financial hedging (dpeaa)DE-206 Firm value (dpeaa)DE-206 FXPROFIT (dpeaa)DE-206 Kumar, Shailendra verfasserin (DE-588)1137631694 (DE-627)894988786 (DE-576)491667566 aut Enthalten in Borsa İstanbul Borsa Istanbul Review Amsterdam [u.a.] : Elsevier, 2013 23(2023), 3 vom: Mai, Seite 696-708 Online-Ressource (DE-627)774106832 (DE-600)2745445-9 (DE-576)398962839 2214-8450 nnns volume:23 year:2023 number:3 month:05 pages:696-708 https://www.sciencedirect.com/science/article/pii/S2214845023000108/pdfft?md5=c5dfd6ee5be3796db581de39fe7b63ca&pid=1-s2.0-S2214845023000108-main.pdf Verlag kostenfrei http://doi.org/10.1016/j.bir.2023.01.010 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_95 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_206 GBV_ILN_213 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_2014 GBV_ILN_4012 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4367 GBV_ILN_4700 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER AR 23 2023 3 5 696-708 26 01 0206 4353203835 x1z 13-07-23 2403 01 DE-LFER 4363710438 00 --%%-- --%%-- n --%%-- l01 08-08-23 2403 01 DE-LFER http://doi.org/10.1016/j.bir.2023.01.010 2403 01 DE-LFER https://www.sciencedirect.com/science/article/pii/S2214845023000108/pdfft?md5=c5dfd6ee5be3796db581de39fe7b63ca&pid=1-s2.0-S2214845023000108-main.pdf
spelling	10.1016/j.bir.2023.01.010 doi (DE-627)1852586966 (DE-599)KXP1852586966 DE-627 ger DE-627 rda eng Das, Jyoti Prakash verfasserin (DE-588)129756216X (DE-627)1853871656 aut The dynamic effect of corporate financial hedging on firm value the case of Indian MNCs Jyoti Prakash Das, Shailendra Kumar 2023 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier DE-206 Open Access Controlled Vocabulary for Access Rights http://purl.org/coar/access_right/c_abf2 This paper explores the effect of financial instruments for exchange rate hedging on a firm's value in the presence of non-operating profit or loss from foreign exchange transactions. This study uses Tobin's Q ratio as a proxy for firm value and a two-step generalized method of moments (GMM) model to estimate the effect of financial hedging. Our dynamic panel analysis using extensive data on 61 Indian multinational corporations (MNCs) in 2009-2020 shows that financial hedging instruments, such as foreign currency derivatives (FCD) and foreign currency-denominated debt (FDD), enhance firm value by 16.91% and 10.21%, respectively. The results of the robustness test confirm the findings. DE-206 Namensnennung - Nicht kommerziell - Keine Bearbeitungen 4.0 International CC BY-NC-ND 4.0 cc https://creativecommons.org/licenses/by-nc-nd/4.0/ FCD (dpeaa)DE-206 FDD (dpeaa)DE-206 Financial hedging (dpeaa)DE-206 Firm value (dpeaa)DE-206 FXPROFIT (dpeaa)DE-206 Kumar, Shailendra verfasserin (DE-588)1137631694 (DE-627)894988786 (DE-576)491667566 aut Enthalten in Borsa İstanbul Borsa Istanbul Review Amsterdam [u.a.] : Elsevier, 2013 23(2023), 3 vom: Mai, Seite 696-708 Online-Ressource (DE-627)774106832 (DE-600)2745445-9 (DE-576)398962839 2214-8450 nnns volume:23 year:2023 number:3 month:05 pages:696-708 https://www.sciencedirect.com/science/article/pii/S2214845023000108/pdfft?md5=c5dfd6ee5be3796db581de39fe7b63ca&pid=1-s2.0-S2214845023000108-main.pdf Verlag kostenfrei http://doi.org/10.1016/j.bir.2023.01.010 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_95 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_206 GBV_ILN_213 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_2014 GBV_ILN_4012 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4367 GBV_ILN_4700 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER AR 23 2023 3 5 696-708 26 01 0206 4353203835 x1z 13-07-23 2403 01 DE-LFER 4363710438 00 --%%-- --%%-- n --%%-- l01 08-08-23 2403 01 DE-LFER http://doi.org/10.1016/j.bir.2023.01.010 2403 01 DE-LFER https://www.sciencedirect.com/science/article/pii/S2214845023000108/pdfft?md5=c5dfd6ee5be3796db581de39fe7b63ca&pid=1-s2.0-S2214845023000108-main.pdf
allfields_unstemmed	10.1016/j.bir.2023.01.010 doi (DE-627)1852586966 (DE-599)KXP1852586966 DE-627 ger DE-627 rda eng Das, Jyoti Prakash verfasserin (DE-588)129756216X (DE-627)1853871656 aut The dynamic effect of corporate financial hedging on firm value the case of Indian MNCs Jyoti Prakash Das, Shailendra Kumar 2023 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier DE-206 Open Access Controlled Vocabulary for Access Rights http://purl.org/coar/access_right/c_abf2 This paper explores the effect of financial instruments for exchange rate hedging on a firm's value in the presence of non-operating profit or loss from foreign exchange transactions. This study uses Tobin's Q ratio as a proxy for firm value and a two-step generalized method of moments (GMM) model to estimate the effect of financial hedging. Our dynamic panel analysis using extensive data on 61 Indian multinational corporations (MNCs) in 2009-2020 shows that financial hedging instruments, such as foreign currency derivatives (FCD) and foreign currency-denominated debt (FDD), enhance firm value by 16.91% and 10.21%, respectively. The results of the robustness test confirm the findings. DE-206 Namensnennung - Nicht kommerziell - Keine Bearbeitungen 4.0 International CC BY-NC-ND 4.0 cc https://creativecommons.org/licenses/by-nc-nd/4.0/ FCD (dpeaa)DE-206 FDD (dpeaa)DE-206 Financial hedging (dpeaa)DE-206 Firm value (dpeaa)DE-206 FXPROFIT (dpeaa)DE-206 Kumar, Shailendra verfasserin (DE-588)1137631694 (DE-627)894988786 (DE-576)491667566 aut Enthalten in Borsa İstanbul Borsa Istanbul Review Amsterdam [u.a.] : Elsevier, 2013 23(2023), 3 vom: Mai, Seite 696-708 Online-Ressource (DE-627)774106832 (DE-600)2745445-9 (DE-576)398962839 2214-8450 nnns volume:23 year:2023 number:3 month:05 pages:696-708 https://www.sciencedirect.com/science/article/pii/S2214845023000108/pdfft?md5=c5dfd6ee5be3796db581de39fe7b63ca&pid=1-s2.0-S2214845023000108-main.pdf Verlag kostenfrei http://doi.org/10.1016/j.bir.2023.01.010 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_95 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_206 GBV_ILN_213 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_2014 GBV_ILN_4012 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4367 GBV_ILN_4700 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER AR 23 2023 3 5 696-708 26 01 0206 4353203835 x1z 13-07-23 2403 01 DE-LFER 4363710438 00 --%%-- --%%-- n --%%-- l01 08-08-23 2403 01 DE-LFER http://doi.org/10.1016/j.bir.2023.01.010 2403 01 DE-LFER https://www.sciencedirect.com/science/article/pii/S2214845023000108/pdfft?md5=c5dfd6ee5be3796db581de39fe7b63ca&pid=1-s2.0-S2214845023000108-main.pdf
allfieldsGer	10.1016/j.bir.2023.01.010 doi (DE-627)1852586966 (DE-599)KXP1852586966 DE-627 ger DE-627 rda eng Das, Jyoti Prakash verfasserin (DE-588)129756216X (DE-627)1853871656 aut The dynamic effect of corporate financial hedging on firm value the case of Indian MNCs Jyoti Prakash Das, Shailendra Kumar 2023 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier DE-206 Open Access Controlled Vocabulary for Access Rights http://purl.org/coar/access_right/c_abf2 This paper explores the effect of financial instruments for exchange rate hedging on a firm's value in the presence of non-operating profit or loss from foreign exchange transactions. This study uses Tobin's Q ratio as a proxy for firm value and a two-step generalized method of moments (GMM) model to estimate the effect of financial hedging. Our dynamic panel analysis using extensive data on 61 Indian multinational corporations (MNCs) in 2009-2020 shows that financial hedging instruments, such as foreign currency derivatives (FCD) and foreign currency-denominated debt (FDD), enhance firm value by 16.91% and 10.21%, respectively. The results of the robustness test confirm the findings. DE-206 Namensnennung - Nicht kommerziell - Keine Bearbeitungen 4.0 International CC BY-NC-ND 4.0 cc https://creativecommons.org/licenses/by-nc-nd/4.0/ FCD (dpeaa)DE-206 FDD (dpeaa)DE-206 Financial hedging (dpeaa)DE-206 Firm value (dpeaa)DE-206 FXPROFIT (dpeaa)DE-206 Kumar, Shailendra verfasserin (DE-588)1137631694 (DE-627)894988786 (DE-576)491667566 aut Enthalten in Borsa İstanbul Borsa Istanbul Review Amsterdam [u.a.] : Elsevier, 2013 23(2023), 3 vom: Mai, Seite 696-708 Online-Ressource (DE-627)774106832 (DE-600)2745445-9 (DE-576)398962839 2214-8450 nnns volume:23 year:2023 number:3 month:05 pages:696-708 https://www.sciencedirect.com/science/article/pii/S2214845023000108/pdfft?md5=c5dfd6ee5be3796db581de39fe7b63ca&pid=1-s2.0-S2214845023000108-main.pdf Verlag kostenfrei http://doi.org/10.1016/j.bir.2023.01.010 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_95 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_206 GBV_ILN_213 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_2014 GBV_ILN_4012 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4367 GBV_ILN_4700 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER AR 23 2023 3 5 696-708 26 01 0206 4353203835 x1z 13-07-23 2403 01 DE-LFER 4363710438 00 --%%-- --%%-- n --%%-- l01 08-08-23 2403 01 DE-LFER http://doi.org/10.1016/j.bir.2023.01.010 2403 01 DE-LFER https://www.sciencedirect.com/science/article/pii/S2214845023000108/pdfft?md5=c5dfd6ee5be3796db581de39fe7b63ca&pid=1-s2.0-S2214845023000108-main.pdf
allfieldsSound	10.1016/j.bir.2023.01.010 doi (DE-627)1852586966 (DE-599)KXP1852586966 DE-627 ger DE-627 rda eng Das, Jyoti Prakash verfasserin (DE-588)129756216X (DE-627)1853871656 aut The dynamic effect of corporate financial hedging on firm value the case of Indian MNCs Jyoti Prakash Das, Shailendra Kumar 2023 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier DE-206 Open Access Controlled Vocabulary for Access Rights http://purl.org/coar/access_right/c_abf2 This paper explores the effect of financial instruments for exchange rate hedging on a firm's value in the presence of non-operating profit or loss from foreign exchange transactions. This study uses Tobin's Q ratio as a proxy for firm value and a two-step generalized method of moments (GMM) model to estimate the effect of financial hedging. Our dynamic panel analysis using extensive data on 61 Indian multinational corporations (MNCs) in 2009-2020 shows that financial hedging instruments, such as foreign currency derivatives (FCD) and foreign currency-denominated debt (FDD), enhance firm value by 16.91% and 10.21%, respectively. The results of the robustness test confirm the findings. DE-206 Namensnennung - Nicht kommerziell - Keine Bearbeitungen 4.0 International CC BY-NC-ND 4.0 cc https://creativecommons.org/licenses/by-nc-nd/4.0/ FCD (dpeaa)DE-206 FDD (dpeaa)DE-206 Financial hedging (dpeaa)DE-206 Firm value (dpeaa)DE-206 FXPROFIT (dpeaa)DE-206 Kumar, Shailendra verfasserin (DE-588)1137631694 (DE-627)894988786 (DE-576)491667566 aut Enthalten in Borsa İstanbul Borsa Istanbul Review Amsterdam [u.a.] : Elsevier, 2013 23(2023), 3 vom: Mai, Seite 696-708 Online-Ressource (DE-627)774106832 (DE-600)2745445-9 (DE-576)398962839 2214-8450 nnns volume:23 year:2023 number:3 month:05 pages:696-708 https://www.sciencedirect.com/science/article/pii/S2214845023000108/pdfft?md5=c5dfd6ee5be3796db581de39fe7b63ca&pid=1-s2.0-S2214845023000108-main.pdf Verlag kostenfrei http://doi.org/10.1016/j.bir.2023.01.010 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_95 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_206 GBV_ILN_213 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_2014 GBV_ILN_4012 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4367 GBV_ILN_4700 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER AR 23 2023 3 5 696-708 26 01 0206 4353203835 x1z 13-07-23 2403 01 DE-LFER 4363710438 00 --%%-- --%%-- n --%%-- l01 08-08-23 2403 01 DE-LFER http://doi.org/10.1016/j.bir.2023.01.010 2403 01 DE-LFER https://www.sciencedirect.com/science/article/pii/S2214845023000108/pdfft?md5=c5dfd6ee5be3796db581de39fe7b63ca&pid=1-s2.0-S2214845023000108-main.pdf
language	English
source	Enthalten in Borsa Istanbul Review 23(2023), 3 vom: Mai, Seite 696-708 volume:23 year:2023 number:3 month:05 pages:696-708
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authorswithroles_txt_mv	Das, Jyoti Prakash @@aut@@ Kumar, Shailendra @@aut@@
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topic_title	The dynamic effect of corporate financial hedging on firm value the case of Indian MNCs Jyoti Prakash Das, Shailendra Kumar FCD (dpeaa)DE-206 FDD (dpeaa)DE-206 Financial hedging (dpeaa)DE-206 Firm value (dpeaa)DE-206 FXPROFIT (dpeaa)DE-206
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title_full	The dynamic effect of corporate financial hedging on firm value the case of Indian MNCs Jyoti Prakash Das, Shailendra Kumar
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title_sort	dynamic effect of corporate financial hedging on firm valuethe case of indian mncs
title_auth	The dynamic effect of corporate financial hedging on firm value the case of Indian MNCs
abstract	This paper explores the effect of financial instruments for exchange rate hedging on a firm's value in the presence of non-operating profit or loss from foreign exchange transactions. This study uses Tobin's Q ratio as a proxy for firm value and a two-step generalized method of moments (GMM) model to estimate the effect of financial hedging. Our dynamic panel analysis using extensive data on 61 Indian multinational corporations (MNCs) in 2009-2020 shows that financial hedging instruments, such as foreign currency derivatives (FCD) and foreign currency-denominated debt (FDD), enhance firm value by 16.91% and 10.21%, respectively. The results of the robustness test confirm the findings.
abstractGer	This paper explores the effect of financial instruments for exchange rate hedging on a firm's value in the presence of non-operating profit or loss from foreign exchange transactions. This study uses Tobin's Q ratio as a proxy for firm value and a two-step generalized method of moments (GMM) model to estimate the effect of financial hedging. Our dynamic panel analysis using extensive data on 61 Indian multinational corporations (MNCs) in 2009-2020 shows that financial hedging instruments, such as foreign currency derivatives (FCD) and foreign currency-denominated debt (FDD), enhance firm value by 16.91% and 10.21%, respectively. The results of the robustness test confirm the findings.
abstract_unstemmed	This paper explores the effect of financial instruments for exchange rate hedging on a firm's value in the presence of non-operating profit or loss from foreign exchange transactions. This study uses Tobin's Q ratio as a proxy for firm value and a two-step generalized method of moments (GMM) model to estimate the effect of financial hedging. Our dynamic panel analysis using extensive data on 61 Indian multinational corporations (MNCs) in 2009-2020 shows that financial hedging instruments, such as foreign currency derivatives (FCD) and foreign currency-denominated debt (FDD), enhance firm value by 16.91% and 10.21%, respectively. The results of the robustness test confirm the findings.
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title_short	The dynamic effect of corporate financial hedging on firm value
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