Corporate hedging, firm focus and firm size: the case of REITs
Purpose The purpose of this paper is to investigate the substitutability of corporate hedging and diversification in the real estate investment trusts (REITs) industry. The authors hypothesize that, relative to diversified firms, focused firms are more likely to be associated with hedging. The role...
Ausführliche Beschreibung
Autor*in: |
Wei, Peihwang [verfasserIn] |
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Artikel |
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Sprache: |
Englisch |
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2017 |
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Rechteinformationen: |
Nutzungsrecht: © Emerald Publishing Limited |
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Übergeordnetes Werk: |
Enthalten in: Managerial finance - Bingley : Emerald Group Publishing Limited, 1975, 43(2017), 3, Seite 313-330 |
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Übergeordnetes Werk: |
volume:43 ; year:2017 ; number:3 ; pages:313-330 |
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DOI / URN: |
10.1108/MF-05-2016-0134 |
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Katalog-ID: |
OLC1992394830 |
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520 | |a Purpose The purpose of this paper is to investigate the substitutability of corporate hedging and diversification in the real estate investment trusts (REITs) industry. The authors hypothesize that, relative to diversified firms, focused firms are more likely to be associated with hedging. The role of firm size is also analyzed. Design/methodology/approach The logistic regression approach is utilized to analyze the probability of hedging and the panel regression approach is used to examine the amount of hedging. Findings The authors find that, relative to diversified firms, firms focused on a single property type are more likely to engage in hedging. However, this finding is significant only for smaller firms, which implies a non-linear relation between hedging and firm size. The evidence is not as strong when firm focus is measured by geographic concentration. In terms of hedging amount, smaller firms’ average hedge ratio is greater than that of larger firms. For either small or large firms group, hedging amounts increase with firm focus measured by either property or geographic concentration and increase with firm sizes. Research limitations/implications The results imply that, relative to diversified REITs, REITs focused on a single property type are more likely to engage in hedging. However, this finding is significant only for smaller firms, which implies a non-linear relation between hedging and firm size. The evidence is not as strong when firm focus is measured by geographic concentration, suggesting that geographic concentration is perceived to be less risky than property type concentration. For either small or large firms group, hedging amounts increase with firm focus measured by either property or geographic concentration and increase with firm sizes, which implies that hedging amount does not depend on firm size. The sample period is limited to the years 2010 to 2013 because some data needs to be manually collected. Practical implications The results imply that REITs consider both property diversification and hedging in managing their risk. Originality/value The research represents an early attempt to investigate the relation between corporate hedging and diversification. The investigation into the REIT industry has several advantages such as a lower likelihood of using derivatives for speculation. | ||
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10.1108/MF-05-2016-0134 doi PQ20170501 (DE-627)OLC1992394830 (DE-599)GBVOLC1992394830 (PRQ)c1070-ac2226fa2d96c6b305953feb6c1f21de02d4674a61eeead3ed60b54fbf9746940 (KEY)0057229220170000043000300313corporatehedgingfirmfocusandfirmsizethecaseofreits DE-627 ger DE-627 rakwb eng 330 DE-600 QA 10000 AVZ rvk 85.00 bkl Wei, Peihwang verfasserin aut Corporate hedging, firm focus and firm size: the case of REITs 2017 Text txt rdacontent ohne Hilfsmittel zu benutzen n rdamedia Band nc rdacarrier Purpose The purpose of this paper is to investigate the substitutability of corporate hedging and diversification in the real estate investment trusts (REITs) industry. The authors hypothesize that, relative to diversified firms, focused firms are more likely to be associated with hedging. The role of firm size is also analyzed. Design/methodology/approach The logistic regression approach is utilized to analyze the probability of hedging and the panel regression approach is used to examine the amount of hedging. Findings The authors find that, relative to diversified firms, firms focused on a single property type are more likely to engage in hedging. However, this finding is significant only for smaller firms, which implies a non-linear relation between hedging and firm size. The evidence is not as strong when firm focus is measured by geographic concentration. In terms of hedging amount, smaller firms’ average hedge ratio is greater than that of larger firms. For either small or large firms group, hedging amounts increase with firm focus measured by either property or geographic concentration and increase with firm sizes. Research limitations/implications The results imply that, relative to diversified REITs, REITs focused on a single property type are more likely to engage in hedging. However, this finding is significant only for smaller firms, which implies a non-linear relation between hedging and firm size. The evidence is not as strong when firm focus is measured by geographic concentration, suggesting that geographic concentration is perceived to be less risky than property type concentration. For either small or large firms group, hedging amounts increase with firm focus measured by either property or geographic concentration and increase with firm sizes, which implies that hedging amount does not depend on firm size. The sample period is limited to the years 2010 to 2013 because some data needs to be manually collected. Practical implications The results imply that REITs consider both property diversification and hedging in managing their risk. Originality/value The research represents an early attempt to investigate the relation between corporate hedging and diversification. The investigation into the REIT industry has several advantages such as a lower likelihood of using derivatives for speculation. Nutzungsrecht: © Emerald Publishing Limited REITs Studies Derivatives Hedging Economic models Xu, Li oth Zeng, Bei oth Enthalten in Managerial finance Bingley : Emerald Group Publishing Limited, 1975 43(2017), 3, Seite 313-330 (DE-627)168438496 (DE-600)750561-9 (DE-576)016067843 0307-4358 nnns volume:43 year:2017 number:3 pages:313-330 http://dx.doi.org/10.1108/MF-05-2016-0134 Volltext http://search.proquest.com/docview/1872562080 GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-WIW GBV_ILN_26 QA 10000 85.00 AVZ AR 43 2017 3 313-330 |
spelling |
10.1108/MF-05-2016-0134 doi PQ20170501 (DE-627)OLC1992394830 (DE-599)GBVOLC1992394830 (PRQ)c1070-ac2226fa2d96c6b305953feb6c1f21de02d4674a61eeead3ed60b54fbf9746940 (KEY)0057229220170000043000300313corporatehedgingfirmfocusandfirmsizethecaseofreits DE-627 ger DE-627 rakwb eng 330 DE-600 QA 10000 AVZ rvk 85.00 bkl Wei, Peihwang verfasserin aut Corporate hedging, firm focus and firm size: the case of REITs 2017 Text txt rdacontent ohne Hilfsmittel zu benutzen n rdamedia Band nc rdacarrier Purpose The purpose of this paper is to investigate the substitutability of corporate hedging and diversification in the real estate investment trusts (REITs) industry. The authors hypothesize that, relative to diversified firms, focused firms are more likely to be associated with hedging. The role of firm size is also analyzed. Design/methodology/approach The logistic regression approach is utilized to analyze the probability of hedging and the panel regression approach is used to examine the amount of hedging. Findings The authors find that, relative to diversified firms, firms focused on a single property type are more likely to engage in hedging. However, this finding is significant only for smaller firms, which implies a non-linear relation between hedging and firm size. The evidence is not as strong when firm focus is measured by geographic concentration. In terms of hedging amount, smaller firms’ average hedge ratio is greater than that of larger firms. For either small or large firms group, hedging amounts increase with firm focus measured by either property or geographic concentration and increase with firm sizes. Research limitations/implications The results imply that, relative to diversified REITs, REITs focused on a single property type are more likely to engage in hedging. However, this finding is significant only for smaller firms, which implies a non-linear relation between hedging and firm size. The evidence is not as strong when firm focus is measured by geographic concentration, suggesting that geographic concentration is perceived to be less risky than property type concentration. For either small or large firms group, hedging amounts increase with firm focus measured by either property or geographic concentration and increase with firm sizes, which implies that hedging amount does not depend on firm size. The sample period is limited to the years 2010 to 2013 because some data needs to be manually collected. Practical implications The results imply that REITs consider both property diversification and hedging in managing their risk. Originality/value The research represents an early attempt to investigate the relation between corporate hedging and diversification. The investigation into the REIT industry has several advantages such as a lower likelihood of using derivatives for speculation. Nutzungsrecht: © Emerald Publishing Limited REITs Studies Derivatives Hedging Economic models Xu, Li oth Zeng, Bei oth Enthalten in Managerial finance Bingley : Emerald Group Publishing Limited, 1975 43(2017), 3, Seite 313-330 (DE-627)168438496 (DE-600)750561-9 (DE-576)016067843 0307-4358 nnns volume:43 year:2017 number:3 pages:313-330 http://dx.doi.org/10.1108/MF-05-2016-0134 Volltext http://search.proquest.com/docview/1872562080 GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-WIW GBV_ILN_26 QA 10000 85.00 AVZ AR 43 2017 3 313-330 |
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10.1108/MF-05-2016-0134 doi PQ20170501 (DE-627)OLC1992394830 (DE-599)GBVOLC1992394830 (PRQ)c1070-ac2226fa2d96c6b305953feb6c1f21de02d4674a61eeead3ed60b54fbf9746940 (KEY)0057229220170000043000300313corporatehedgingfirmfocusandfirmsizethecaseofreits DE-627 ger DE-627 rakwb eng 330 DE-600 QA 10000 AVZ rvk 85.00 bkl Wei, Peihwang verfasserin aut Corporate hedging, firm focus and firm size: the case of REITs 2017 Text txt rdacontent ohne Hilfsmittel zu benutzen n rdamedia Band nc rdacarrier Purpose The purpose of this paper is to investigate the substitutability of corporate hedging and diversification in the real estate investment trusts (REITs) industry. The authors hypothesize that, relative to diversified firms, focused firms are more likely to be associated with hedging. The role of firm size is also analyzed. Design/methodology/approach The logistic regression approach is utilized to analyze the probability of hedging and the panel regression approach is used to examine the amount of hedging. Findings The authors find that, relative to diversified firms, firms focused on a single property type are more likely to engage in hedging. However, this finding is significant only for smaller firms, which implies a non-linear relation between hedging and firm size. The evidence is not as strong when firm focus is measured by geographic concentration. In terms of hedging amount, smaller firms’ average hedge ratio is greater than that of larger firms. For either small or large firms group, hedging amounts increase with firm focus measured by either property or geographic concentration and increase with firm sizes. Research limitations/implications The results imply that, relative to diversified REITs, REITs focused on a single property type are more likely to engage in hedging. However, this finding is significant only for smaller firms, which implies a non-linear relation between hedging and firm size. The evidence is not as strong when firm focus is measured by geographic concentration, suggesting that geographic concentration is perceived to be less risky than property type concentration. For either small or large firms group, hedging amounts increase with firm focus measured by either property or geographic concentration and increase with firm sizes, which implies that hedging amount does not depend on firm size. The sample period is limited to the years 2010 to 2013 because some data needs to be manually collected. Practical implications The results imply that REITs consider both property diversification and hedging in managing their risk. Originality/value The research represents an early attempt to investigate the relation between corporate hedging and diversification. The investigation into the REIT industry has several advantages such as a lower likelihood of using derivatives for speculation. Nutzungsrecht: © Emerald Publishing Limited REITs Studies Derivatives Hedging Economic models Xu, Li oth Zeng, Bei oth Enthalten in Managerial finance Bingley : Emerald Group Publishing Limited, 1975 43(2017), 3, Seite 313-330 (DE-627)168438496 (DE-600)750561-9 (DE-576)016067843 0307-4358 nnns volume:43 year:2017 number:3 pages:313-330 http://dx.doi.org/10.1108/MF-05-2016-0134 Volltext http://search.proquest.com/docview/1872562080 GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-WIW GBV_ILN_26 QA 10000 85.00 AVZ AR 43 2017 3 313-330 |
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10.1108/MF-05-2016-0134 doi PQ20170501 (DE-627)OLC1992394830 (DE-599)GBVOLC1992394830 (PRQ)c1070-ac2226fa2d96c6b305953feb6c1f21de02d4674a61eeead3ed60b54fbf9746940 (KEY)0057229220170000043000300313corporatehedgingfirmfocusandfirmsizethecaseofreits DE-627 ger DE-627 rakwb eng 330 DE-600 QA 10000 AVZ rvk 85.00 bkl Wei, Peihwang verfasserin aut Corporate hedging, firm focus and firm size: the case of REITs 2017 Text txt rdacontent ohne Hilfsmittel zu benutzen n rdamedia Band nc rdacarrier Purpose The purpose of this paper is to investigate the substitutability of corporate hedging and diversification in the real estate investment trusts (REITs) industry. The authors hypothesize that, relative to diversified firms, focused firms are more likely to be associated with hedging. The role of firm size is also analyzed. Design/methodology/approach The logistic regression approach is utilized to analyze the probability of hedging and the panel regression approach is used to examine the amount of hedging. Findings The authors find that, relative to diversified firms, firms focused on a single property type are more likely to engage in hedging. However, this finding is significant only for smaller firms, which implies a non-linear relation between hedging and firm size. The evidence is not as strong when firm focus is measured by geographic concentration. In terms of hedging amount, smaller firms’ average hedge ratio is greater than that of larger firms. For either small or large firms group, hedging amounts increase with firm focus measured by either property or geographic concentration and increase with firm sizes. Research limitations/implications The results imply that, relative to diversified REITs, REITs focused on a single property type are more likely to engage in hedging. However, this finding is significant only for smaller firms, which implies a non-linear relation between hedging and firm size. The evidence is not as strong when firm focus is measured by geographic concentration, suggesting that geographic concentration is perceived to be less risky than property type concentration. For either small or large firms group, hedging amounts increase with firm focus measured by either property or geographic concentration and increase with firm sizes, which implies that hedging amount does not depend on firm size. The sample period is limited to the years 2010 to 2013 because some data needs to be manually collected. Practical implications The results imply that REITs consider both property diversification and hedging in managing their risk. Originality/value The research represents an early attempt to investigate the relation between corporate hedging and diversification. The investigation into the REIT industry has several advantages such as a lower likelihood of using derivatives for speculation. Nutzungsrecht: © Emerald Publishing Limited REITs Studies Derivatives Hedging Economic models Xu, Li oth Zeng, Bei oth Enthalten in Managerial finance Bingley : Emerald Group Publishing Limited, 1975 43(2017), 3, Seite 313-330 (DE-627)168438496 (DE-600)750561-9 (DE-576)016067843 0307-4358 nnns volume:43 year:2017 number:3 pages:313-330 http://dx.doi.org/10.1108/MF-05-2016-0134 Volltext http://search.proquest.com/docview/1872562080 GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-WIW GBV_ILN_26 QA 10000 85.00 AVZ AR 43 2017 3 313-330 |
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10.1108/MF-05-2016-0134 doi PQ20170501 (DE-627)OLC1992394830 (DE-599)GBVOLC1992394830 (PRQ)c1070-ac2226fa2d96c6b305953feb6c1f21de02d4674a61eeead3ed60b54fbf9746940 (KEY)0057229220170000043000300313corporatehedgingfirmfocusandfirmsizethecaseofreits DE-627 ger DE-627 rakwb eng 330 DE-600 QA 10000 AVZ rvk 85.00 bkl Wei, Peihwang verfasserin aut Corporate hedging, firm focus and firm size: the case of REITs 2017 Text txt rdacontent ohne Hilfsmittel zu benutzen n rdamedia Band nc rdacarrier Purpose The purpose of this paper is to investigate the substitutability of corporate hedging and diversification in the real estate investment trusts (REITs) industry. The authors hypothesize that, relative to diversified firms, focused firms are more likely to be associated with hedging. The role of firm size is also analyzed. Design/methodology/approach The logistic regression approach is utilized to analyze the probability of hedging and the panel regression approach is used to examine the amount of hedging. Findings The authors find that, relative to diversified firms, firms focused on a single property type are more likely to engage in hedging. However, this finding is significant only for smaller firms, which implies a non-linear relation between hedging and firm size. The evidence is not as strong when firm focus is measured by geographic concentration. In terms of hedging amount, smaller firms’ average hedge ratio is greater than that of larger firms. For either small or large firms group, hedging amounts increase with firm focus measured by either property or geographic concentration and increase with firm sizes. Research limitations/implications The results imply that, relative to diversified REITs, REITs focused on a single property type are more likely to engage in hedging. However, this finding is significant only for smaller firms, which implies a non-linear relation between hedging and firm size. The evidence is not as strong when firm focus is measured by geographic concentration, suggesting that geographic concentration is perceived to be less risky than property type concentration. For either small or large firms group, hedging amounts increase with firm focus measured by either property or geographic concentration and increase with firm sizes, which implies that hedging amount does not depend on firm size. The sample period is limited to the years 2010 to 2013 because some data needs to be manually collected. Practical implications The results imply that REITs consider both property diversification and hedging in managing their risk. Originality/value The research represents an early attempt to investigate the relation between corporate hedging and diversification. The investigation into the REIT industry has several advantages such as a lower likelihood of using derivatives for speculation. Nutzungsrecht: © Emerald Publishing Limited REITs Studies Derivatives Hedging Economic models Xu, Li oth Zeng, Bei oth Enthalten in Managerial finance Bingley : Emerald Group Publishing Limited, 1975 43(2017), 3, Seite 313-330 (DE-627)168438496 (DE-600)750561-9 (DE-576)016067843 0307-4358 nnns volume:43 year:2017 number:3 pages:313-330 http://dx.doi.org/10.1108/MF-05-2016-0134 Volltext http://search.proquest.com/docview/1872562080 GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-WIW GBV_ILN_26 QA 10000 85.00 AVZ AR 43 2017 3 313-330 |
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The authors hypothesize that, relative to diversified firms, focused firms are more likely to be associated with hedging. The role of firm size is also analyzed. Design/methodology/approach The logistic regression approach is utilized to analyze the probability of hedging and the panel regression approach is used to examine the amount of hedging. Findings The authors find that, relative to diversified firms, firms focused on a single property type are more likely to engage in hedging. However, this finding is significant only for smaller firms, which implies a non-linear relation between hedging and firm size. The evidence is not as strong when firm focus is measured by geographic concentration. In terms of hedging amount, smaller firms’ average hedge ratio is greater than that of larger firms. For either small or large firms group, hedging amounts increase with firm focus measured by either property or geographic concentration and increase with firm sizes. Research limitations/implications The results imply that, relative to diversified REITs, REITs focused on a single property type are more likely to engage in hedging. However, this finding is significant only for smaller firms, which implies a non-linear relation between hedging and firm size. The evidence is not as strong when firm focus is measured by geographic concentration, suggesting that geographic concentration is perceived to be less risky than property type concentration. For either small or large firms group, hedging amounts increase with firm focus measured by either property or geographic concentration and increase with firm sizes, which implies that hedging amount does not depend on firm size. The sample period is limited to the years 2010 to 2013 because some data needs to be manually collected. Practical implications The results imply that REITs consider both property diversification and hedging in managing their risk. Originality/value The research represents an early attempt to investigate the relation between corporate hedging and diversification. 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corporate hedging, firm focus and firm size: the case of reits |
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Corporate hedging, firm focus and firm size: the case of REITs |
abstract |
Purpose The purpose of this paper is to investigate the substitutability of corporate hedging and diversification in the real estate investment trusts (REITs) industry. The authors hypothesize that, relative to diversified firms, focused firms are more likely to be associated with hedging. The role of firm size is also analyzed. Design/methodology/approach The logistic regression approach is utilized to analyze the probability of hedging and the panel regression approach is used to examine the amount of hedging. Findings The authors find that, relative to diversified firms, firms focused on a single property type are more likely to engage in hedging. However, this finding is significant only for smaller firms, which implies a non-linear relation between hedging and firm size. The evidence is not as strong when firm focus is measured by geographic concentration. In terms of hedging amount, smaller firms’ average hedge ratio is greater than that of larger firms. For either small or large firms group, hedging amounts increase with firm focus measured by either property or geographic concentration and increase with firm sizes. Research limitations/implications The results imply that, relative to diversified REITs, REITs focused on a single property type are more likely to engage in hedging. However, this finding is significant only for smaller firms, which implies a non-linear relation between hedging and firm size. The evidence is not as strong when firm focus is measured by geographic concentration, suggesting that geographic concentration is perceived to be less risky than property type concentration. For either small or large firms group, hedging amounts increase with firm focus measured by either property or geographic concentration and increase with firm sizes, which implies that hedging amount does not depend on firm size. The sample period is limited to the years 2010 to 2013 because some data needs to be manually collected. Practical implications The results imply that REITs consider both property diversification and hedging in managing their risk. Originality/value The research represents an early attempt to investigate the relation between corporate hedging and diversification. The investigation into the REIT industry has several advantages such as a lower likelihood of using derivatives for speculation. |
abstractGer |
Purpose The purpose of this paper is to investigate the substitutability of corporate hedging and diversification in the real estate investment trusts (REITs) industry. The authors hypothesize that, relative to diversified firms, focused firms are more likely to be associated with hedging. The role of firm size is also analyzed. Design/methodology/approach The logistic regression approach is utilized to analyze the probability of hedging and the panel regression approach is used to examine the amount of hedging. Findings The authors find that, relative to diversified firms, firms focused on a single property type are more likely to engage in hedging. However, this finding is significant only for smaller firms, which implies a non-linear relation between hedging and firm size. The evidence is not as strong when firm focus is measured by geographic concentration. In terms of hedging amount, smaller firms’ average hedge ratio is greater than that of larger firms. For either small or large firms group, hedging amounts increase with firm focus measured by either property or geographic concentration and increase with firm sizes. Research limitations/implications The results imply that, relative to diversified REITs, REITs focused on a single property type are more likely to engage in hedging. However, this finding is significant only for smaller firms, which implies a non-linear relation between hedging and firm size. The evidence is not as strong when firm focus is measured by geographic concentration, suggesting that geographic concentration is perceived to be less risky than property type concentration. For either small or large firms group, hedging amounts increase with firm focus measured by either property or geographic concentration and increase with firm sizes, which implies that hedging amount does not depend on firm size. The sample period is limited to the years 2010 to 2013 because some data needs to be manually collected. Practical implications The results imply that REITs consider both property diversification and hedging in managing their risk. Originality/value The research represents an early attempt to investigate the relation between corporate hedging and diversification. The investigation into the REIT industry has several advantages such as a lower likelihood of using derivatives for speculation. |
abstract_unstemmed |
Purpose The purpose of this paper is to investigate the substitutability of corporate hedging and diversification in the real estate investment trusts (REITs) industry. The authors hypothesize that, relative to diversified firms, focused firms are more likely to be associated with hedging. The role of firm size is also analyzed. Design/methodology/approach The logistic regression approach is utilized to analyze the probability of hedging and the panel regression approach is used to examine the amount of hedging. Findings The authors find that, relative to diversified firms, firms focused on a single property type are more likely to engage in hedging. However, this finding is significant only for smaller firms, which implies a non-linear relation between hedging and firm size. The evidence is not as strong when firm focus is measured by geographic concentration. In terms of hedging amount, smaller firms’ average hedge ratio is greater than that of larger firms. For either small or large firms group, hedging amounts increase with firm focus measured by either property or geographic concentration and increase with firm sizes. Research limitations/implications The results imply that, relative to diversified REITs, REITs focused on a single property type are more likely to engage in hedging. However, this finding is significant only for smaller firms, which implies a non-linear relation between hedging and firm size. The evidence is not as strong when firm focus is measured by geographic concentration, suggesting that geographic concentration is perceived to be less risky than property type concentration. For either small or large firms group, hedging amounts increase with firm focus measured by either property or geographic concentration and increase with firm sizes, which implies that hedging amount does not depend on firm size. The sample period is limited to the years 2010 to 2013 because some data needs to be manually collected. Practical implications The results imply that REITs consider both property diversification and hedging in managing their risk. Originality/value The research represents an early attempt to investigate the relation between corporate hedging and diversification. The investigation into the REIT industry has several advantages such as a lower likelihood of using derivatives for speculation. |
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Corporate hedging, firm focus and firm size: the case of REITs |
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