THE USE OF DERIVATIVES IN THE INTERIMEDIARY FINANCIAL INSTITUTIONS LISTED ON BM & FBOVESPA

Authors

  • Tatiane de Oliveira Marques Universidade de Brasília
  • Sergio Murilo Petri Universidade Federal de Santa Catarina - UFSC

Abstract

The aim of this study was to identify variables which influence the use of derivative financial instruments by Brazilian financial intermediaries listed on the BM&FBOVESPA, during the period from 2006-2011. Data collection was conducted through content analysis in the Explanatory Notes and Balance Sheet, available on the website of São Paulo Stock Exchange – BM&FBOVESPA, and data were analyzed through regression techniques for panel data, estimated by the Generalized Moments Method (GMM) by Arellano and Bond (1991). It was found that analyzed institutions use derivatives mainly for risk management (68%), i.e. they use derivatives for protection (or defense) against losses that may occur due to market and price rates changes. The most used derivative was options contracts (56.3%), followed by futures contracts (17.8%) and swap (16.6%). On other hand interest rate derivatives (41%) and exchange rate derivatives (35%) represents a major part of the derivatives. By regression analysis it was determined that lagged dependent variables influence positively themselves. The independent variables ATIVO and TXCÂMBIO also influence positively the use of derivatives. However the independent variables PL, RECEITA and TXJURO influence negatively the derivative use by the analyzed institutions.

 

Keywords: Derivative Financial Instruments. Financial Intermediaries.

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Author Biographies

Tatiane de Oliveira Marques, Universidade de Brasília

Mestre em Contabilidade pela Universidade Federal de Santa Catarina. Doutoranda do Programa de Pós-Graduação em Contabilidade da Universidade de Brasília

Sergio Murilo Petri, Universidade Federal de Santa Catarina - UFSC

Doutor em Engenharia de Produção. Professor do Departamento de Ciências Contábeis da Universidade Federal de Santa Catarina - UFSC

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Published

22-01-2014

How to Cite

MARQUES, T. de O.; PETRI, S. M. THE USE OF DERIVATIVES IN THE INTERIMEDIARY FINANCIAL INSTITUTIONS LISTED ON BM & FBOVESPA. REVISTA AMBIENTE CONTÁBIL - Universidade Federal do Rio Grande do Norte, [S. l.], v. 6, n. 1, p. 273–293, 2014. Disponível em: https://periodicos.ufrn.br/ambiente/article/view/4269. Acesso em: 23 nov. 2024.

Issue

Vol. 6 No. 1 (2014): Jan./Jun.

Section

ARTICLES

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