balance sheet mismatches, a larger hedging market, and a lower exchange rate pass-through) …

currency and that firms actively involved in hedging aim to reduce their exposure to foreign exchange fluctuations. …

Purpose Using hedging theories, we analyse the variables that determine the decision to hedge with foreign currency … determinants are scale economies and the use of derivatives. On the one hand, we found that this hedging is positively related to … the variables in relation to operational hedging. Therefore, as a future line of research, we propose gathering of data on …