Munich Personal RePEc Archive

Rationales for corporate risk management from stakeholders’ perspective

Klimczak, Karol Marek (2005): Rationales for corporate risk management from stakeholders’ perspective. Published in: TRANS’ 05: Wspólna Europa – Zrównoważony rozwój przedsiębiorstwa a relacje z interesariuszami (2005): pp. 371-380.


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The rationales for corporate risk management are examined from the point of view of the theory of finance and of key stakeholder groups’ interests. A study of the use of hedging instruments in 161 Polish non-financial listed companies is then presented. The study is based on keyword analysis of financial statements; parametric tests and logit regression are used to determine relationships between the hedging decision and financial standing of companies. However, company size is proved to be the only significant factor for a hedging decision. The implications of these findings and new research questions are discussed in the conclusion.

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