Gestão de risco cambial e competitividadeum estudo de caso para umma empresa de médio porte

Resumo

Purpose: This study aims, through a case study carried out in a medium-sized company, comprising the period from 2015 to 2020, to understand how foreign exchange risk management can contribute to increase competitiveness. Design/Methodology: In order to carry out this work, a sample of all 79 external sales carried out by the company, whose payment term had been a letter of credit at sight, was evaluated. Through descriptive statistics and analysis of accumulated frequencies, the meaning of the results obtained by the company was evaluated, as well as the estimated with the hedge operation in the future dollar market. Findings: A significant relationship between the use of foreign exchange hedge, negotiated in the future market, with increased competitiveness for the case analyzed, was verified. In a period of strong exchange rate fluctuations, the hedge proved to be a generator of competitive advantages, as it works to reduce risks related to exchange exposure. Research limitations: Not to relate the results obtained with the accounting results, in order to measure the impact of performance with and without hedge for all activities developed by the company, was a research limitation founded. Possible costs with the hedge operation were also ruled out, in addition to considering that the company would have enough cash to cover the daily adjustments of the exchange rate variation. Practical implications: The work contributes to the importance of studying exchange rate hedge mechanisms for medium-sized companies, as well as the need to master the tools available in the market. It is important to understand how effective foreign exchange risk management can generate competitive advantages. Academic implications: Corroborate with previous studies about the influence of exchange rate variations for Brazilian companies; contribute to the discussion on exchange rate risk management. Originality: The originality of this research resides in the study of the effectiveness of the foreign exchange hedge as a generator of competitive advantages for medium-sized companies, having not found similar objectives in previous research. Future research: For future studies, it is recommended to measure the performance in the options market for companies that do not hedge. The aim is to verify in another market the effectiveness of the hedged operation to generate competitive advantages.

Ficha do documento

Tipo

Dissertação

Ano

2021

Instituição

Fundação Getulio Vargas

Fonte

Repositório da FGV

Idioma

Português

Acesso

Não informado

Identificador

oai:repositorio.fgv.br:10438/31669

Temas

Economia

Palavras-chave

Gestão de RiscoExposição CambialHedgeCompetitividadeRisk managementForeign Exchange ExposureCompetitivenessAdministração de empresasAdministração de riscoHedging (Finanças)Risco (Economia)Concorrência