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Author
Stróżyńska Agnieszka (Iniwersytet Ekonomiczny w Poznaniu)
Title
Wykorzystanie instrumentów pochodnych a problem agencji
The Use of Derivatives and Agency Problem
Source
Zeszyty Naukowe Uniwersytetu Szczecińskiego. Finanse, Rynki Finansowe, Ubezpieczenia, 2015, nr 74 T.1, s. 565-573, tab., bibliogr. 41 poz.
Issue title
Rynek kapitałowy, wycena przedsiębiorstw, inwestycje
Keyword
Teoria agencji, Instrumenty pochodne, Zarządzanie ryzykiem
Agency theory, Derivatives, Risk management
Note
streszcz., summ..
Abstract
Celem artykułu jest syntetyczna prezentacja zależności zachodzących pomiędzy wykorzystaniem instrumentów pochodnych oraz występującym w przedsiębiorstwach problemem agencji i poziomem nadzoru korporacyjnego. W przedstawionym artykule dokonano systematyki wzajemnych relacji występujących pomiędzy problemem agencji oraz nadzorem korporacyjnym a wykorzystaniem derywatów z uwzględnieniem rzeczywistego motywu ich wykorzystania - zabezpieczenia przed ryzykiem lub spekulacji. Motywacją do przyjęcia tak postawionego celu stała się zauważalna w przeprowadzanych na świecie badaniach niejednoznaczność wskazań oraz nierzadko przeciwstawna interpretacja badanych zależności. W celu realizacji głównych zamierzeń, przeprowadzono studia literaturowe, dokonując przeglądu literatury anglojęzycznej. Wartością artykułu jest wytyczenie podstaw, na gruncie których możliwa stałaby się próba przełożenia teoretycznych i empirycznych wskazań na badania polskich spółek. (abstrakt oryginalny)

The aim of this article is a synthetic presentation of the relationships between the usage of derivatives and the agency problem occurring in companies, and also corporate governance level. The paper presents the systematics of mutual relations existing between the agency problem; the level of corporate governance and the use of derivatives depending on the actual motive of their use - hedging or speculation. The motivation for its purpose became ambiguous indications and counterposed interpretation of surveyed dependencies frequently observable in the studies conducted in the world. Author carried out literature studies In order to achieve the main objective of article, reviewing the published research. The value of the article is to point out the grounds on the basis of which we can make an attempt to transfer the theoretical and empirical indications to Polish economy. (original abstract)
Accessibility
The Library of University of Economics in Katowice
The Main Library of Poznań University of Economics and Business
Szczecin University Main Library
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Bibliography
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ISSN
1640-6818
1733-2842
Language
pol
URI / DOI
http://dx.doi.org/10.18276/frfu.2015.74/1-49
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