Multinationals and the impact of corruption on financial derivatives use and firm value: Evidence from East Asia

1 Introduction
2 Theoretical framework and hypotheses
- 2.1 Derivatives use and firm value
- 2.2 Institutional theory, corruption, the use of derivatives, and firm value
- 2.3 Financial crisis, derivatives use, and firm value
3 Sample selection and variable construction
- 3.1 Data collection and descriptive statistics
- 3.2 Dependent variable
- 3.3 Independent variables
  - 3.3.1 The use of derivatives
  - 3.3.2 Corruption
- 3.4 Control variables
  - 3.4.1 Firm size
  - 3.4.2 Leverage
  - 3.4.3 Profitability
  - 3.4.4 Investment growth
  - 3.4.5 Liquidity
  - 3.4.6 Access to financial markets
  - 3.4.7 Geographic diversification
  - 3.4.8 Industrial diversification
  - 3.4.9 Country-level control variables
4 Empirical specifications
5 Empirical results and analysis
- 5.1 Univariate results
- 5.2 Multivariate analysis
  - 5.2.1 Value effects of derivatives use under the influence of a corrupt environment
  - 5.2.2 The link between derivatives use and firm value in corrupt circumstances before, during, and after the global financ...
- 5.3 Robustness tests
  - 5.3.1 Instrumental variable (IV) model: controlling for potential endogeneity problems
  - 5.3.2 Heckman treatment model: controlling for self-selection bias
  - 5.3.3 An additional test: firm market value and derivatives use
6 Conclusion
- 6.1 Theoretical and empirical contributions
- 6.2 Managerial implications
- 6.3 Limitations and future research
References
References