The Impact of Institutional Differences on Derivatives Usage: a Comparative Study of US and Dutch Firms
比较美国和荷兰企业在衍生品使用上的差异，并分析制度环境如何影响这些差异，对研究跨国企业风险管理的人有用。
Abstract This paper examines the influence of institutional differences on corporate risk management practices in the USA and the Netherlands. We compare results to surveys in each country using a strategy that corrects for differences over industry and size classes across the Dutch and US samples. We document several differences in the firms’ uses and attitudes towards derivatives and attempt to attribute them to the differences in the institutional environments between the USA and the Netherlands. We find that institutional differences appear to have an important impact on risk management practices and derivatives use across US and Dutch firms.