Do foreign currency risk management strategies increase value in family business?
研究从次级代理视角出发，发现家族企业的外汇风险管理政策并非最优，且未能创造价值，这种代理问题在家族控制与管理结合的企业中尤为突出。
This paper examines the existence and the magnitude of conflict between family owners and minority shareholders within family firms by assessing the impact of foreign currency (FC hereafter) risk management strategies on firm value. From a secondary agency perspective, we theorize and find evidence that FC risk management policies in family firms are suboptimal and do not create value. Our findings support that family firms develop secondary agency problems reflected in suboptimal hedging policies. These agency problems are mostly present in firms where family control is combined with family management. Our results are robust to a battery of tests.