訴訟事件對企業避險決策的影響

本文以2000至2017年美國S&P1500非金融與非公共事業為樣本，分析訴訟事件對企業避險決策的影響。訴訟事件類型包含證券集體訴訟與營運相關訴訟，而避險決策則區分為避險意願與避險程度。實證結果表示股東訴訟發生後，企業會減少從事避險活動的意願與程度，此負向關係在使用訴訟樣本與配對樣本後仍保持穩健。此外，在檢驗股東訴訟與避險活動的關係中發現，企業避險比率在訴訟後第一年與第二年顯著下降，但在第三年後開始回到原來水準。整體而言，本研究結果隱含企業會以較保守的風險管理來因應訴訟。

關鍵字

訴訟；避險；風險管理

並列摘要

Adopting the S&P 1500 non-financial and non-public utility firms over the period 2000 to 2017, this paper analyzes the impact of litigation on corporate hedging decisions, including hedging willingness and hedging extent. The results suggest that firms decrease their hedging activities. This negative relationship is still robustness after using lawsuited sample and matched sample in securities class action lawsuits and operating lawsuits. Additionally, in examining the relationship between shareholder lawsuits and hedging activities, we find that firms significantly reduce their hedging extent for the first and second years following the litigation, but start to return to original hedging level in the third year. Overall, our results imply that firms adopt conservative risk management strategies to response litigation.