ANALYSIS OF FORTUNE 500 FIRM CHARACTERISTICS WITH ADOPTION OF CURRENCY SWAPS
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The recent boom in the application offoreign currency swaps has necessitated a closer scrutiny ofthis instru- ment of Low-cost financing. A questionnaire was sent to 497 of the 1991 Fortune 500 firms, requesting information concerning their use offoreign currency swaps. 146 responses were received; of which 129 were usable. The 1990 financial data of these respondent firms were retrieved to calculate the means of 13 variables. Analyses of covari- ance and regression using stepwise method were further applied. The results revealed that firms frequently using swaps were larger, more internationally involved and more profitable. Jn addition, they reported proportionately higher level offoreign taxes, but Lower total taxes.
Abstract
The recent boom in the application offoreign currency swaps has necessitated a closer scrutiny ofthis instru- ment of Low-cost financing. A questionnaire was sent to 497 of the 1991 Fortune 500 firms, requesting information concerning their use offoreign currency swaps. 146 responses were received; of which 129 were usable. The 1990 financial data of these respondent firms were retrieved to calculate the means of 13 variables. Analyses of covari- ance and regression using stepwise method were further applied. The results revealed that firms frequently using swaps were larger, more internationally involved and more profitable. Jn addition, they reported proportionately higher level offoreign taxes, but Lower total taxes.