HEDGE EFFECTIVENESS ASSESMENT IN NON-FINANCIAL ORGANIZATIONS: ECONOMIC APPROACH
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Abstract
The existing approaches to assessing the effectiveness of risk hedging with derivatives according to various criteria have been considered. As a result it was found that in economic literature it is not paid enough attention to the development of assessment methodology, which take into account the impact of risk hedging on the overall performance of the organization. In this regard, an economic approach to assessing the effectiveness of hedging has been proposed; it is based on the comparison two basic categories of the efficiency theory – the achieved effects and the associated costs. Within the framework of this approach the effects of hedging that affect the overall result of the organization’s activities were proposed. Also the costs associated with hedging were systematized into external and internal. The essential content of the proposed economic approach is presented in comparison with other approaches, which contributes to understanding the criteria for assessment hedge effectiveness in each specific case. The application of the proposed economic approach in non-financial organizations will contribute to improving the quality of risk hedging by using performance assessment criteria that meet the current goals of the organization and the requirements of senior management.
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