... to adopt hedging practices. In addition, a Tobit test offers further insights into the derivatives users. Findings The authors corroborate capital structure-related hypotheses such as tax goals, financial distress, liquidity and growth opportunities. In addition, both ownership concentration and income tax...

... social and economic role in Latin American during 2004‐2007, we estimated probit models for panel data. Findings Our results showed that the main determinants are scale economies and the use of derivatives. On the one hand, we found that this hedging is positively related to tax loss carry‐forwards...