Cobertura con derivados en empresas manufactureras Colombianas: Análisis previo a la apertura del mercado de derivados en la Bolsa de Valores de Colombi

The use of derivative instruments is especially important in risk management because it directly influences the net worth of organizations and their potential to generate value. This study explores an explanatory hypothesis for the Colombian industrial and commercial companies' use of derivative instruments before the Colombian Stock Exchange Derivatives Market opened. This article analyzes two hypotheses proposed in international literature: the use of derivative instruments by companies suffering from financial stress or enjoying financial sophistication and a combination of the two. To do so, a logistic regression model was used, which evidences that, in the case of Colombian companies, financial stress and financial sophistication are important reasons for using derivative instruments.