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Cited by 12Auditing, Earnings Management, GovernanceRisk Management in Financial FirmsAccounting Theory and Financial Reporting

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Hedge accounting usage and capital investment: European evidence under IFRS requirements

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Allini, Alessandra, Maffei, Marco, Santonastaso, Rosalinda, Spagnuolo, Flavio·2025·Journal of Management and Governance
DOI 10.1007/s10997-024-09715-x
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Abstract

We investigate the effects of hedge accounting usage on firms’ level of capital investment. Analyzing a set of 286 public firms in the European Union during the period 2016–2019, our findings are threefold. Firstly, we provide evidence that firms which apply hedge accounting under IFRS requirements increase their level of capital investment more than firms that do not exploit these accounting principles. Second, we also suggest that this link is mediated by the earnings volatility mitigation. Lastly, we find that such a relationship is exacerbated after the IFRS 9 implementation period, consistently with the view that the newest hedge accounting rules provided by the IASB are recognized to be more effective and more beneficial for firms, comparatively to IAS 39. These results are robust to different measures of capital investment, alternative models’ specifications, and after correcting for potential endogeneity concerns. We contribute with the first empirical study that explores the role of hedge accounting on investment behavior under different IFRS requirements. This research is valuable for standard setters and regulators to understand how their accounting requirements may affect firms’ economic decisions. From a managerial point of view, our study offers particular insights into hedge accounting mechanisms and practical implications about the role of accounting choices in real investments’ decision-making.

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Authors
Allini, A., Maffei, M., Santonastaso, R., & Spagnuolo, F.
Affiliations
  • University of Naples Federico II (IT)
  • University of Campania "Luigi Vanvitelli" (IT)
Corresponding author
Spagnuolo, Flavio
ORCID
Venue
Journal of Management and Governance
Publisher
Springer Science and Business Media LLC
Published
2024-09-20
Volume
29
Issue
2
Pages
319-353
ISSN
  • 1385-3457 (ISSN-L)
  • 1572-963X
DOI
10.1007/s10997-024-09715-x
OpenAlex
W4402692125
Cited by
12
References
1
Citations by year
2026: 8 · 2025: 4
FWCI
5.54
Type
journal article
Language
en
Open access
Licence
Locations
  • Journal of Management & Governance (publishedVersion, cc-by)
  • Archivio Istituzionale della Ricerca - Università degli Studi della Campania "Luigi Vanvitelli" (submittedVersion)
Funders
Università degli Studi di Napoli Federico II
Topics
  • Social Sciences › Business, Management and Accounting › Accounting › Auditing, Earnings Management, Governance
  • Social Sciences › Business, Management and Accounting › Accounting › Risk Management in Financial Firms
  • Social Sciences › Business, Management and Accounting › Accounting › Accounting Theory and Financial Reporting
Keywords
hedge accounting, capital investment, IFRS 9, IAS 39, earnings volatility, accounting standards, investment behavior, European firms, accounting choice

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Allini, A., Maffei, M., Santonastaso, R., & Spagnuolo, F. (2025). Hedge accounting usage and capital investment: European evidence under IFRS requirements. Journal of Management and Governance. https://doi.org/10.1007/s10997-024-09715-x

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