‘Currency derivatives and firm value’: bibliometric analysis, and direction for future research

Abstract The importance of foreign currency derivatives (FCD) for firms involved in export–import operations is accentuated by the volatility of exchange rates. Several empirical studies have examined the effect of FCD on firm value. Still, no literature study has been located that presents a complete picture of this domain and provides direction for future researchers. The study retrieved 228 research documents from the Scopus database using a combination of keyword searches and then evaluated and mapped intellectual structure using bibliometric analysis. The performance evaluation identifies the publication trend, quality journals, leading authors, and most cited papers. Science mapping methods such as keyword analysis, thematic mapping, and bibliographical coupling were used to identify the intellectual structure. Hedging, Disclosure & Firm Value; Currency Hedging Impact; Currency Derivative Valuation; Foreign Exchange Exposure: Hedging & Value; and Hedging Motivation & Risk are the five major clusters identified, and content analyses were done on these clusters. Future research questions were developed from these five clusters and emergent themes. A comprehensive review of the latest articles from the last 5 years was done to exclude the research questions addressed in clusters and to include future research questions from the latest research areas.