Johdannaisten vaikutus yrityksen arvoon erilaisten korkoympäristöjen aikana

This thesis focuses on the relationship between the use of interest rate derivatives and firm value among Finnish listed companies across different interest rate environments. The time period focuses from 2015 to 2024. This study is based on an annual firm-level panel dataset consisting of 30 non-financial Finnish publicly listed companies, which is used to analyse how the use of interest rate derivatives is reflected in firm value under both stable and rising interest rate conditions. Firm value is measured using Tobin’s Q, and derivative use is defined as a binary variable based on information from companies’ financial statements and annual reports. The interest rate environment is captured using a binary variable that distinguishes between rising and non-rising interest rate periods based on annual changes in the European Central Bank’s deposit facility rate. The empirical analysis is executed with pooled OLS regression model with robust standard errors. The results show that the use of interest rate derivatives is statistically significant and negatively associated with firm value in stable or declining interest rate environments. When interest rates are rising, this negative relationship weakens but does not turn positive. This shows that the use of interest rate derivatives does not lead to an increase in firm value. The result suggests that interest rate derivatives primarily function as risk management tools that stabilize firm value rather than as mechanisms for value creation, even during periods of rising interest rates. Furthermore, the results do not support the assumption that highly leveraged firms benefit more from derivative use in terms of firm value. Overall, the findings are mostly consistent with prior literature and contribute to the existing research by incorporating the interest rate environment as a macroeconomic variable in the analysis of the relationship between interest rate derivatives and firm value in a Finnish context.