“…Hedging determinants are objective factors that have hard measures, many of which are not relevant for smaller firms, for example, leverage (González, Búa, Lopez, & Sandías, 2007), liquidity (González et al, 2007;Joseph, 2000;Schiozer & Saito, 2009), tax charge on profit (Joseph, 2000), and foreign debt (W. B. Elliott, Huffman, & Makar, 2003;González et al, 2007). In addition, perceived risk could predict behaviours associated with dimensions of risk (Cox & Rich, 1964;Hemsworth, Brophey, & Baregheh, 2013;Kaplan, Szybillo, & Jacoby, 1974).…”