Financial Derivatives: Their Use and Impact on Financial Risk in Romanian SMEs

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This study investigates the impact of financial derivatives on financial risk management in small and medium-sized enterprises (SMEs) in Romania. The research population was composed of SMEs from six development regions, selected based on exposure to financial volatility and active involvement in financial decisionmaking. The purpose of the research is to determine whether the use of derivative financial instruments contributes to reducing financial risk and strengthening financial resilience among Romanian SMEs. To address the research objectives, three hypotheses were formulated. The results showed that the use of forward and swap contracts has a significant positive effect on the perception of foreign exchange risk, increasing the ability of firms to anticipate and manage exchange rate fluctuations. Also, the adoption of financial options contributed positively to the stability of cash flows, suggesting an important role in liquidity planning. The study also showed that the recognition of financial risk is significantly associated with the maintenance and consistent application of hedging strategies. Finally, the general use of derivatives was positively correlated with improved financial performance among SMEs in Romania. The findings suggest that the strategic and informed use of derivatives may support better financial stability, although the direct effect on overall financial performance should be examined in future research. The study concludes that the strategic and informed use of derivatives can be an effective mechanism to mitigate financial risk and strengthen financial resilience. It is recommended that SMEs in Romania integrate derivatives into their financial policies, and targeted support including financial education and institutional facilitation be expanded to encourage wider adoption.

Ce résumé expose les affirmations des auteurs. BNTIC ne l’interprète pas comme une validation indépendante des résultats.