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This study aims to present and test a model that derivatives (commodity, currency, and interest
rate) play a mediating role between corporate governance and financial performance. We
tested this model through a sample of 85 non-financial American corporates listed in New
York Stock Exchange, U.S. 100 Index for six years from 2009-2014 by applying Partial Least
Square, Structural Equation Modeling. We confirm that derivatives usage plays a mediating
role between corporate governance and financial performance. We found and recommend that
the utilization of derivatives as a risk management tool is essential for corporates to improve
financial performance. Finally, the findings are useful for corporates from developed
(European), emerging (China), and developing (Pakistan, Bangladesh) countries to utilize
derivatives to hedge risk and improve financial performance.
Salman Bahoo, Farhan Ahmed, Ayesha Shoukat, Mumtaz Ahmad. (2019) Impact of Corporate Governance on American Corporates' Financial Performance: The Mediating Role of Derivatives, Journal of Independent Studies and Research-Management, Social Sciences and Economics, Volume-17, Issue-1.
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