WHO MANAGES FINANCIAL RISK? AN EMPIRICAL EXAMINATION OF RISK MANAGEMENT PRACTICES IN THE ROMANIAN METALLURGICAL INDUSTRYNS. G. ANTONUniversity of Iasi, Faculty of Economics and Business Administration, Finance, Money and Public Administration Department, Iasi, Romania

摘要

The aim of the paper is to analyze risk management practice adopted by the Romanian metallurgical enterprises and to identify new tools for hedging price risk. Romanian metallurgical companies recognize the main risks that their businesses are facing: increased prices of raw materials and energy, foreign exchange risk, and lower (domestic) demand for company's products. Another important finding is that the perception of financial risks has improved in the last years and the companies started to use financial derivatives in order to hedge some financial risks. Nevertheless, Romanian metallurgical companies have proved to be reluctant to fully implement and adhere to sufficient risk management practices.