www.icmai.in:@0.798205:0.974748:0.923794:0.974748:0.923794:0.957721:0.798205:0.957721:0.015775:0.015775:0.015775:0.005780:0.006278:0.009118:0.016807:0.011271:0.006278:0.005780:0.006278:0.010674
May 2017:@0.406839:0.977956:0.492193:0.977956:0.492193:0.962673:0.406839:0.962673:0.015974:0.009606:0.010131:0.004740:0.011452:0.011452:0.011452:0.010547
66:@0.079500:0.980264:0.102295:0.980264:0.102295:0.958570:0.079500:0.958570:0.011940:0.010855
The Management Accountant:@0.122650:0.977954:0.372489:0.977954:0.372489:0.962671:0.122650:0.962671:0.011452:0.011452:0.009009:0.004740:0.015974:0.010131:0.011452:0.009968:0.009787:0.009009:0.015974:0.009009:0.011452:0.006748:0.004740:0.013713:0.009009:0.009009:0.010131:0.011452:0.011452:0.006748:0.010131:0.011452:0.005843
l:@0.382870:0.976735:0.397343:0.976735:0.397343:0.966042:0.382870:0.966042:0.014473
In which purposes (motivating factors), derivative instruments are used?:@0.076923:0.127026:0.593317:0.127026:0.593317:0.110598:0.076923:0.110598:0.004794:0.009263:0.004215:0.011886:0.009263:0.004016:0.007653:0.009263:0.004215:0.009335:0.009263:0.005952:0.009335:0.009064:0.007381:0.008195:0.007381:0.004215:0.005554:0.013116:0.009064:0.005898:0.004016:0.007870:0.008629:0.005898:0.004016:0.009263:0.008159:0.004215:0.005391:0.008629:0.007653:0.005898:0.009064:0.005952:0.007381:0.005554:0.004089:0.004215:0.009335:0.008195:0.005952:0.004016:0.007870:0.008629:0.005898:0.004016:0.007689:0.008195:0.004215:0.004016:0.009263:0.007381:0.005898:0.005952:0.009263:0.013116:0.008195:0.009263:0.005898:0.007381:0.004215:0.008629:0.005681:0.008195:0.004215:0.009263:0.007381:0.008195:0.009335:0.007435
In this question, we tried to seek answers about the nature of risks hedged such as fluctuations in accounting :@0.092301:0.147101:0.926774:0.147101:0.926774:0.131818:0.092301:0.131818:0.005843:0.010547:0.004559:0.005843:0.010547:0.004704:0.006965:0.004559:0.009226:0.010547:0.008105:0.006965:0.005843:0.004704:0.009226:0.010547:0.004704:0.004559:0.013062:0.008105:0.004559:0.005843:0.006965:0.004704:0.008105:0.009226:0.004559:0.005843:0.009226:0.004559:0.006965:0.008105:0.008105:0.009226:0.004559:0.009226:0.010547:0.006965:0.013062:0.008105:0.007327:0.006965:0.004559:0.008702:0.009226:0.009226:0.010547:0.005843:0.004559:0.005843:0.010547:0.008105:0.004559:0.010547:0.009064:0.005843:0.010547:0.006965:0.008105:0.004559:0.009226:0.007019:0.004559:0.006965:0.004704:0.006965:0.009226:0.006965:0.004559:0.010547:0.008105:0.009226:0.008883:0.008105:0.009226:0.004559:0.006965:0.010547:0.008105:0.010547:0.004559:0.009226:0.006965:0.004559:0.004613:0.004613:0.010547:0.008105:0.005843:0.010547:0.009064:0.005843:0.004704:0.009226:0.010547:0.006965:0.004559:0.004704:0.010547:0.004559:0.009226:0.008105:0.008105:0.009226:0.010547:0.010547:0.005843:0.004704:0.010547:0.009226:0.003835
earnings, fluctuations in cash flows, balance sheet ratios, market value of the firm, etc. by the corporate in India. :@0.076923:0.163076:0.926991:0.163076:0.926991:0.147793:0.076923:0.147793:0.008105:0.009226:0.007417:0.010547:0.004704:0.010547:0.009226:0.006965:0.004704:0.003962:0.004613:0.004613:0.010547:0.008105:0.005843:0.010547:0.009064:0.005843:0.004704:0.009226:0.010547:0.006965:0.003962:0.004704:0.010547:0.003962:0.008105:0.009226:0.006965:0.010547:0.003962:0.004613:0.004613:0.008883:0.013767:0.006965:0.004704:0.003962:0.009226:0.009226:0.004704:0.009226:0.010547:0.008105:0.008105:0.003962:0.006965:0.010547:0.008105:0.008105:0.005843:0.003962:0.006802:0.009064:0.005843:0.004704:0.009226:0.006965:0.004704:0.003962:0.015070:0.009226:0.006965:0.008684:0.008105:0.005843:0.003962:0.008883:0.009226:0.004704:0.010547:0.008105:0.003962:0.009226:0.007019:0.003962:0.005843:0.010547:0.008105:0.003962:0.004613:0.004613:0.007128:0.015070:0.004704:0.003962:0.008105:0.005843:0.007580:0.004704:0.003962:0.008684:0.009226:0.003962:0.005843:0.010547:0.008105:0.003962:0.008105:0.009226:0.007236:0.009226:0.009226:0.006802:0.009064:0.005843:0.008105:0.003962:0.004704:0.010547:0.003962:0.005843:0.010547:0.009226:0.004704:0.009226:0.004704:0.003835
We asked the respondents to rank the nature of risks hedged in a four-point ranked scale. :@0.076923:0.179050:0.747544:0.179050:0.747544:0.163768:0.076923:0.163768:0.016282:0.008105:0.003835:0.009226:0.006965:0.008684:0.008105:0.009226:0.003835:0.005843:0.010547:0.008105:0.003835:0.006965:0.008105:0.006965:0.009226:0.009226:0.010547:0.009226:0.008105:0.010547:0.005843:0.006965:0.003835:0.005843:0.009226:0.003835:0.006802:0.009226:0.010547:0.009226:0.003835:0.005843:0.010547:0.008105:0.003835:0.010547:0.009064:0.005843:0.010547:0.006965:0.008105:0.003835:0.009226:0.007019:0.003835:0.006965:0.004704:0.006965:0.009226:0.006965:0.003835:0.010547:0.008105:0.009226:0.008883:0.008105:0.009226:0.003835:0.004704:0.010547:0.003835:0.009226:0.003835:0.004704:0.009226:0.010547:0.006440:0.005843:0.009226:0.009226:0.004704:0.010547:0.005843:0.003835:0.006802:0.009226:0.010547:0.008684:0.008105:0.009226:0.003835:0.006965:0.008105:0.009226:0.004704:0.007761:0.004704:0.003835
Figure-2: Ranks of  Motivations to Use Derivatives:@0.298757:0.211000:0.716627:0.211000:0.716627:0.195571:0.298757:0.195571:0.010185:0.005663:0.009805:0.011488:0.008123:0.009425:0.006024:0.011307:0.004903:0.004034:0.012519:0.009986:0.011687:0.011687:0.008105:0.004034:0.010366:0.006006:0.003003:0.004034:0.016590:0.010366:0.006965:0.005500:0.009263:0.009986:0.006965:0.005663:0.010366:0.011687:0.008105:0.004034:0.006965:0.010366:0.004034:0.012067:0.008105:0.009425:0.004034:0.013568:0.009425:0.008286:0.005500:0.009263:0.009986:0.006965:0.005500:0.008973:0.009425:0.008105
In the scale, rank-1 is the most important purpose of use of derivatives; rank-2 and rank-3 are the second and :@0.092301:0.578422:0.926936:0.578422:0.926936:0.563139:0.092301:0.563139:0.005843:0.010547:0.004143:0.005843:0.010547:0.008105:0.004143:0.006965:0.008105:0.009226:0.004704:0.007761:0.004704:0.004143:0.006802:0.009226:0.010547:0.009226:0.005843:0.010547:0.004143:0.004704:0.006965:0.004143:0.005843:0.010547:0.008105:0.004143:0.015070:0.009226:0.006965:0.005843:0.004143:0.004704:0.015070:0.009226:0.009226:0.007490:0.005843:0.009226:0.010547:0.005843:0.004143:0.009226:0.010547:0.007236:0.009226:0.009226:0.006965:0.008105:0.004143:0.009226:0.007019:0.004143:0.010547:0.006965:0.008105:0.004143:0.009226:0.007019:0.004143:0.009226:0.008105:0.006965:0.004360:0.008883:0.009064:0.005843:0.004360:0.008521:0.008105:0.006965:0.004704:0.004143:0.006802:0.009226:0.010547:0.009226:0.005843:0.010547:0.004143:0.009226:0.010547:0.009226:0.004143:0.006802:0.009226:0.010547:0.009226:0.005843:0.010547:0.004143:0.009226:0.006965:0.008105:0.004143:0.005843:0.010547:0.008105:0.004143:0.006965:0.008105:0.008105:0.009226:0.010547:0.009226:0.004143:0.009226:0.010547:0.009226:0.003835
third best purpose of use of derivatives.:@0.076923:0.594396:0.371104:0.594396:0.371104:0.579114:0.076923:0.579114:0.005843:0.010547:0.004704:0.006965:0.009226:0.003835:0.009226:0.008105:0.006965:0.005843:0.003835:0.009226:0.010547:0.007236:0.009226:0.009226:0.006965:0.008105:0.003835:0.009226:0.007019:0.003835:0.010547:0.006965:0.008105:0.003835:0.009226:0.007019:0.003835:0.009226:0.008105:0.006965:0.004360:0.008883:0.009064:0.005843:0.004360:0.008521:0.008105:0.006965:0.004704
The responses to the above question of presented in the table-2 along with the graph (figure-2). It is very clear :@0.092301:0.610371:0.926918:0.610371:0.926918:0.595089:0.092301:0.595089:0.010547:0.010547:0.008105:0.004233:0.006965:0.008105:0.006965:0.009226:0.009226:0.010547:0.006965:0.008105:0.006965:0.004233:0.005843:0.009226:0.004233:0.005843:0.010547:0.008105:0.004233:0.008702:0.009226:0.008756:0.008521:0.008105:0.004233:0.009226:0.010547:0.008105:0.006965:0.005843:0.004704:0.009226:0.010547:0.004233:0.009226:0.007019:0.004233:0.009226:0.006965:0.008105:0.006965:0.008105:0.010547:0.005843:0.008105:0.009226:0.004233:0.004704:0.010547:0.004233:0.005843:0.010547:0.008105:0.004233:0.005843:0.008702:0.009226:0.004704:0.008105:0.005843:0.010547:0.004233:0.009226:0.004704:0.009226:0.010547:0.009226:0.004233:0.013767:0.004704:0.005843:0.010547:0.004233:0.005843:0.010547:0.008105:0.004233:0.009570:0.006802:0.009064:0.009226:0.010547:0.004233:0.005843:0.004613:0.004613:0.009226:0.010547:0.006965:0.008105:0.005843:0.010547:0.005843:0.004704:0.004233:0.005843:0.005843:0.004233:0.004704:0.006965:0.004233:0.008521:0.008105:0.007327:0.009226:0.004233:0.008105:0.004704:0.008105:0.009226:0.006965:0.003835
that Indian firms are more concern about the cash flows rather than accounting earnings or other financial :@0.076923:0.626346:0.926665:0.626346:0.926665:0.611064:0.076923:0.611064:0.006024:0.010728:0.009245:0.006024:0.005228:0.006024:0.010728:0.009407:0.004885:0.009407:0.010728:0.005228:0.004613:0.004794:0.007309:0.015251:0.007146:0.005228:0.009407:0.007146:0.008286:0.005228:0.015251:0.009407:0.007146:0.008286:0.005228:0.008286:0.009407:0.010728:0.008286:0.008286:0.007598:0.010728:0.005228:0.008883:0.009407:0.009407:0.010728:0.006024:0.005228:0.006024:0.010728:0.008286:0.005228:0.008286:0.009407:0.007146:0.010728:0.005228:0.004613:0.004794:0.009064:0.013948:0.007146:0.005228:0.006983:0.009245:0.006024:0.010728:0.008286:0.007146:0.005228:0.006024:0.010728:0.009407:0.010728:0.005228:0.009407:0.008286:0.008286:0.009407:0.010728:0.010728:0.006024:0.004885:0.010728:0.009407:0.005228:0.008286:0.009407:0.007598:0.010728:0.004885:0.010728:0.009407:0.007146:0.005228:0.009407:0.007146:0.005228:0.009407:0.006024:0.010728:0.008286:0.007146:0.005228:0.004613:0.004794:0.010728:0.009407:0.010728:0.008286:0.004885:0.009407:0.004704:0.003835
indicators like financial ratios. But Indian firms hedge cash flows next to accounting earnings.:@0.076923:0.642321:0.782225:0.642321:0.782225:0.627038:0.076923:0.627038:0.004704:0.010547:0.009226:0.004704:0.008105:0.009064:0.005843:0.009226:0.007327:0.006965:0.003835:0.004704:0.004704:0.008684:0.008105:0.003835:0.004613:0.004613:0.010547:0.009226:0.010547:0.008105:0.004704:0.009226:0.004704:0.003835:0.006802:0.009064:0.005843:0.004704:0.009226:0.006965:0.004704:0.003835:0.010547:0.010547:0.005843:0.003835:0.005843:0.010547:0.009226:0.004704:0.009226:0.010547:0.003835:0.004613:0.004613:0.007128:0.015070:0.006965:0.003835:0.010547:0.008105:0.009226:0.008883:0.008105:0.003835:0.008105:0.009226:0.006965:0.010547:0.003835:0.004613:0.004613:0.008883:0.013767:0.006965:0.003835:0.010547:0.007761:0.009226:0.005843:0.003835:0.005843:0.009226:0.003835:0.009226:0.008105:0.008105:0.009226:0.010547:0.010547:0.005843:0.004704:0.010547:0.009226:0.003835:0.008105:0.009226:0.007417:0.010547:0.004704:0.010547:0.009226:0.006965:0.004704
Table-2:@0.476177:0.658296:0.539207:0.658296:0.539207:0.642867:0.476177:0.642867:0.010348:0.009715:0.010547:0.005663:0.009425:0.006024:0.011307
Motivations of  Hedging through Financial Derivatives:@0.279146:0.674271:0.736256:0.674271:0.736256:0.658842:0.279146:0.658842:0.016590:0.010366:0.006965:0.005500:0.009263:0.009986:0.006965:0.005663:0.010366:0.011687:0.008105:0.004034:0.010366:0.006006:0.003003:0.004034:0.013948:0.009425:0.010746:0.009805:0.005663:0.011687:0.009805:0.004034:0.006965:0.011687:0.008286:0.010366:0.011488:0.009805:0.011687:0.004034:0.010185:0.005663:0.011687:0.009986:0.011687:0.009226:0.005663:0.009986:0.005663:0.004034:0.013568:0.009425:0.008286:0.005500:0.009263:0.009986:0.006965:0.005500:0.008973:0.009425:0.008105
Nature of  Hedging:@0.162694:0.703098:0.304804:0.703098:0.304804:0.689212:0.162694:0.689212:0.012049:0.008988:0.006269:0.010339:0.007311:0.008483:0.003631:0.009330:0.005406:0.002703:0.003631:0.012553:0.008483:0.009672:0.008825:0.005096:0.010518:0.008825
Rank-1 (High):@0.402073:0.703098:0.511114:0.703098:0.511114:0.689212:0.402073:0.689212:0.011267:0.008988:0.010518:0.010518:0.005422:0.010176:0.003631:0.005764:0.012553:0.005096:0.008825:0.010518:0.005764
Rank-2:@0.561474:0.694113:0.618364:0.694113:0.618364:0.680226:0.561474:0.680226:0.011267:0.008988:0.010518:0.010518:0.005422:0.010176
(Moderate):@0.547276:0.712084:0.632578:0.712084:0.632578:0.698198:0.547276:0.698198:0.005764:0.014931:0.009330:0.009672:0.008483:0.007620:0.008988:0.006269:0.008483:0.005764
Rank-3:@0.694808:0.694113:0.751697:0.694113:0.751697:0.680226:0.694808:0.680226:0.011267:0.008988:0.010518:0.010518:0.005422:0.010176
(Low):@0.701370:0.712084:0.745136:0.712084:0.745136:0.698198:0.701370:0.698198:0.005764:0.009492:0.009183:0.013563:0.005764
Do not Know:@0.806633:0.703098:0.906523:0.703098:0.906523:0.689212:0.806633:0.689212:0.012212:0.009330:0.003631:0.010518:0.009330:0.006269:0.003631:0.011707:0.010518:0.009183:0.013563
Fluctuations in accounting earnings:@0.084785:0.740839:0.362410:0.740839:0.362410:0.726953:0.084785:0.726953:0.009167:0.005096:0.010339:0.008304:0.006269:0.010339:0.008988:0.006269:0.005096:0.009330:0.010518:0.007294:0.003631:0.005096:0.010518:0.003631:0.008988:0.008304:0.008304:0.009330:0.010339:0.010518:0.006269:0.005096:0.010518:0.008825:0.003631:0.008483:0.008988:0.007897:0.010518:0.005096:0.010518:0.008825:0.007294
15(21.73%):@0.431755:0.740839:0.516015:0.740839:0.516015:0.727085:0.431755:0.727085:0.009492:0.009492:0.005259:0.009492:0.009492:0.004233:0.009492:0.009492:0.012553:0.005259
24(34.78%):@0.565089:0.740839:0.649349:0.740839:0.649349:0.727085:0.565089:0.727085:0.009492:0.009492:0.005259:0.009492:0.009492:0.004233:0.009492:0.009492:0.012553:0.005259
21(30.43%):@0.698423:0.740839:0.782682:0.740839:0.782682:0.727085:0.698423:0.727085:0.009492:0.009492:0.005259:0.009492:0.009492:0.004233:0.009492:0.009492:0.012553:0.005259
9(13.04%):@0.841249:0.740839:0.916016:0.740839:0.916016:0.727085:0.841249:0.727085:0.009492:0.005259:0.009492:0.009492:0.004233:0.009492:0.009492:0.012553:0.005259
Fluctuations in cash flows:@0.084785:0.778580:0.283784:0.778580:0.283784:0.764693:0.084785:0.764693:0.009167:0.005096:0.010339:0.008304:0.006269:0.010339:0.008988:0.006269:0.005096:0.009330:0.010518:0.007294:0.003631:0.005096:0.010518:0.003631:0.008304:0.008988:0.007294:0.010518:0.003631:0.005170:0.005170:0.009183:0.013563:0.007294
42(60.86%):@0.431755:0.778580:0.516015:0.778580:0.516015:0.764825:0.431755:0.764825:0.009492:0.009492:0.005259:0.009492:0.009492:0.004233:0.009492:0.009492:0.012553:0.005259
17(24.63%):@0.565089:0.778580:0.649349:0.778580:0.649349:0.764825:0.565089:0.764825:0.009492:0.009492:0.005259:0.009492:0.009492:0.004233:0.009492:0.009492:0.012553:0.005259
3(4.34%):@0.717407:0.778580:0.782682:0.778580:0.782682:0.764825:0.717407:0.764825:0.009492:0.005259:0.009492:0.004233:0.009492:0.009492:0.012553:0.005259
7(10.14%):@0.841249:0.778580:0.916016:0.778580:0.916016:0.764825:0.841249:0.764825:0.009492:0.005259:0.009492:0.009492:0.004233:0.009492:0.009492:0.012553:0.005259
Balance sheet ratios:@0.084785:0.816320:0.239090:0.816320:0.239090:0.802434:0.084785:0.802434:0.011023:0.008988:0.005096:0.008988:0.010518:0.008304:0.008483:0.003631:0.007294:0.010518:0.008483:0.008483:0.006269:0.003631:0.007620:0.008988:0.006269:0.005096:0.009330:0.007294
9(13.04%):@0.441248:0.816320:0.516015:0.816320:0.516015:0.802566:0.441248:0.802566:0.009492:0.005259:0.009492:0.009492:0.004233:0.009492:0.009492:0.012553:0.005259
15(21.73%):@0.565089:0.816320:0.649349:0.816320:0.649349:0.802566:0.565089:0.802566:0.009492:0.009492:0.005259:0.009492:0.009492:0.004233:0.009492:0.009492:0.012553:0.005259
35(50.72%):@0.698423:0.816320:0.782682:0.816320:0.782682:0.802566:0.698423:0.802566:0.009492:0.009492:0.005259:0.009492:0.009492:0.004233:0.009492:0.009492:0.012553:0.005259
10(14.49%):@0.831756:0.816320:0.916016:0.816320:0.916016:0.802566:0.831756:0.802566:0.009492:0.009492:0.005259:0.009492:0.009492:0.004233:0.009492:0.009492:0.012553:0.005259
Market value of  the firm:@0.084785:0.854061:0.271947:0.854061:0.271947:0.840175:0.084785:0.840175:0.014931:0.008988:0.007311:0.009916:0.008483:0.006269:0.003631:0.008336:0.008988:0.005096:0.010339:0.008483:0.003631:0.009330:0.005406:0.002703:0.003631:0.006269:0.010518:0.008483:0.003631:0.005170:0.005170:0.007864:0.014589
3(4.34%):@0.450740:0.854061:0.516015:0.854061:0.516015:0.840306:0.450740:0.840306:0.009492:0.005259:0.009492:0.004233:0.009492:0.009492:0.012553:0.005259
13(18.84%):@0.565089:0.854061:0.649349:0.854061:0.649349:0.840306:0.565089:0.840306:0.009492:0.009492:0.005259:0.009492:0.009492:0.004233:0.009492:0.009492:0.012553:0.005259
10(14.49%):@0.698423:0.854061:0.782682:0.854061:0.782682:0.840306:0.698423:0.840306:0.009492:0.009492:0.005259:0.009492:0.009492:0.004233:0.009492:0.009492:0.012553:0.005259
43(62.31%):@0.831756:0.854061:0.916016:0.854061:0.916016:0.840306:0.831756:0.840306:0.009492:0.009492:0.005259:0.009492:0.009492:0.004233:0.009492:0.009492:0.012553:0.005259
Ha1: There is significant motivation for the entities to use derivatives as risk management tool.:@0.092308:0.897919:0.799871:0.897919:0.799871:0.882637:0.092308:0.882637:0.012809:0.009226:0.010547:0.004704:0.003112:0.010547:0.010547:0.008105:0.006965:0.008105:0.003835:0.004704:0.006965:0.003835:0.006965:0.004704:0.009226:0.010547:0.004704:0.004613:0.004613:0.008105:0.009226:0.010547:0.005843:0.003835:0.015070:0.009226:0.005843:0.004360:0.008883:0.009064:0.005843:0.004704:0.009226:0.010547:0.003835:0.004704:0.009226:0.006965:0.003835:0.005843:0.010547:0.008105:0.003835:0.008105:0.010547:0.005843:0.004704:0.005843:0.004704:0.008105:0.006965:0.003835:0.005843:0.009226:0.003835:0.010547:0.006965:0.008105:0.003835:0.009226:0.008105:0.006965:0.004360:0.008883:0.009064:0.005843:0.004360:0.008521:0.008105:0.006965:0.003835:0.009226:0.006965:0.003835:0.006965:0.004704:0.006965:0.009226:0.003835:0.015070:0.009226:0.010547:0.009064:0.008883:0.008105:0.015070:0.008105:0.010547:0.005843:0.003835:0.005843:0.009226:0.009226:0.004704:0.004704
FINANCIAL  MANAGEMENT:@0.080631:0.065750:0.443721:0.065750:0.443721:0.043002:0.080631:0.043002:0.017606:0.010377:0.020016:0.020016:0.020016:0.020016:0.010377:0.020016:0.013264:0.003951:0.010377:0.022426:0.020016:0.020016:0.020016:0.021232:0.018822:0.022426:0.018822:0.020016:0.013264