본 논문은 최고경영자(Chief Executive Officer, CEO)의 특성이 기업의 위험관리 의사결정에 어떤 영 향을 미치는지를 분석하고자 하였다. 최고경영자의 특성을 나타내는 변수로 나이와 취득전공을 선정하여 2008년 금융위기 전후로 파생상품을 이용한 제조기업들을 대상으로 구조화파생상품을 이용한 기업들만의 차별화된 특성을 분석하였다. 연구결과는 다음과 같다. 일반적으로 CEO의 나이가 많아질수록 보수적 이고 안정적인 의사결정을 한다는 첫 번째 가설을 검증한 결과, CEO의 나이는 복잡한 구조화파생상품을 이용하는데 별다른 영향을 미치지 못하는 것으로 나타났다. 상경관련 전공자가 파생상품을 더 잘 이해하고 복잡한 구조화파생상품이 위험관리용으로 적절하지 않기에 더 적게 사용할 것이라는 두 번째 가설을 검증한 결과, 비상경계 CEO의 파생상품 이용정도가 상경계 CEO보다 더 높은 것으로 나타나서 가설을 지지하는 것으로 나타났다.

This case study investigates the KIKO currency option that has been a social issue in recent years among developing countries, especially Korea, where the financial derivatives market is in a state of rapid growth. The forward transaction which becomes a basis of derivatives is intended to hedge risks that may be caused by a future change in asset prices. Although it originates from a simple form of agricultural transactions, there currently exists a variety of derivatives in more sophisticated forms. In the Korean agricultural industry, the need to use such derivatives is great, as there is a huge risk of price fluctuation in agricultural products due to frequent adverse weather. In addition, many developing countries with export-led industrial structures similar to Korea’s, of necessity must resort to currency hedging as a method of reducing relevant risk. However, in most cases, the lack of understanding about financial derivatives results in an inappropriate application of these derivatives. The KIKO in this study represents such cases. Since 2007, KIKO has been sold in Korea to many small- and medium-sized export companies for the purpose of currency hedging when the exchange rate between the Korean won and the U.S. dollar was in a downward spiral. The main focus of this study is a case which is most representative of KIKO. As inflation rapidly increased during the financial crisis in the U.S. at the end of 2007, derivatives became a hot issue in the courts rather than in the financial markets. This case study investigates what KIKO and the fierce legal debates over it imply, from the perspective of the option of value evaluation in order to suggest not only a direction in which companies can utilize financial derivatives, but also a roadmap for the future derivatives market.