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201110 https://hdl.handle.net/2286/R.2.N.201110 http://rightsstatements.org/vocab/InC/1.0/ All Rights Reserved 2025 77 pages Doctoral Dissertation Academic theses en Wu, Yiming Huang, Xiaochuan Kan, Rui Zhang, Ge Arizona State University Partial requirement for: D.B.A., Arizona State University, 2025 Field of study: Business Administration As a base metal with strong financial attributes, copper experiences significant price volatility and has a high correlation with the macroeconomic environment. When faced with drastic fluctuations in the external market, should copper-producing enterprises use financial derivative instruments to hedge against market price risks?This study examines the strategic hedging activities of 30 major domestic and international copper mining companies from 2016 to 2023. I construct a multiple linear regression model to examine the impact of such hedging activities on firm value, earnings volatility, and leverage. In addition, the study compares domestic and international firms, and conducts in-depth case studies of their hedging practices as well as major market risk events. The empirical analysis finds that hedging is positively associated with firms’ leverage, negatively associated with earnings volatility, and positively associated with firm value. These results suggest that hedging enhances firm value by improving the ability of enterprises to expand operations (through better financing and investment capabilities), and by stabilizing profits and cash flows. In addition, the benefits of hedging are more pronounced for foreign companies and non-state-owned enterprises. Based on the above findings, this paper recommends that copper-producing enterprises deepen their understanding of copper’s financial attributes, actively engage in hedging activities, optimize hedging instruments and strategies, and adopt dynamic hedging management in order to more effectively enhance firm value. Business Administration Copper Miners Corporate Value Debt-to-Assets Ratio Hedging Profit Volatility The Impact of Strategic Hedging by Large-scale Copper Producers on Their Financial Indicators