Empirical evidence on the use of derivatives for risk management on the European continent
is virtually non‐existent. To fill this gap, our survey documents the usage of derivatives by
non‐financial large firms operating in Belgium. This paper provides descriptive evidence
with respect to several questions that are raised in the literature. Why do firms hedge? Which
financial risks are being managed? How widespread is the use of derivatives? Which
derivatives are used for which purposes? How is a risk management policy implemented …

Empirical evidence on the use of derivatives for risk management on the European continent
is virtually non-existent. To fill this gap, our survey documents the usage of derivatives by
nonfinancial large firms operating in Belgium. Since we are interested in the end users of
derivative products we have excluded financial firms. This paper gives an overview of
several questions that are raised in the literature. Which financial risks are being managed?
How widespread is the use of derivatives? Which derivatives are used for which purposes …