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This study examines derivatives use in samples of 451 Fortune 500/S&P 500 (FSP) firms and 461 randomly selected firms. We find that over 61% of the FSP firms and 36% of the random firms use derivatives. In both samples, swaps are the most often used interest-rate contract, and forwards and futures the most often used currency contract. The determinants of derivatives use differ across samples and definitions of derivatives use, and are largely consistent with theory. One exception is that the random firms' derivatives use and the theoretical determinants are not strongly related.
Howton et al. (Thu,) studied this question.