Modigliani and Miller pose risk management as an issue that is separate from and pertains to shareholder diversification. However, financial theory and research show that companies facing different types of risks choose to hedge in order to increase their value and improve their performance. Effective market risk management depends on the use of financial derivatives and requires dynamic and efficient corporate governance in hedging that provides value, particularly in the context of macroeconomic and financial disturbances and imbalances. This paper analyzed the relationship between the use of financial hedging instruments and their impact on the value of the company, using the economic value added as an effect indicator. The 55 companies based in Colombia with the highest imports from 2012 to 2021 were studied. Through the estimation of several panel-type regression models, a positive incidence of the use of derivatives in the value of the companies was found. However, its low significance does not allow to affirm a robust effect on the EVA of these. Likewise, significant evidence was found of the negative effect that the annual depreciation of the representative market rate has on the value of colombian companies
