کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
963663 930384 2010 18 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Foreign exchange exposure of “domestic” corporations
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Foreign exchange exposure of “domestic” corporations
چکیده انگلیسی
Unlike prior studies on foreign exchange risk that have focused on multinational companies, this paper documents that domestic companies face significant foreign exchange exposure. Indeed, we document that on average domestic company foreign exchange exposure is not significantly different from the exposures faced by multinational firms. As expected, the number of domestic firms with significant foreign exchange exposure increases with the exposure estimation horizon. More interestingly, the level of domestic firm exposure is significantly negatively related to firm size and asset turnover, and positively related to the market to book ratio and financial leverage. Our results have important implications for managers, policy makers, and accounting standards.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of International Money and Finance - Volume 29, Issue 8, December 2010, Pages 1619-1636
نویسندگان
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