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Articles : Foreign Exchange Exposure of Korean Manufacturing Firms

Articles : Foreign Exchange Exposure of Korean Manufacturing Firms

정창영(Chang Young Chung)

- 발행기관 : 한국국제경영학회

- 발행년도 : 1999

- 간행물 : 국제경영연구, 10권 1호

- 페이지 : pp.87-105 ( 총 19 페이지 )


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5,400
논문제목
초록(외국어)
This study examines foreign exchange exposure of Korean manufacturing firms. The variation among firms in their exposure levels was explained with respect to the variation in the supposedly relevant firm specific characteristics. When the impact of exchange rate changes on the individual firms` stock returns is estimated in the multi-factor market model, 21 firms, 10% of the all firms in the sample, show significant(at 10%) exposure to won-dollar exchange rates while 10 firms, 5% of the sample firms, show significant exposure to yen-dollar exchange rates. It was hypothesized that a firm`s size, the proportion of exports to total sales, leverage ratio, and the proportion of foreign currency denominated debt out of total debt are the relevant firm specific characteristics for explaining the variation in the level of foreign exchange exposure among manufacturing firms. The regression models were estimated in the two subperiods, from January 1987 to December 1991, and from January 1992 to December 1996. The two subperiods differ in the degree of the capital market and foreign exchange market liberalization. The estimated results differ significantly between the two subperiods, and between the two exchange rates. The results indicate that some firm specific characteristics are significant in explaining the variation in the levels of foreign exchange exposure of individual firms. The discrepancies in the estimated coefficient structures between the two subperiods may represent any structural breaks. But some possible measurement problems necessitate further research for concrete conclusions.

논문정보
  • - 주제 : 사회과학분야 > 경영학
  • - 발행기관 : 한국국제경영학회
  • - 간행물 : 국제경영연구, 10권 1호
  • - 발행년도 : 1999
  • - 페이지 : pp.87-105 ( 총 19 페이지 )
  • - UCI(KEPA) : I410-ECN-0102-2009-320-009066496
저널정보
  • - 주제 : 사회과학분야 > 경영학
  • - 성격 : 학술지
  • - 간기 : 계간
  • - 국내 등재 : KCI 등재
  • - 해외 등재 : -
  • - ISSN : 1598-2718
  • - 수록범위 : 1990–2019
  • - 수록 논문수 : 470