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    題名: A Firm-Specific Analysis of Taiwan Foreign Exchange Rate Exposure: A Panel Data Approach
    作者: 馬為騰
    貢獻者: 全球化政治與經濟學系
    關鍵詞: Exchange rate exposure;Exposure Determinants;Panel analysis;Taiwan
    日期: 2015
    上傳時間: 2015-03-13 15:37:43 (UTC+8)
    出版者: SSRG
    摘要: This study investigates the
    determinants of Taiwanese foreign exchange
    exposure, using firm-specific operational and
    financial variables from 1990 to 2010. After
    testing six hypotheses on the relationship
    between variables and level of exposure, we find
    7 statistically significant determinants which is a
    quite large number, compared to the relevant
    literature. Foreign operations, size, liquidity,
    profitability and hedging have all an impact on
    exposure. The ratio export to sales, total assets,
    the ratio current assets to total assets and option
    hedging increase the level of exposure, while net
    sales, net income and forward hedging decrease
    it. This research provides a better understanding
    of Taiwanese exposure. If a variable increases
    the level of exposure, it means that it is related to
    a benefit from an appreciation of the domestic
    currency.
    關聯: SSRG International Journal of Economics and Management Studies 2(1), pp.45-53
    DOI: 
    顯示於類別:[全球政治經濟學系] 期刊論文

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