A Firm-Specific Analysis of Taiwan Foreign Exchange Rate Exposure: A Panel Data Approach

機構典藏 > College of Global Entrepreneurial Development > Department of Global Political Economy > Journal Article > Item 987654321/100801

Please use this identifier to cite or link to this item: https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/100801

Title:	A Firm-Specific Analysis of Taiwan Foreign Exchange Rate Exposure: A Panel Data Approach
Authors:	馬為騰
Contributors:	全球化政治與經濟學系
Keywords:	Exchange rate exposure;Exposure Determinants;Panel analysis;Taiwan
Date:	2015-02
Issue Date:	2015-03-13 15:37:43 (UTC+8)
Publisher:	SSRG
Abstract:	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.
Relation:	SSRG International Journal of Economics and Management Studies 2(1), pp.45-53
DOI:	無
Appears in Collections:	[Department of Global Political Economy] Journal Article

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