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

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题名:	A Firm-Specific Analysis of Taiwan Foreign Exchange Rate Exposure: A Panel Data Approach
作者:	馬為騰
贡献者:	全球化政治與經濟學系
关键词:	Exchange rate exposure;Exposure Determinants;Panel analysis;Taiwan
日期:	2015-02
上传时间:	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:	無
显示于类别:	[全球政治經濟學系] 期刊論文

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