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

淡江大學機構典藏 > 全球發展學院 > 全球政治經濟學系 > 期刊論文 > Item 987654321/100801

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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:	2015-02
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:	無
顯示於類別:	[全球政治經濟學系] 期刊論文

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