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논문검색

기업 금융안정지표로서의 환율변동성노출 측정과 기업성과와의 관계 분석

원문정보

Measure of Foreign Exchange Volatility Exposure as a Financial Stability Index for the Corporate Sector and its Relationship with Firm Performance

양오석, 한재훈

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초록

영어

Main objectives of this paper are twofold: (1) it suggests how to measure foreign exchange volatility exposure (FXVE), which has not been taken into account for corporate financial stability indices, (2) it also examines the academic and empirical implications of explores FXVE, which are different from the conventional foreign exchange exposure (FXE). The authors establish an challenging measurement of FXVE by employing Bodnar and Marston(2002)’s approach based on Gómez and Milgram(2010)’s. The main findings are: FXE is not significantly associated with risk-adjusted performance (RAP) while FXVE is positively associated with RAP; the financial hedging activities are not significantly associated with RAP; Most firm-specific advantages are positively or negatively associated with RAP; finance-specific advantages are also positively or negatively associated with RAP; In contrast, stock price return is not significantly associated with RAP.

목차

Abstract
I. 서론
II. 이론적 배경 및 주요 가설
III. 연구방법
IV. 분석결과
V. 토론
VI. 결론
참고문헌

저자정보

  • 양오석 Oh-Suk Yang. 강원대학교 경영회계학부, 부교수
  • 한재훈 Jae-Hoon Han. 한림대학교 경영학과, 교수

참고문헌

자료제공 : 네이버학술정보

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