The foreign exchange exposure of Japanese multinational corporations

• 成果类型: Article
• 署名作者: He, J; Ng, LK
• 署名单位: Chinese University of Hong Kong; Hong Kong University of Science & Technology; University of Southern California
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/0022-1082.295575
• 发表日期: 1998
• 页码: 733-753
• 关键词: HEDGING POLICIES; INVESTMENT; FIRMS; COSTS

摘要

We find that about 25 percent of our sample of 171 Japanese multinationals' stock returns experienced economically significant positive exposure effects for the period January 1979 to December 1993. The extent to which a firm is exposed to exchange-rate fluctuations can be explained by the level of its export ratio and by variables that are proxies for its hedging needs. Highly leveraged firms, or firms with low liquidity, tend to have smaller exposures. Foreign exposure is found to increase with firm size. We also find that keiretsu multinationals are more exposed. to exchange-rate risk than nonkeiretsu firms.