多元化与企业风险：汇率风险敞口的新证据

IF 5.4 2区经济学 Q1 BUSINESS, FINANCE

Journal of International Financial Markets Institutions & Money Pub Date : 2025-04-04 DOI:10.1016/j.intfin.2025.102158

Taek Ho Kwon , Sung C. Bae , Chenyang Liu

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引用次数: 0

摘要

本研究基于企业多元化的资源基础和投资组合观点，探讨了产业多元化对汇率风险敞口的影响。以韩国企业为样本，我们报告了新的证据，表明一旦地域多元化的影响得到控制，自我选择偏差得到纠正，产业多元化在减少汇率风险方面提供了强有力的积极作用。行业多元化对外汇敞口的缓解作用对于地理上多元化的公司来说更为明显，这些公司本质上是高度暴露于外汇风险的。我们的研究结果表明，产业多元化有助于具有国际业务的公司减少其汇率风险，支持产业多元化在管理与地域多元化相关的外汇风险方面的互补作用。我们的研究进一步讨论了工业和地域多样化在外汇风险降低中的相互作用的潜在机制。

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Diversification and firm risk: New evidence on exchange rate exposure

This study examines the effect of industrial diversification on exchange rate exposure based on the resource-based and portfolio views of corporate diversification. Sampling Korean firms, we report new evidence that once the effect of geographic diversification is controlled and the self-selection bias is corrected, industrial diversification provides a strong positive effect in reducing exchange rate exposure. The mitigating effect of industrial diversification on FX exposure is more pronounced for geographically diversified firms which are in nature highly exposed to FX risk. Our results indicate that industrial diversification helps firms with international operations reduce their exchange rate exposure, supporting the complementary role of industrial diversification in managing FX risk associated with geographic diversification. Our study offers further discussions on potential mechanisms through which industrial and geographic diversification interacts in FX risk reduction.

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来源期刊

Journal of International Financial Markets Institutions & Money Multiple-

CiteScore

6.60

自引率

10.00%

发文量

142

期刊介绍： International trade, financing and investments, and the related cash and credit transactions, have grown at an extremely rapid pace in recent years. The international monetary system has continued to evolve to accommodate the need for foreign-currency denominated transactions and in the process has provided opportunities for its ongoing observation and study. The purpose of the Journal of International Financial Markets, Institutions & Money is to publish rigorous, original articles dealing with the international aspects of financial markets, institutions and money. Theoretical/conceptual and empirical papers providing meaningful insights into the subject areas will be considered. The following topic areas, although not exhaustive, are representative of the coverage in this Journal. • International financial markets • International securities markets • Foreign exchange markets • Eurocurrency markets • International syndications • Term structures of Eurocurrency rates • Determination of exchange rates • Information, speculation and parity • Forward rates and swaps • International payment mechanisms • International commercial banking; • International investment banking • Central bank intervention • International monetary systems • Balance of payments.