{"title":"外汇市场的金融压力及其对企业投资的实际影响:来自韩国的证据","authors":"Deokki Ko","doi":"10.1080/1226508X.2022.2079544","DOIUrl":null,"url":null,"abstract":"ABSTRACT This study proposes an exogenous financial stress index for South Korea’s foreign exchange market (EXO-FSIFX) and explores its effect on firm investments using panel data on manufacturing firms listed on the Korea Exchange from 2000 to 2019. The empirical results show that EXO-FSIFX negatively affects firm investments on average, and the strength of this relationship varies by firm characteristics. Specifically, the negative impact of EXO-FSIFX on firm investments increases in firms with procyclical sales and financial unsoundness.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":"22 1","pages":"142 - 158"},"PeriodicalIF":1.9000,"publicationDate":"2022-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"2","resultStr":"{\"title\":\"Financial Stress in the Foreign Exchange Market and its Real Effect on Firm Investments: Evidence from South Korea\",\"authors\":\"Deokki Ko\",\"doi\":\"10.1080/1226508X.2022.2079544\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"ABSTRACT This study proposes an exogenous financial stress index for South Korea’s foreign exchange market (EXO-FSIFX) and explores its effect on firm investments using panel data on manufacturing firms listed on the Korea Exchange from 2000 to 2019. The empirical results show that EXO-FSIFX negatively affects firm investments on average, and the strength of this relationship varies by firm characteristics. Specifically, the negative impact of EXO-FSIFX on firm investments increases in firms with procyclical sales and financial unsoundness.\",\"PeriodicalId\":45235,\"journal\":{\"name\":\"Global Economic Review\",\"volume\":\"22 1\",\"pages\":\"142 - 158\"},\"PeriodicalIF\":1.9000,\"publicationDate\":\"2022-04-03\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"2\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Global Economic Review\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://doi.org/10.1080/1226508X.2022.2079544\",\"RegionNum\":4,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Global Economic Review","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.1080/1226508X.2022.2079544","RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"ECONOMICS","Score":null,"Total":0}
Financial Stress in the Foreign Exchange Market and its Real Effect on Firm Investments: Evidence from South Korea
ABSTRACT This study proposes an exogenous financial stress index for South Korea’s foreign exchange market (EXO-FSIFX) and explores its effect on firm investments using panel data on manufacturing firms listed on the Korea Exchange from 2000 to 2019. The empirical results show that EXO-FSIFX negatively affects firm investments on average, and the strength of this relationship varies by firm characteristics. Specifically, the negative impact of EXO-FSIFX on firm investments increases in firms with procyclical sales and financial unsoundness.
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