Since 2014
The Foreign Exchange Exposure of Japanese Multinational Corporations
African Journal of Finance and Management
View Archive Info| Field | Value | |
| Title |
The Foreign Exchange Exposure of Japanese Multinational Corporations
|
|
| Creator |
He, Jia
Ng, Lilian K |
|
| Subject |
—
— — |
|
| Description |
In this paper, we find that about 25 per cent 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 that non-keiretsu firms. African Journal of Finance and Management Vol.7(2) 1999: 13-33 |
|
| Publisher |
Institute of Finance Management, 1999
|
|
| Contributor |
—
|
|
| Date |
2004-11-25
|
|
| Type |
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion Peer-reviewed Article — |
|
| Format |
application/pdf
|
|
| Identifier |
http://www.ajol.info/index.php/ajfm/article/view/24347
10.4314/ajfm.v7i2.24347 |
|
| Source |
African Journal of Finance and Management; Vol 7, No 2 (1999); 13-33
0856-6372 |
|
| Language |
eng
|
|
| Relation |
http://www.ajol.info/index.php/ajfm/article/view/24347/20313
|
|
| Coverage |
—
— — |
|
| Rights |
Copyright for articles published in this journal is retained by the journal.
|
|