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Exchange rate changes and the operating performance of multinationals

Title
Exchange rate changes and the operating performance of multinationals
Authors
Lee B.-S.Suh J.
Ewha Authors
서정원
Issue Date
2012
Journal Title
European Financial Management
ISSN
1354-7798JCR Link
Citation
vol. 18, no. 1, pp. 88 - 116
Indexed
SSCI; SCOPUS WOS scopus
Abstract
Using a sample of 261 US multinationals over the period 1984-2002, we examine the relation between exchange rate changes and the profitability of foreign operations. We find that the impact of exchange rate changes on foreign operations' profitability is not statistically significant in the majority of industries. Furthermore, according to our variance components analysis, exchange rate changes explain less than 2% of the variation in foreign operations' profitability for most industries. We also find that the impact of exchange rate changes on foreign operations' profitability is generally weak for non-US multinationals from Australia, Canada, Japan and the UK. Our evidence is consistent with the finding of prior studies that the impact of exchange rate changes on firm value is not significant for most multinationals. © 2010 Blackwell Publishing Ltd.
DOI
10.1111/j.1468-036X.2009.00522.x
Appears in Collections:
경영대학 > 경영학전공 > Journal papers
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