지원사업
학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
커뮤니티
연구자들이 자신의 연구와 전문성을 널리 알리고, 새로운 협력의 기회를 만들 수 있는 네트워킹 공간이에요.
이 논문의 연구 히스토리 (3)
- 이 논문의 후속연구가 궁금하신가요?
- 연관 학술논문 또는 학술발표를 통해 보다 발전된 연구결과를 확인하실 수 있습니다.
- 이 논문의 연구 히스토리 확인하기
초록· 키워드
오류제보하기
We investigate using panel data analysis techniques like fixed effects models for Koreanfirm level data from 1991 till 2011 provided by KIS-Value database of Korea InformationService the effects of exportation of Korean firms and their hedging over exchange risks, andownership structure on their profitability. The primary results of this study are as follows.
First, Exporting firms did not outperform non-exporting firms. Rather, they showedsignificantly poor performance, measured by ROA or return on assets, compared withnon-exporting firms. Second, Firms adopting hedging strategies using derivatives againstforeign exchange risks outperform non-exporting firms in terms of corporate performance, fortheir higher exportation efforts. Third, exporting firms outperformed non-exporting firms whenthey have higher export ratios, higher ownership by their affiliate companies and when theyadopt hedging techniques for higher export ratios. The results imply that in Korea exportingfirms are better off with hedging over exchange rate risks, when they are more dependent onthe global market and when they are a member of affiliate firms. On the contrary, the fact that they are exporting firms, hedging firms, and members of affiliate groups does notpositively affect their financial performance.
목차
등록된 정보가 없습니다.
참고문헌 (33)
참고문헌 신청
Allayannis, G. / 2012 / The Use of Foreign Currency Derivatives, Corporate Governance, and Firm Value around the World / Journal of international economics 87 (1) : 65 ~ 79
Allayannis, George / 2001 / Exchange Rate Exposure, Hedging, and the Use of Foreign Currency Derivatives / Journal of International Money and Finance 20 (-) : 273 ~ 296
Allayannis, George / 2001 / The Use of Foreign Currency Derivatives and Firm Market Value / Review of Financial Studies 14 (1) : 243 ~ 276
DeMarzo, Peter M. / 1995 / Corporate Incentives for Hedging and Hedge Accounting / The Review of financial studies 8 (3) : 743 ~ 771
Geczy, Christopher / 1997 / Why Firms Use Currency Derivatives / The Journal of Finance 52 : 1323 ~ 1354
Allayannis, George / 2001 / Exchange Rate Exposure, Hedging, and the Use of Foreign Currency Derivatives / Journal of International Money and Finance 20 (-) : 273 ~ 296
Allayannis, George / 2001 / The Use of Foreign Currency Derivatives and Firm Market Value / Review of Financial Studies 14 (1) : 243 ~ 276
DeMarzo, Peter M. / 1995 / Corporate Incentives for Hedging and Hedge Accounting / The Review of financial studies 8 (3) : 743 ~ 771
Geczy, Christopher / 1997 / Why Firms Use Currency Derivatives / The Journal of Finance 52 : 1323 ~ 1354
이 논문의 저자 정보
최근 본 자료
댓글(0)
0