The effectiveness of foreign debt in hedging exchange rate exposure: Multinational enterprises vs. exporting firms
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Kim, Soon Sung | - |
dc.contributor.author | Chung, Jaiho | - |
dc.contributor.author | Hwang, Joon Ho | - |
dc.contributor.author | Pyun, Ju Hyun | - |
dc.date.accessioned | 2021-08-30T06:44:30Z | - |
dc.date.available | 2021-08-30T06:44:30Z | - |
dc.date.created | 2021-06-19 | - |
dc.date.issued | 2020-12 | - |
dc.identifier.issn | 0927-538X | - |
dc.identifier.uri | https://scholar.korea.ac.kr/handle/2021.sw.korea/51307 | - |
dc.description.abstract | This study examines the effect of foreign debt use on the reduction in foreign exchange rate risk between multinational enterprises (MNEs) and exporting firms. We use manufacturing firms in Korea and find that the hedging effectiveness of foreign debt of MNEs is more salient than that of exporting firms. Results are robust after controlling for self-selection effect and alternative measurements for individual currency exposure. Our findings suggest that the effectiveness of foreign debt in reducing FX exposure is influenced by the volatility of foreign cash inflows that depends on different operating characteristics between two groups of firms. | - |
dc.language | English | - |
dc.language.iso | en | - |
dc.publisher | ELSEVIER | - |
dc.subject | CURRENCY | - |
dc.title | The effectiveness of foreign debt in hedging exchange rate exposure: Multinational enterprises vs. exporting firms | - |
dc.type | Article | - |
dc.contributor.affiliatedAuthor | Kim, Soon Sung | - |
dc.contributor.affiliatedAuthor | Chung, Jaiho | - |
dc.contributor.affiliatedAuthor | Hwang, Joon Ho | - |
dc.contributor.affiliatedAuthor | Pyun, Ju Hyun | - |
dc.identifier.doi | 10.1016/j.pacfin.2020.101455 | - |
dc.identifier.scopusid | 2-s2.0-85094629305 | - |
dc.identifier.wosid | 000596687900010 | - |
dc.identifier.bibliographicCitation | PACIFIC-BASIN FINANCE JOURNAL, v.64 | - |
dc.relation.isPartOf | PACIFIC-BASIN FINANCE JOURNAL | - |
dc.citation.title | PACIFIC-BASIN FINANCE JOURNAL | - |
dc.citation.volume | 64 | - |
dc.type.rims | ART | - |
dc.type.docType | Article | - |
dc.description.journalClass | 1 | - |
dc.description.journalRegisteredClass | ssci | - |
dc.description.journalRegisteredClass | scopus | - |
dc.relation.journalResearchArea | Business & Economics | - |
dc.relation.journalWebOfScienceCategory | Business, Finance | - |
dc.subject.keywordPlus | CURRENCY | - |
dc.subject.keywordAuthor | Foreign exchange exposure | - |
dc.subject.keywordAuthor | Foreign debt | - |
dc.subject.keywordAuthor | MNEs | - |
dc.subject.keywordAuthor | Exporting firms | - |
Items in ScholarWorks are protected by copyright, with all rights reserved, unless otherwise indicated.
(02841) 서울특별시 성북구 안암로 14502-3290-1114
COPYRIGHT © 2021 Korea University. All Rights Reserved.
Certain data included herein are derived from the © Web of Science of Clarivate Analytics. All rights reserved.
You may not copy or re-distribute this material in whole or in part without the prior written consent of Clarivate Analytics.