A revisit to economic exposure of U.S. multinational corporations

De Wai Chou, Lin Lin, Pi Hsia Hung*, Chun Heng Lin

*此作品的通信作者

    研究成果: 雜誌貢獻期刊論文同行評審

    2 引文 斯高帕斯(Scopus)

    摘要

    To shed light on the influence of U.S. major trade partners’ currencies on MNCs’ firm values, this study investigates the asymmetric effects and the determinants of appreciated and depreciated economic exposure of the U.S. MNCs. Our empirical results reveal several findings: (1) The influences of exchange rate fluctuation on stock returns vary enormously for different currencies. (2) During the U.S. dollar appreciating period, MNCs benefit very little from this appreciation against major trade partners’ currencies, but most MNCs see harmful impacts from a U.S. dollar appreciation against the Brazilian real. (3) During the U.S. dollar depreciating period, most U.S. MNCs benefit from this depreciation against the European Monetary Union's euro, Mexican new peso and Brazilian real; however, they overall suffer losses against the Chinese yuan, Japanese yen, and British pound. (4) The level of foreign sales is the key determinant of economic exposure.

    原文英語
    頁(從 - 到)273-287
    頁數15
    期刊North American Journal of Economics and Finance
    39
    DOIs
    出版狀態已發佈 - 2017 一月 1

    ASJC Scopus subject areas

    • 金融
    • 經濟學與計量經濟學

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