Exchange Rate Exposure and its Determinants: Evidence on Hungarian Firms.

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F47813059%3A19520%2F14%3A%230002806" target="_blank" >RIV/47813059:19520/14:#0002806 - isvavai.cz</a>

Výsledek na webu

<a href="http://www.vse.cz/efaj/119" target="_blank" >http://www.vse.cz/efaj/119</a>

DOI - Digital Object Identifier

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Jazyk výsledku

angličtina

Název v původním jazyce

Exchange Rate Exposure and its Determinants: Evidence on Hungarian Firms.

Popis výsledku v původním jazyce

This paper analyses the foreign exchange rate exposure of Hungarian firms and its determinants on the basis of corporate cash flows and stock prices. The analysis focuses on the HUF/EUR exchange rate using monthly data from 2000 - 2014, resp. 2003 - 2012in case of cash flow analysis. Stock prices exposure analysis showed that significant number of these firms is exposed: 18,4 % of publicly listed companies were significantly exposed in period 2007 - 2014 which is significantly higher than in previous period. According to the cash flow analysis results, 34 % of firms are exposed, whilst 45,3 % of small firms are significantly exposed. The measuring of exchange rate risk and hedging is therefore crucial for reduction of the firms' uncertainty. Cross-sectional analysis suggests that the turnover and foreign sales are also important determinants of firms' exchange rate exposure.

Název v anglickém jazyce

Exchange Rate Exposure and its Determinants: Evidence on Hungarian Firms.

Popis výsledku anglicky

This paper analyses the foreign exchange rate exposure of Hungarian firms and its determinants on the basis of corporate cash flows and stock prices. The analysis focuses on the HUF/EUR exchange rate using monthly data from 2000 - 2014, resp. 2003 - 2012in case of cash flow analysis. Stock prices exposure analysis showed that significant number of these firms is exposed: 18,4 % of publicly listed companies were significantly exposed in period 2007 - 2014 which is significantly higher than in previous period. According to the cash flow analysis results, 34 % of firms are exposed, whilst 45,3 % of small firms are significantly exposed. The measuring of exchange rate risk and hedging is therefore crucial for reduction of the firms' uncertainty. Cross-sectional analysis suggests that the turnover and foreign sales are also important determinants of firms' exchange rate exposure.

Druh

J_x - Nezařazeno - Článek v odborném periodiku (Jimp, Jsc a Jost)

CEP obor

AH - Ekonomie

OECD FORD obor

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Projekt

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Návaznosti

S - Specificky vyzkum na vysokych skolach

Rok uplatnění

2014

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název periodika

European Financial and Accounting Journal

ISSN

1802-2197

e-ISSN

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Svazek periodika

Neuvedeno

Číslo periodika v rámci svazku

2

Stát vydavatele periodika

CZ - Česká republika

Počet stran výsledku

19

Strana od-do

47-65

Kód UT WoS článku

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EID výsledku v databázi Scopus

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