The DOI matches its Crossref record; 18 of the 18 references it cites were found in a registry or an index.
The Foreign Exchange Exposure of Japanese Multinational Corporations
Abstract
We find that about 25 percent of our sample of 171 Japanese multinationals' stock returns experienced economically significant positive exposure effects for the period January 1979 to December 1993. The extent to which a firm is exposed to exchange‐rate fluctuations can be explained by the level of its export ratio and by variables that are proxies for its hedging needs. Highly leveraged firms, or firms with low liquidity, tend to have smaller exposures. Foreign exposure is found to increase with firm size. We also find that keiretsu multinationals are more exposed to exchange‐rate risk than nonkeiretsu firms.
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Cites
The Determinants of Firms' Hedging Policies
Smith, C. W., & Stulz, R. M. (1985) · The Journal of Financial and Quantitative Analysis · doi:10.2307/2330757 · Cited by 3,255
Corporate Structure, Liquidity, and Investment: Evidence from Japanese Industrial Groups
Hoshi, T., Kashyap, A., & Scharfstein, D. (1991) · The Quarterly Journal of Economics · doi:10.2307/2937905 · Cited by 2,359
On the Determinants of Corporate Hedging
NANCE, D. R., SMITH, C. W., & SMITHSON, C. W. (1993) · The Journal of Finance · doi:10.1111/j.1540-6261.1993.tb04709.x · Cited by 1,254
The role of banks in reducing the costs of financial distress in Japan
Hoshi, T., Kashyap, A., & Scharfstein, D. (1990) · Journal of Financial Economics · doi:10.1016/0304-405x(90)90021-q · Cited by 1,213
Why Firms Use Currency Derivatives
GÉCZY, C., MINTON, B. A., & SCHRAND, C. (1997) · The Journal of Finance · doi:10.1111/j.1540-6261.1997.tb01112.x · Cited by 1,156
The Exchange-Rate Exposure of U.S. Multinationals
Jorion, P. (1990) · The Journal of Business · doi:10.1086/296510 · Cited by 1,141
BANKRUPTCY COSTS: SOME EVIDENCE
Gruber, M. J., & Warner, J. B. (1977) · The Journal of Finance · doi:10.1111/j.1540-6261.1977.tb03274.x · Cited by 1,095
Risk Management: Coordinating Corporate Investment and Financing Policies
Froot, K. A., Scharfstein, D. S., & Stein, J. C. (1993) · The Journal of Finance · doi:10.2307/2329062 · Cited by 961
Exchange rate exposure, hedging, and the use of foreign currency derivatives
Allayannis, G., & Ofek, E. (2001) · Journal of International Money and Finance · doi:10.1016/s0261-5606(00)00050-4 · Cited by 948
Stulz, R. M. (1984) · The Journal of Financial and Quantitative Analysis · doi:10.2307/2330894 · Cited by 938
Cited by
Varghese, G. (2018) · Theoretical Economics Letters · doi:10.4236/tel.2018.88095 · Cited by 3
Metadata
- Authors
- He, J., & Ng, L. K.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 1998-04
- Volume
- 53
- Issue
- 2
- Pages
- 733-753
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2100267563
- Cited by
- 601
- References
- 18
- FWCI
- 64.56
- Type
- journal article
- Language
- en
- Open access
- closed
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