터키 수출 기업의 환노출 결정요인: 기업 속성과 전략 속성

초록

We attempts to discover whether foreign exchange exposure(FEX) of Turkish firms are determined by the firm-specific and/or strategy-specific attributes. We select 601 Turkish manufacturing firms for 2003-2015, employing the two-factor model in Jorion(1990) to measure firms’ FEX. The findings are first, from the perspective of firm-specific attributes, firm size is positively correlated to firms’ FEX, whereas long-term debt ratio, quick ratio and dividend payout ratio are negatively correlated to firms’FEX. Second, from the perspective of strategy-specific attributes, export ratio is negatively correlated to firms’ FEX. Third, macroeconomic factors are not significantly correlated to firms’ FEX.

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