Firm Strategy and Economic Exposure to Foreign Exchange Rate Movements

Kent D Miller and Jeffrey J Reuer
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Kent D Miller: Purdue University
Jeffrey J Reuer: INSEAD

Journal of International Business Studies, 1998, vol. 29, issue 3, 493-513

Abstract: This study examines the implications of differences in strategy and industry structure for firms′ economic exposures to foreign exchange rate movements. In contrast with previous research using a single currency proxy, this study estimates firms′ exposures using a multiple currency model. The empirical evidence from U.S. manufacturing firms indicates that 13 to 17 percent of firms are exposed to foreign exchange rate movements. Results from cross-sectional analyses reveal that foreign direct investment reduces economic exposure to foreign exchange rate movements.© 1998 JIBS. Journal of International Business Studies (1998) 29, 493–513

Date: 1998
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