Exchange rate exposure at the firm and industry levels: Evidence from Turkey

Gokhan H. Akay and Atilla Cifter

Economic Modelling, 2014, vol. 43, issue C, 426-434

Abstract: The purpose of this study is to examine industry-weighted exchange rate exposure at the firm and industry level for Turkish plants. We use an unbalanced panel of plant-level data for manufacturing firms in Turkey during the years of 2002 and 2010 in seven industries. The results indicate that macro indicators seem to be a more significant influence on the exchange rate exposure. Moreover, industry-weighted openness is the most important factor to determine the exchange rate exposure for Turkish firms. We also find that the direction of exposure varies at the industry level.

Keywords: Firm-and industry-level exposure; Exchange rate risk; Trade openness; Stock returns (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (13)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecmode:v:43:y:2014:i:c:p:426-434

DOI: 10.1016/j.econmod.2014.09.003

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