Internationalization, foreign exchange exposure and firm risk

被引：2
|
作者：
Likitwongkajon, Napaporn [1 ]
Vithessonthi, Chaiporn [2 ]
机构：
[1] Khon Kaen Univ, Fac Business Adm & Accountancy, 123 Mithraphap Rd, Khon Kaen 40002, Thailand
[2] Sunway Univ, Business Sch, 5 Jalan Univ, Bandar Sunway 47500, Selangor, Malaysia
来源：
INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS | 2022年 / 83卷
关键词：
Foreign exchange exposure; Foreign investments; Firm risk; Performance volatility; Switzerland; PERFORMANCE EVIDENCE; TAKING INCENTIVES; DIVERSIFICATION; OPTIONS; PRODUCT;
D O I：
10.1016/j.irfa.2022.102334
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper examines the effect of internationalization on variation in operating performance. Analyzing a sample of non-financial firms in Switzerland during 2000-2020, we document two key findings. First, internationali-zation is positively associated with variation in operating performance. However, neither operational-hedging internationalization nor revenue-seeking internationalization moderates the relation between internationaliza-tion and variation in operating performance. Second, our findings show that the unhedged foreign exchange exposure neither strengthens nor weakens the effect of internationalization on variation in operating perfor-mance. Further analyses show that internationalization is not associated with firm performance.
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页数：16
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