Strategic hedging: Evidence from Brazilian exporters

被引：11
|
作者：
Boehe, Dirk Michael [1 ]
机构：
[1] Univ Adelaide Business Sch, Adelaide, SA 5005, Australia
来源：
JOURNAL OF WORLD BUSINESS | 2014年 / 49卷 / 03期
关键词：
Exports; Geographic diversification; Relatedness; Panel regression analysis; Real exchange rates; FOREIGN-EXCHANGE EXPOSURE; INTERNATIONAL DIVERSIFICATION; OPERATING FLEXIBILITY; ENTROPY MEASURE; PERFORMANCE; FIRM; TRADE; INTEGRATION; ANTECEDENTS; HYSTERESIS;
D O I：
10.1016/j.jwb.2013.05.001
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
How and why do exporters adjust their portfolios of destination countries in response to exchange rate movements? How do such geographic export diversification choices affect firm performance? Drawing on the corporate strategy and international business literature, we argue that firms enjoying low exchange rate competitiveness can increase their performance by expanding their exports to different world regions and vice versa. Studying a panel of Brazilian exporters during the years 2001-2010 and using a system of moderated mediation models with firm, industry and period fixed effects, we find that unrelated geographic diversification of exports is more effective than related diversification in counteracting exchange rate pressures. (C) 2013 Elsevier Inc. All rights reserved.
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页码：290 / 300
页数：11
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