Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/297901 
Erscheinungsjahr: 
2021
Quellenangabe: 
[Journal:] European Financial and Accounting Journal [ISSN:] 1805-4846 [Volume:] 16 [Issue:] 1 [Year:] 2021 [Pages:] 45-70
Verlag: 
Prague University of Economics and Business, Faculty of Finance and Accounting, Prague
Zusammenfassung: 
It is generally acknowledged that one of the risks faced by any company is FX risk, especially when the business operates internationally. For individual companies, exposure to FX risk results in different financial implications, stressing such parameters as the industry affiliation and the company's size with respect to the level of FX risk exposure. In this paper we analyse how FX exposure of companies of different size and operating in industrial and service sectors affects their stock market returns. Using the panel regression with macroeconomic and companies' specific factors for 208 European companies analysed over the period 2012-2018, we show that the link between changes in the exchange rate and the stock return is statistically significant and that medium-size companies as well as firms operating in the service sector of economy are more exposed to this impact.
Schlagwörter: 
Stock return
Stock price
Exchange rate
FX exposure
FX risk
JEL: 
F31
G12
G32
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