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Operational Hedges and the Foreign Exchange Exposure of U.S. Multinational Corporations

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  • Christos Pantzalis

    (University of South Florida)

  • Betty J Simkins

    (Oklahoma State University)

  • Paul A Laux

    (Case Western Reserve University)

Abstract

This paper examines the impact of operational hedges of US multinational corporations (MNCs) on their exchange rate exposure. The two important contributions of this study are: First, it documents the importance of operational hedges as significant determinants of exchange rate risk, as measured by “breadth” and “depth” dimensions of the MNC foreign subsidiary network. Second, this finding remains robust even after examining the impact of operational hedges on exposure separately for negatively and positively exposed MNCs.© 2001 JIBS. Journal of International Business Studies (2001) 32, 793–812

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  • Christos Pantzalis & Betty J Simkins & Paul A Laux, 2001. "Operational Hedges and the Foreign Exchange Exposure of U.S. Multinational Corporations," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 32(4), pages 793-812, December.
    • Handle: RePEc:pal:jintbs:v:32:y:2001:i:4:p:793-812
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