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Firm Strategy and Economic Exposure to Foreign Exchange Rate Movements

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  • Kent D Miller

    (Purdue University)

  • Jeffrey J Reuer

    (INSEAD)

Abstract

This study examines the implications of differences in strategy and industry structure for firms′ economic exposures to foreign exchange rate movements. In contrast with previous research using a single currency proxy, this study estimates firms′ exposures using a multiple currency model. The empirical evidence from U.S. manufacturing firms indicates that 13 to 17 percent of firms are exposed to foreign exchange rate movements. Results from cross-sectional analyses reveal that foreign direct investment reduces economic exposure to foreign exchange rate movements.© 1998 JIBS. Journal of International Business Studies (1998) 29, 493–513

Suggested Citation

  • Kent D Miller & Jeffrey J Reuer, 1998. "Firm Strategy and Economic Exposure to Foreign Exchange Rate Movements," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 29(3), pages 493-513, September.
    • Handle: RePEc:pal:jintbs:v:29:y:1998:i:3:p:493-513
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