Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/109924
Authors: 
Tomanová, Lucie
Year of Publication: 
2014
Citation: 
[Journal:] European Financial and Accounting Journal [ISSN:] 1805-4846 [Volume:] 9 [Year:] 2014 [Issue:] 2 [Pages:] 47-65
Abstract: 
This paper analyses the foreign exchange rate exposure of Hungarian firms and its determinants on the basis of corporate cash flows and stock prices. The analysis focuses on the HUF/EUR exchange rate using monthly data from 2000 – 2014, resp. 2003 – 2012 in case of cash flow analysis. Stock prices exposure analysis showed that significant number of these firms is exposed: 18.4 % of publicly listed companies were significantly exposed in period 2007 – 2014 which is significantly higher than in previous period. According to the cash flow analysis results, 34 % of firms are exposed, whilst 45.3 % of small firms are significantly exposed. The measuring of exchange rate risk and hedging is therefore crucial for reduction of the firms’ uncertainty. Cross-sectional analysis suggests that the turnover and foreign sales are also important determinants of firms’ exchange rate exposure.
Subjects: 
Stock prices
Exchange rate exposure
Cash flow
JEL: 
C31
C32
F31
G32
Persistent Identifier of the first edition: 
Document Type: 
Article

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