Firm‐Level Competition and Exchange Rate Exposure: Evidence from a Global Survey of Firms
利用55国调查数据，研究发现竞争强度越大，企业汇率风险敞口越高；价格竞争、不公平金融优势竞争及财务约束等因素均显著影响敞口，且竞争是主导因素。
We examine the effect of competition on exchange rate exposure using survey data from 55 countries. We find that exposure increases with the intensity of competition. Exposure is higher when firms face price competition in international and domestic product markets and when rivals compete using an unfair financial advantage. Furthermore, competition is a leading determinant of exposure, dominating the usual determinants. Exposure also increases with several determinants not previously empirically examined, such as firm‐level financial constraints. These results hold for small, large, foreign‐involved, and purely domestic firms. Finally, import‐only firms have higher exposure than export‐only firms. Our survey results are likely to capture exposure before firms’ hedging actions.