The Effect of Foreign Exchange Risk and Foreign Exchange Risk Management on Firm Performance

Year 2021, Volume: 6 Issue: 2, 534 - 564, 27.08.2021

Zekai Şenol , Selahattin Koç

https://doi.org/10.30784/epfad.896275

Cited By: 1

Abstract

It is a known fact that in emerging economies, foreign exchange-based transactions are frequently used in order to achieve economic or financial growth in both country and firm size. As a result of transactions made based on foreign exchange, both countries and companies face exchange rate risk. It is investigated that the effects of the exchange rate risks and foreign exchange rate risk management on the performance of the firm for the Metal Goods, Machinery, Electrical Equipment and Transportation Vehicles Sector in this study. Yearly data for the years 2007-2019 were used in the study. According to the results of panel data analysis, it has been revealed that exchange rate risk and foreign exchange rate risk management reduce firm profitability but do not affect firm value. It was also found in the study that growth, liquidity, leverage and asset turnover are the determinants of foreign exchange risk and foreign exchange risk management. Because of the same results, it is understood that there is not much difference between the exchange rate risk and foreign exchange risk management of firms, that is, they do not sufficiently manage the risks arising from the exchange rate. The results show that business managers need to better manage foreign exchange risks. In addition, it is important that the Central Bank and economic administrations implement policies that will reduce volatility in foreign exchange rates and increase stability.

Keywords

Foreign Exchange Risk, Foreign Exchange Risk Management, Firm Performance, Firm Value, Panel Data Analysis

Kur Riski ve Kur Riski Yönetiminin Firma Performansına Etkisi

Abstract

Gelişen ekonomilerde hem ülke boyutunda hem de firma boyutunda ekonomik ya da finansal büyümenin gerçekleştirilebilmesi için dövize dayalı işlemlere sıkça başvurulduğu bilinen bir gerçektir. Dövize dayalı yapılan işlemlerin sonucu olarak hem ülkeler hem de firmalar kur riski ile karşılaşırlar. Bu çalışmada Metal Eşya, Makine, Elektrikli Cihazlar ve Ulaşım Araçları Sektöründe kur riski ve kur riski yönetiminin firma performansı üzerine etkileri araştırılmaktadır. Çalışmada 2007-2019 yıllarına ait yıllık veriler kullanılmıştır. Yapılan panel veri analizi sonuçlarına göre kur riski ve kur riski yönetiminin firma karlılığını azalttığı buna karşılık firma değerini etkilemediği ortaya çıkmıştır. Çalışmada ayrıca büyüme, likidite, kaldıraç ve aktif devir hızının kur riski ve kur riski yönetiminin belirleyicileri olduğu tespit edilmiştir. Aynı sonuçlara ulaşıldığı için, firmaların kur riski ile kur riski yönetimleri arasında farklılıkların pek olmadığı, yani döviz kurundan kaynaklı riskleri yeterince yönetmedikleri anlaşılmaktadır. Sonuçlar, firma yöneticilerinin kur risklerini daha iyi yönetmeleri gerektiğini göstermektedir. Ayrıca Merkez Bankası ve ekonomi yönetimlerinin döviz kurlarında oynaklığı azaltacak, istikrarı artıracak politikaları uygulamaları önem taşımaktadır.

Keywords

Kur Riski, Kur Riski Yönetimi, Firma Performansı, Firma Değeri, Panel Veri Analizi

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