수출, 환위험 헷지 및 소유지배구조가 기업성과에 미치는 영향

The Effects of Exportation, Foreign Exchange Risk Hedging and Ownership Structure on Firms Performance

We investigate using panel data analysis techniques like fixed effects models for Korean firm level data from 1991 till 2011 provided by KJS-Value database of Korea information Service the effects of exportation of Korean firms and their hedging over exchange risks, and ownership structure on their profitability. The primary results of this study are as follows. First, Exporting firms did not outperform non-exporting firms. Rather, they showed significantly poor performance, measured by ROA or return on assets, compared with non-exporting firms. Second, Firms adopting hedging strategies using derivatives against foreign exchange risks outperform non-exporting firms in terms of corporate performance, for their higher exportation efforts. Third, exporting firms outperformed non-exporting firms when they have higher export ratios, higher ownership by their affiliate companies and when they adopt hedging techniques for higher export ratios. The results imply that in Korea exporting firms are better off with hedging over exchange rate risks, when they are more dependent on the global market and when they are a member of affiliate firms. On the contrary, the fact that they are exporting firms, hedging firms, and members of affiliate groups does not positively affect their financial performance.