Features of Korean SMEs exchange exposure
by Sunghee Choi; Woohyung Lee
International Journal of Monetary Economics and Finance (IJMEF), Vol. 8, No. 3, 2015

Abstract: By making use of a new case study of Korean small and medium sized enterprises (SMEs), I document three remarkable features of exchange exposure of Koran SMEs during 2007∼2011. First, about 19% of the total 351 sample SMEs is significantly exposed to exchange rate changes, which is a higher percentage than prior common results. Second, exchange exposure of Korean SMEs with lower R&D expenditure is more likely to be significantly estimated. Third, the degree of exchange exposure increases as export dependency per employee increases, which shows the situation that Korean SMEs are lack of exchange risk hedging although they highly depend on export.

Online publication date: Fri, 09-Oct-2015

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