Title: Foreign exchange rate exposure of selected exporting companies from the Warsaw Stock Exchange

Authors: Krzysztof Drachal

Addresses: Faculty of Economic Sciences, University of Warsaw, Poland

Abstract: The leading Polish exporting firms were analysed in the context of a foreign exchange rate exposure. The exchange rates were selected on a criterion of the size of a trade with foreign partners. It could have been expected that for an exporter the stock return is positively linked with a change in a foreign exchange rate. The analysed sample consists of the data from the second half of 2004 to the beginning of 2015. It has been found that EUR, USD and CZK exchange rates have a negative impact, whereas GBP and RUB exchange rates have a positive impact.

Keywords: currency risk; exports; PLN currency; Polish zloty; stock returns; foreign exchange rates; fx exposure; Warsaw Stock Exchange; Poland; exporting firms.

DOI: 10.1504/GBER.2017.080780

Global Business and Economics Review, 2017 Vol.19 No.1, pp.15 - 37

Received: 28 May 2015
Accepted: 22 Nov 2015
Published online: 07 Dec 2016 *

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