Theoretical framework of foreign exchange exposure, competition and the market value of domestic corporations

Article

Alssayah, Abubaker and Krishnamurti, Chandrasekhar. 2013. "Theoretical framework of foreign exchange exposure, competition and the market value of domestic corporations." International Journal of Economics and Finance. 5 (2), pp. 1-14. https://doi.org/10.5539/ijef.v5n2p1
Article Title

Theoretical framework of foreign exchange exposure, competition and the market value of domestic corporations

ERA Journal ID22210
Article CategoryArticle
AuthorsAlssayah, Abubaker (Author) and Krishnamurti, Chandrasekhar (Author)
Journal TitleInternational Journal of Economics and Finance
Journal Citation5 (2), pp. 1-14
Number of Pages14
Year2013
Place of PublicationToronto, ON. Canada
ISSN1916-971X
1916-9728
Digital Object Identifier (DOI)https://doi.org/10.5539/ijef.v5n2p1
Web Address (URL)http://www.ccsenet.org/journal/index.php/ijef/article/view/23709
Abstract

The purpose of this study is to examine the foreign exchange rate exposure of domestic corporations in the
United Arab Emirates (UAE) and the implications of that exposure for the market value of those corporations,
considering the effect of competition as a determinant of exchange rate exposure. The justification for this study
is that the UAE has an open economy with a high per capita income and a sizable annual trade surplus. In addition, the World Economic Forum issued its Global Competitiveness report for the year 2010-2011 in which the UAE was the only Arab country that was included in the elite club of countries that have shown an increment in endorsing new and improved methods for developing their economies. However, because of the indirect nature of foreign exchange rate exposure for local or domestic firms, the managers of these firms are unwilling to engage in hedging activities that may mitigate exchange rate exposure. A change in prices, the cost of final goods, the cost of raw material, labor costs or the costs of input or output and other substitute goods due to fluctuating exchange rates may have an adverse effect on the competitive position of a local or domestic firm with no international and foreign activities. The outcomes of this study will determine whether the domestic
firms are exposure to the fluctuation of foreign exchange rates.

Keywordsexchange rate exposure; foreign exchange risk; determinants of exchange rate exposure
ANZSRC Field of Research 2020350202. Finance
440499. Development studies not elsewhere classified
380112. Macroeconomics (incl. monetary and fiscal theory)
Public Notes

© 2013 Canadian Center of Science and Education. Open Access Journal. This publication is copyright. It may be reproduced in whole or in part for the purposes of study, research, or review, but is subject to the inclusion of an acknowledgment of the source.

Byline AffiliationsSchool of Commerce
Institution of OriginUniversity of Southern Queensland
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