Tipo de cambio e inversión directa extranjerala exposición económica al riesgo de cambio de la empresa multinacional española

Abstract

In this study we review the theoret ical and empirical background of the exchange rate influence on foreign direct investment , finding that the effects are more compelling in the context of the company . On this basis, we analyze how the Spanish Multinational Enterprise (MNE) is exposed to currency fluctuations through a multiple regression model applied to a data pool from a sample of MNEs, listed and unlisted at Spanish Stock Market. For this, we investigate the effect of firm-specific exchange rate variations on corporate economic profitability. The results obtained confirm the existence of currency exposure during periods of instability in domestic currency value , possible compensation of currency positions between key areas that receive more Spanish direct investment and temporal alterat ions in strategic and hedging policies during the chosen time horizon.