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

  1. Dávila Vargas-Machuca, Mª Angustias
Supervised by:
  1. Juan José Durán Herrera Director

Defence university: Universidad de Jaén

Fecha de defensa: 20 February 2013

Committee:
  1. Juan Ramón Cuadrado Roura Chair
  2. Antonio Martín Mesa Secretary
  3. Prosper Lamothe Fernández Committee member

Type: Thesis

Teseo: 363587 DIALNET lock_openRUJA editor

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.