EFFECTS OF EXCHANGE RATES ON CORPORATE PROFITS: A TOBIT ANALYSIS | Zendy

Nazlı Karamollaoğlu | Zendy

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EFFECTS OF EXCHANGE RATES ON CORPORATE PROFITS: A TOBIT ANALYSIS

Author(s) -

Nazlı Karamollaoğlu

Publication year - 2017

Publication title -

yönetim ve ekonomi araştırmaları dergisi

Language(s) - English

Resource type - Journals

ISSN - 2148-029X

DOI - 10.11611/yead.373436

Subject(s) - humanities , physics , mathematics , philosophy

Using a novel dataset on Turkish manufacturing firms covering 22 industries and 45,712 firms, we investigate the impact of real exchange rate fluctuations on firm level corporate profits. Our estimation results do not present strong evidence on the impact of exchange rate variations on firm level profits. The results are not robust to the industry specific exchange rate series constructed using different weighting schemes showing the importance of the choice of the exchange rate series used in the analysis. Moreover, firms with higher productivity and employment as well as older firms have found to be more profitable.

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