Internationalization,foreign exchange exposure and firm risk |
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| Affiliation: | 1. Faculty of Business Administration and Accountancy, Khon Kaen University, 123 Mithraphap Rd., Muang, Khon Kaen 40002, Thailand;2. Sunway University Business School, Sunway University, No. 5, Jalan Universiti, Bandar Sunway, 47500 Selangor Darul Ehsan, Malaysia;1. School of Finance, Renmin University of China, Beijing 100872, China;2. School of Management and Engineering, Nanjing University, Institute of Financial Innovation, Nanjing 210093, China;1. Faculty of Business, City University of Macau, Macau, China;2. School of Business, Macau University of Science and Technology, Macau, China;1. Department of Mathematics and School of Economics and Management, University of Bologna, Bologna, Italy;2. Department of Economics, Society and Politics, University of Urbino Carlo Bo, Italy;3. Department of Economics, University of Bamberg, Germany |
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| Abstract: | This paper examines the effect of internationalization on variation in operating performance. Analyzing a sample of non-financial firms in Switzerland during 2000–2020, we document two key findings. First, internationalization is positively associated with variation in operating performance. However, neither operational-hedging internationalization nor revenue-seeking internationalization moderates the relation between internationalization and variation in operating performance. Second, our findings show that the unhedged foreign exchange exposure neither strengthens nor weakens the effect of internationalization on variation in operating performance. Further analyses show that internationalization is not associated with firm performance. |
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