An Empirical Investigation Of The Impact Of Exchange Rate Fluctuations On The Performance Of Selected Listed Firms In Nigeria

Williams, Harley Tega

doi:10.29226/tr1001.2018.22

Cited by 14 publications

(16 citation statements)

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“…(Hyo, 2018) produced a finding that a group of companies that were positively affected by NT appreciation experienced a rise in NP in the short term, but there were a group of companies that were negatively affected due to ER appreciation, apparently experiencing an increase in the CV in the medium and long term. (Lee, 2017) indicated that produces findings that ER appreciation does not cause a decrease in the level of investment, while (Williams, 2018) stated that there is a positive relationship between ER and ROI, while (Nagahisarchoghani et all., 2018) stated there is a weak relationship between ER and prices per book stock/ per market price, however (Okika et all., 2018) makes finding that NT has no significant effect on company profitability.…”

Section: Inflation Rate (It)mentioning

confidence: 99%

“…(Hyo Sang, 2018) explained that the effect of ER on positive or negative company performance depends on its involvement in import-export activities at the macro level and industry and company level analysis. Studies with the result that ER has a significant effect on CV were found in (Lee, 2017), (Williams, 2018), (Nagahisarchoghani et all., 2018), (Hyo Sang, 2018) and (Karakus and Bozkurt, 2017).…”

Section: Inflation Rate (It)mentioning

confidence: 99%

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Analysis of Non-Financial Determinants of Company Value In Manufacturing Companies in Indonesia

Surjandari

Anggraeni²,

Arlita³

et al. 2019

Jurnal Akuntansi

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This study aims to investigate the nonfinancial determinants of Firm Value of manufacturing firms listed in the Indonesia Stock Exchange year 2013 up to 2017 period. The determinants represented by Good Corporate Governance (GCG), Firm Size, Dividend, Inflation Rate, Exchange Rate and Corporate Social Responsibility (CSR). The sampling method used purposive sampling and the analysis used Eviews 9.0 version. The study result shows that only one variable significantly affects Firm Value which is Institutional Ownership as proxied of GCG and the rest variables that are Independent Board another proxied of GCG, Firm Size, Dividend, Inflation Rate, Exchange Rate, and CSR does not significantly affect the Firm Value. All independent variables significantly affect Firm Value weakly simultaneously. This study implies that in formulating firm improvement performance strategy, a manufacturing firm is suggested to consider nonfinancial determinants of firm value that is Good Corporate Governance (GCG), Firm Size, Dividend, Inflation Rate, Exchange Rate and Corporate Social Responsibility (CSR).

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Section: Inflation Rate (It)mentioning

confidence: 99%

Section: Inflation Rate (It)mentioning

confidence: 99%

Analysis of Non-Financial Determinants of Company Value In Manufacturing Companies in Indonesia

Surjandari

Anggraeni²,

Arlita³

et al. 2019

Jurnal Akuntansi

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“…In the research study, it was concluded that the exchange rate volatility over the period 2004-2013 caused a negative impact on all three variables and adversely affected the performances of companies in Nigeria. Williams (2018) investigated the impacts of the change in exchange rates on the financial performances of companies in Nigeria.…”

Section: Literature Reviewmentioning

confidence: 99%

Analysis of the relationship between exchange rate changes and profitability in Turkey: example of BIST manufacturing sector

Kurt¹,

Dereköy²

2020

Pressacademia

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Purpose-The aim of this study is to empirically investigate the relationship between the change in exchange rates and the profitability of firms in Turkey. The changes in real effective exchange rate as the change in exchange rates criteria and return on assets as well as return on equity are considered for measuring profitability. Methodology-The sample of the research consists of 37 companies that are listed in BIST 100, operating in the manufacturing sector and whose data can be accessed completely. The data of the companies within the scope of the research were obtained from the official websites of Borsa Istanbul, Public Disclosure Platform, and Finnet and made ready for analysis. For the purpose of the research, panel data analysis, panel unit root tests, panel regression analysis, causality analysis, and moderating effect analysis were carried out. Findings-. Changes in foreign exchange rates, foreign sales and asset size of the companies do not have any significant impacts on the return on assets and return on equity during the period between 1999-2019 in Turkey. It has also been found that asset size, foreign sales, and change in exchange rates are the reasons for the return on assets and similarly, asset size, foreign sales, and change in exchange rate are the reasons for the return on equity. Finally, changes in the foreign exchange rate and export sales have a short-term causal relationship with both return on assets and return on equity, and changes in the foreign exchange rate and total assets have a moderating effect on return on assets. Conclusion-As a result of the research, it has been revealed that firms are affected by changes in foreign exchange rates with a delay. It means firms were likely be affected by the changes in exchange rates with a lag, and similarly, the changes in exchange rates affected financial performance with a lag. It has also been revealed from the research that firms effectively use internal and external hedging methods that help reduce the adverse impacts of the changes in foreign exchange rates.

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“…In the work of Williams, (2018), he investigated the impact of exchange rate fluctuations on firm's performance in Nigeria. Having noted the impact of exchange rate fluctuation from the literatures, it became paramount to investigate the impact in the Nigeria context.…”

Section: Review Of Empirical Frameworkmentioning

confidence: 99%

Effect of Exchange Rate Fluctuation on the Financial Performance Evaluation of Multinational Companies in Nigeria

2019

RJFA

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The research work examined the effect of exchange rate fluctuation on performance evaluations of multinational companies in Nigeria. The objective of the study was to examine how foreign exchange affects financial performance of multinational companies in Nigeria. This Study is based on the transaction cost theory, liquidity theory, inflation theory and managerial theory of firm performance. Secondary data source was explored in presenting the facts of the situation. The secondary data were obtained from relevant literatures, Central Bank of Nigeria Statistical Bulletin and annual report of selected multinational companies in Nigeria. Data were tested using the Ordinary Least Square Linear Regression model. Findings show that exchange rate fluctuation has significant effect on performance of multinational companies in Nigeria. As a result, the study concluded that exchange rate instability affects the operations of companies in Nigeria vis-à-vis international trade with other countries of the world. It was recommended that, Multinational Companies should develop a robust foreign exchange risk management framework which will clearly show its currency risk assessment procedures and implementation of foreign exchange risk management strategy. These strategies should be monitored and adjusted regularly.

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An Empirical Investigation Of The Impact Of Exchange Rate Fluctuations On The Performance Of Selected Listed Firms In Nigeria

Cited by 14 publications

References 0 publications

Analysis of Non-Financial Determinants of Company Value In Manufacturing Companies in Indonesia

Analysis of Non-Financial Determinants of Company Value In Manufacturing Companies in Indonesia

Analysis of the relationship between exchange rate changes and profitability in Turkey: example of BIST manufacturing sector

Effect of Exchange Rate Fluctuation on the Financial Performance Evaluation of Multinational Companies in Nigeria

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