Döviz kuru riski ve firma değeri ile ilişkisi: İMKB şirketleri üzerine bir uygulama
Özet
Foreign exchange rate is one of the most critical indicators in the current global economic environment. The exchange rates fluctuations have impacts not only on the economic environment in a macro sense but also on the companies at the micro level. It is important to determine the impacts of exchange rate changes on the firm value in order to minimize the relevant risk. This study has been carried out in this context. The first and second sections include the theoretical framework whereas the third section aims to measure the relation between exchange rate and firm value by using 2006 financial data set of Istanbul Stock Exchange (IMKB) companies. The primary hypothesis is that there is a reverse relation between the exchange rate and firm value. Thus it is expected that there will be a decrease in the firm value when exchange rate risk increases. This study also tests the presumed relation among the exchange rate risks and financial performance / financial risks of the firms. In this context, it is expected to see a decrease in the financial performace when the exchange rate risk increases, and to see an increase in the financial risk when the exchange rate risk increases. The findings show that there is a relation between the exchange rate risk and firm value. The determined relation is at the same direction, i.e. if there is an increase in the exchange rate risk firm value also increases.