Exchange rate exposure at the firm and industry levels: Evidence from Turkey
AuthorAkay, Gökhan H.
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The purpose of this study is to examine industry-weighted exchange rate exposure at the firm and industry level for Turkish plants. We use an unbalanced panel of plant-level data for manufacturing firms in Turkey during the years of 2002 and 2010 in seven industries. The results indicate that macro indicators seem to be a more significant influence on the exchange rate exposure. Moreover, industry-weighted openness is the most important factor to determine the exchange rate exposure for Turkish firms. We also find that the direction of exposure varies at the industry level. (C) 2014 Elsevier B.V. All rights reserved.