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Strategic Management of Operating Exposure

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  • Grant, Robert
  • Soenen, Luc

Abstract

We identify operating exposure as the most important and difficult to manage component of exchange risk. Our model identifies three components of foreign exchange exposure: direct operating exposure, the market demand effect, and the competitive effect. The size and relative importance of these components depends critically upon international market structure and firm strategies. We derive implications for managing foreign exchange exposure.

Suggested Citation

  • Grant, Robert & Soenen, Luc, 2004. "Strategic Management of Operating Exposure," European Management Journal, Elsevier, vol. 22(1), pages 53-62, February.
    • Handle: RePEc:eee:eurman:v:22:y:2004:i:1:p:53-62
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