경영자능력이 기업의 환노출에 미치는 영향 : 외국인투자자들의 역할을 중심으로

The purpose of this study is to examine whether there is a significant relationship between the manager's ability, which are important factors in a firm's decision making and foreign exchange exposure. This study examines whether foreign investors, major external investors of companies in Korea, act as important control factor for corporate management decisions, and how foreign investors affect the relationship between managerial ability and foreign exchange exposure. Using firms listed on the securities market whose settlement month is December from 2015 to 2019, the DEA is used to measure managerial capabilities and the exchange exposure coefficient is estimated using the stock return, real exchange rate, and market portfolio return, and heteroscedasticity.
As a result of the empirical analysis, managerial ability did not show a significant relationship with the exchange rate exposure coefficient. When identifying the factors that affect the efficiency of a company, the manager's foreign exchange-related capabilities have already been included. Since the residuals excluding these foreign exchange-related capabilities were defined as managers' ability, there seems to be no significant relationship between managerial ability and the currency exposure coefficient. Second, it is found that foreign investors have an influence on managers' decision-making while foreign exchange-related capabilities have already been adjusted due to managerial ability measurement, resulting in a significant negative (-) relationship with foreign exchange exposure.