외환시장금융불안과 기업투자 간의 관계 분석: 투자의 비가역적인 특성을 고려

• Published in: 무역연구 Vol. 20; no. 6; pp. 211 - 228
• Main Authors: 고덕기(Deok-Ki Ko), 김태진(Tae-Jin Kim)
• Format: Journal Article
• Language: Korean
• Published: 한국무역연구원 31.12.2024; The Korea International Trade Research Institute
• Subjects: 무역학; Financial Stress in FX Market; South Korea; Investment irreversibility; Corporate Investment
• ISSN: 1738-8112; 2384-1958
• DOI: 10.16980/jitc.20.6.202412.211

Purpose – This study examines the effect of financial stress in the FX Market (FSIFX) on corporate investment depending on a firm’s irreversibility characteristic using firm-level data from 2010 to 2022 covering manufacturing firms listed on the Korea Exchange. Design/Methodology/Approach – To obtain a reliable result, a fixed-effect panel regression was employed as the main estimation method. To explore the irreversible features on FSIFX-investment relationship, we conducted group analysis. The sample was divided into two groups based on the high and low levels of irreversibility, captured by a firm’s capital intensity ratio and sales cyclicality. For each group, the investment sensitivity to FSIFX was estimated and compared. Findings – FSIFX has a negative impact on the investment of manufacturing firms. Furthermore, the negative relationship between FSIFX and investments is prominent when a firms has a high capital intensity ratio or a procyclicality in sales. Research Implications – The empirical findings yield a comprehensive understanding of firm-level investment behavior, offering insightful policy implications. A government-led investment stimulus policy needs to be designed to stabilize the foreign exchange market and reduce the adjustment costs associated with downsizing tangible assets. KCI Citation Count: 0