Ganancias cambiarias en empresas mexicanas y variables fundamentales y económicas

Abstract

Foreign exchange profits in Mexican companies and fundamental and economic variables 

The aim of this research paper is to show evidence of the influence of economic and fundamental company variables on the exchange rate gains derived from foreign currency mismatches. By means of panel data models, quarterly data of 84 Mexican companies are analyzed during the period 1990-2018. The results show that the US dollar and GDP, as well as six of the fundamental variables are significant, four of the latter studied for the first time. It is recommended to take in account these variables because they can be useful to guide the making decisions and the design of operation, investment and financing strategies to prevent foreign exchange losses. Obviously, the general scope of this study limits its direct applicability for particular cases, rendering necessary to analyze the specific situation based on the findings here reported. In Mexico, the subject had not been studied in the depth presented in this document, nor had these variables been analyzed. It is concluded that foreign exchange gains reflect relevant aspects of the economy, so as the importance of managerial decisions.