Exchange Rate Risk Analysis Based on Firm Data: A Global Value Chain Perspective

Table 2

Correlation coefficient matrix of variables.

	Exports	Bilateral real exchange rate	GVC forward linkage	GVC backward linkage	Firm total factor productivity	Firm research and development	Firm profit rate
Exports	1.00
Bilateral real exchange rate	0.03	1.00
GVC forward linkage	0.00	0.02	1.00
GVC backward linkage	−0.01	0.01	0.28	1.00
Firm total factor productivity	0.02	0.00	−0.01	0.01	1.00
Firm research and development	0.09	−0.03	0.00	−0.01	0.09	1.00
Firm profit rate	0.01	−0.01	−0.03	−0.01	0.11	0.06	1.00