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

Table 4

Forward linkage and backward linkage with exchange rate risk.

	V (1)	V (2)	V (3)	V (4)	V (5)	V (6)	V (7)
RER	0.193	0.291	0.288	0.294	0.291	0.323	0.324
	(9.67)	(9.87)	(9.72)	(9.93)	(1.76)	(1.94)	(1.95)
FRER		−0.013		−0.010	−0.090		−0.088
		(−2.221)		(−1.647)	(−2.628)		(−2.586)
BRER			−0.026	−0.021		−0.046	−0.044
			(−2.688)	(−2.128)		(−2.109)	(−2.027)
TFPRER					−0.026	−0.026	−0.026
					(−1.610)	(−1.584)	(−1.600)
F		−0.003		−0.003	−0.097		−0.102
		(−0.146)		(−0.160)	(−0.697)		(−0.750)
B			−0.014	−0.012		0.227	0.233
			(−0.221)	(−0.197)		(0.88)	(0.90)
TFP					0.062	0.06	0.063
					(0.88)	(0.84)	(0.89)
profitr					0.382	0.385	0.384
					(4.52)	(4.55)	(4.52)
R&D					0.026	0.026	0.026
					(2.34)	(2.39)	(2.37)
N	2,683,935	1,334,937	1,334,937	1,334,937	125,253	125,253	125,253
R^2	0.3228	0.3663	0.3663	0.3663	0.3788	0.3788	0.3788

Note: the t-statistic value of the variable is placed in parenthesis. , , and .