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

Table 5

Robustness test.

	Alternative measures (1)	After 2005 (2)
RER	0.342	0.257
	(2.051)	(1.415)
FRER	−0.034	−0.075
	(−5.621)	(−2.001)
BRER	−0.002	−0.047
	(−1.665)	(−2.068)
TFPRER	−0.024	−0.016
	(−1.538)	(−0.967)
F	−0.01	−0.06
	(−0.255)	(−0.316)
B	0.015	0.101
	(0.896)	(0.372)
TFP	0.06	0.086
	(0.847)	(1.080)
profitr	0.385	0.403
	(4.534)	(3.771)
R&D	0.026	0.024
	(2.369)	(2.182)
N	125,253	112,556
R^2	0.3791	0.3831

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