This thesis investigates the complex dynamics of foreign exchange (FX) risk affecting Swedish multinational corporations and their financial performance, with a focus on the impact of company size and periods of economic crisis. Amidst global economic interdependencies, these entities encounter substantial FX risks, primarily due to the volatility of the Swedish Krona (SEK) against major currencies. Utilizing a comprehensive dataset spanning from 2004 to 2023, this study employs an empirical approach grounded in the International Capital Asset Pricing Model (ICAPM) and Purchasing Power Parity (PPP) to analyze the correlation between currency fluctuations and stock valuations. The analysis reveals that both company size and economic crises significantly modulate the effects of FX risks, with larger companies often better positioned to manage these risks through sophisticated hedging strategies. Smaller firms, conversely, show greater sensitivity to economic disruptions, particularly during crises which heighten the volatility of FX impacts. The findings indicate that FX risks significantly influence the financial outcomes of these firms, with both direct impacts on stock returns and indirect effects through operational strategies. The thesis underscores the importance of robust risk management strategies and the potential for policy adjustments to mitigate adverse effects from currency volatility. The insights derived from this research aims to contribute to a deeper understanding of the financial economics of foreign exchange, providing implications for investors and multinational corporations operating in global markets.

This diploma thesis focuses on the assessment of the financial situation of Mediterran Slovakia ltd. between 2003 and 2015 with chosen methods and indicators of economic and financial analysis. Obtained data are compared with the data of three competing companies to better illustrate the company´s situation. There are some proposed measures to improve the company’s financial situation based on the gained information.

Cette thèse étudie l’effet des variations du taux de change sur la valeur de l’entreprise, les déterminants de la politique de couverture et le rôle des conflits d’agence. Les résultats montrent que la non-significativité de l’exposition au risque de change est expliquée par une asymétrie de la couverture. Le niveau de couverture de change dépend des économies d’échelle, du risque de détresse financière et du niveau d’exportations de l’entreprise. Nos résultats révèlent, aussi, que la rémunération des dirigeants en actions et en options réduit le risque de change résidu de la couverture. / This PhD thesis examines exchange rate movements’ effect on firm value, determinants of hedging policy and the role of agency conflicts. Results show that non-significance of foreign exchange rate exposure is explained by an asymmetric hedging. Firm hedging level depends from scale of economies, financial distress risk and it exports level. Our empirical results demonstrate, also, that CEO shares and stock-options compensations have negative effect on foreign exchange risk that is residue from hedging.