Exchange Rate Volatility and Corporate Profitability in Emerging Markets: Evidence from Peruvian Listed Firms; [Volatilidade da taxa de câmbio e rentabilidade corporativa em mercados emergentes: evidências de empresas peruanas listadas]

Andrade Caldas R.H. · Revista de Economia del Rosario (2026) · DOI: 10.12804/revistas.urosario.edu.co/economia/a.16368

Resumen

This study examines whether exchange-rate volatility is associated with the profitability of Peruvian listed firms from 2010 to 2023. Using panel-data econometric techniques, the analysis is based on an effective estimation sample of 195 firm-year observations from 15 non-financial firms listed on the Lima Stock Exchange. The results indicate that exchange-rate volatility is not statistically significantly associated with corporate profitability, whereas financial leverage is negatively associated with profitability, and sales growth is positively and significantly associated with it. These findings suggest that firm-specific financial characteristics are more closely related to corporate profitability than exchange-rate uncertainty in the Peruvian context. Articles published in this journal are licensed under a Creative Commons Attribution-NonCommercial 4.0 International (CC BY-NC 4.0) License. This license permits the non-commercial reuse of an open-access article, provided that the oriArticles published in this journal are licensed under a Creative Commons Attribution-NonCommercial 4.0 International (CC BY-NC 4.0) License. This license permits the non-commercial reuse of an open-access article, provided that the oriThis work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License. https://creativecommons.org/licenses/by-nc/4.0/

Instituciones: Universidad Científica del Sur