Exchange Rate Volatility and Corporate Profitability in Emerging Markets
Evidence from Peruvian Listed Firms

DOI:  https://doi.org/10.12804/revistas.urosario.edu.co/economia/a.16368

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Published: Sep 28, 2026
Issue: Vol. 29 No. 02 (2026)
Section Articles


Keywords: exchange rate volatility corporate profitability firm-level evidence emerging markets Peru

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Authors

  Ricardo Hardy Andrade Caldas
Universidad Científica del Sur

Abstract

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.

How to Cite
Andrade Caldas, R. H. (2026). Exchange Rate Volatility and Corporate Profitability in Emerging Markets: Evidence from Peruvian Listed Firms. Revista Economía Del Rosario, 29(02), 1–30. https://doi.org/10.12804/revistas.urosario.edu.co/economia/a.16368
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