Foreign Exchange Exposure and Risk Management Strategies: A Bibliometric Analysis of Global Research Trends (2000-2024)
DOI:
https://doi.org/10.24256/kharaj.v8i1.9480Keywords:
Risk Management, Exchange Rates, Bibliometric AnalysisAbstract
Research on foreign exchange exposure and risk management strategies has begun to show significant growth over the past two decades. This study aims to map the development of global literature related to foreign exchange exposure through a bibliometric analysis of Scopus-indexed publications from 2000 to 2024. The study population consisted of articles, conference papers, and other scientific publications relevant to the topic. All publications were analyzed using VOSviewer software. Research findings based on bibliometric data show a total of 347 different documents. Publications relevant to this topic have shown a consistent upward trend each year, with the highest number of publications occurring in 2024 with 31 articles. The largest number of authors came from the United States, the United Kingdom, and China. The main results of this study show three important findings. First, research on foreign exchange exposure has experienced significant growth since 2008, in line with increasing global market volatility and the need for companies to implement risk mitigation strategies. Second, the bibliometric visualization identifies seven main research topic clusters: (a) measuring exchange rate exposure, (b) market risk and volatility, (c) hedging strategies using derivative instruments, (d) risk management in multinational corporations, (e) global financial market integration, and (f) the impact of exchange rates on corporate performance. Third, analyses of co-authorship, co-occurrence, bibliographic coupling, and co-citation indicate that research collaboration remains concentrated in developed economies, although contributions from developing countries have begun to increase in recent years. Overall, this study provides a comprehensive overview of the evolution, research focus, and direction of global research development related to foreign exchange exposure and risk management strategies in the context of international economic uncertainty.
References
Adekoya, O. B., Oliyide, J. A., & Ntiakoh, N. K. (2024). Market shocks and stock volatility: Evidence from emerging and developed markets. Economies, 12(1), 2. https://doi.org/10.3390/economies12010002
Adler, M., & Dumas, B. (1984). Exposure to currency risk: Definition and measurement. Journal of Financial and Quantitative Analysis.
Alaminos, D., Salas, M. B., & Fernández-Gámez, M. Á. (2023). Quantum Monte Carlo Simulations for Estimating FOREX Markets: a Speculative Attacks Experience. Humanities and Social Sciences Communications, 10(1). https://doi.org/10.1057/s41599-023-01836-2
Bank Indonesia. (2024). Laporan Perkembangan Nilai Tukar Rupiah Tahun 2022–2024. Bank Indonesia.
BKPM. (2025). Laporan realisasi investasi triwulan I tahun 2025. Kementerian Investasi/Badan Koordinasi Penanaman Modal Republik Indonesia. https://www.bkpm.go.id
Budianto, A. (2023). Foreign exchange exposure research trends in emerging markets. Journal of Emerging Financial Studies.Ahmed, S., Liu, X., & Valente, G. (2016). Can Currency-Based Risk Factors Help Forecast Exchange Rates? International Journal of Forecasting, 32(1), 75–97. https://doi.org/10.1016/j.ijforecast.2015.01.010
Calice, G., & Zeng, M. (2021). The Term Structure Of Sovereign Credit Default Swap And The Cross-Section Of Exchange Rate Predictability. International Journal of Finance and Economics, 26(1), 445–458. https://doi.org/10.1002/ijfe.1798
Casino, F., Dasaklis, T. K., & Patsakis, C. (2019). A Systematic Literature Review Of Blockchain-Based Applications: Current Status, Classification And Open Issues. Telematics and Informatics, 36(May 2018), 55–81. https://doi.org/10.1016/j.tele.2018.11.006
COSO. (2004). Enterprise Risk Management — Integrated Framework. Committee of Sponsoring Organizations of the Treadway Commission.
Cristoffel, L., & Wijaya, A. (2025). Currency volatility and corporate exposure in Indonesia. Journal of International Financial Risk.
Chinthapalli, U. R. (2021). A Comparative Analysis on Probability of Volatility Clusters on Cryptocurrencies, and FOREX Currencies. Journal of Risk and Financial Management, 14(7). https://doi.org/10.3390/jrfm14070308
Eichengreen, B. (2003). Restructuring the international financial architecture. International Monetary Fund. https://www.imf.org/external/pubs/ft/seminar/1999/reform/eichen.htm
Hasibuan, B. (2014). Pengaruh Tingkat Inflasi, Suku Bunga Dan Nilai Tukar Terhadap Kinerja Keuangan Perusahaan Perbankan Yang Listing Di Bursa Efek Indonesia Periode Tahun 2008 - 2012. Jurnal Measurement, 8(2), 34–46.
Hull, J. C. (2018). Risk Management and Financial Institutions (5th ed.). Wiley.
Kesuma, D., & Lutfia, C. (2024). Perkembangan Penelitian Manajemen Laba: Studi Analisis Bibliometrik 2021-2024. Jurnal Ilmiah Wahana Pendidikan, 10(10), 1215–1238.
Kiky, A. (2020). Manajemen Risiko Terhadap Black Swan Event Maret 2020 Di Indonesia. Studi Kasus Efek Covid-19 Terhadap Pasar Modal Indonesia. Jurnal Bina Manajemen, 8(2), 90–105. https://doi.org/10.52859/jbm.v8i2.89
Lafuente, J. A., Pérez, R., & Ruiz, J. (2016). Monetary Policy Regimes and the Forward Bias for Foreign Exchange. Journal of Economics and Business, 85, 13–28. https://doi.org/10.1016/j.jeconbus.2016.02.005
Lucas, A., & Zhang, X. (2016). Score-Driven Exponentially Weighted Moving Averages and Value-At-Risk Forecasting. International Journal of Forecasting, 32(2), 293–302. https://doi.org/10.1016/j.ijforecast.2015.09.003
Lustig, H., Roussanov, N., & Verdelhan, A. (2014). Countercyclical Currency Risk Premia. Journal of Financial Economics, 111(3), 527–553. https://doi.org/10.1016/j.jfineco.2013.12.005
Muftiasa, A., Wibowo, L. A., Hurriyati, R., & Rahayu, A. 2023. Kebijakan Lindung Nilai (Hedging) pada Perusahaan untuk Menjamin Kinerja Perusahaan. Jurnal Akutansi Integratif Vol. 9, No. 1.
Puteh, A., & Mawaddah, N. (2024). Respon Pasar Saham Terhadap Kurs, Harga Emas dan Inflasi di Indonesia. Jurnal Simki Economic, 7(1), 191–200. https://doi.org/10.29407/jse.v7i1.556
Putri, S. D., & Fadila, A. (2023). Stock Market Revitalisation: Exploring The Impact Of Macroeconomics And Global Indices. Procuratio: Jurnal Ilmiah Manajemen, 11(4), 382–395.
Qarni, M. O., & Gulzar, S. (2021). Portfolio Diversification Benefits of Alternative Currency Investment in Bitcoin and Foreign Exchange Markets. In Financial Innovation (Vol. 7, Issue 1). Springer Berlin Heidelberg. https://doi.org/10.1186/s40854-021-00233-5
Rahman, A., Fadilah, R., & Karim, M. (2025). Exchange rate fluctuations and corporate performance: Evidence from global firms. Global Economics Review.
Rice, G., Wirjanto, T., & Zhao, Y. (2020). Forecasting Value At Risk With Intra-Day Return Curves. International Journal of Forecasting, 36(3), 1023–1038. https://doi.org/10.1016/j.ijforecast.2019.10.006
Santoso, B., & Rachmawati, L. (2021). Hedging decisions and firm profitability under exchange rate volatility. Journal of Financial Strategy.
Santoso, G., & Rachmawati, D. (2021). Peranan Keputusan Hedging dalam Hubungan Risiko Nilai Tukar Rupiah dan Growth Opportunity terhadap Profitabilitas. E-Jurnal Akuntansi, 31(10), 2649. https://doi.org/10.24843/eja.2021.v31.i10.p19
Saragih, A. H., & Ali, S. (2023). Corporate tax risk: a literature review and future research directions. Management Review Quarterly, 73(2), 527–577. https://doi.org/10.1007/s11301-021-00251-8
Sarkandiz, M. R., & Ghayekhloo, S. (2024). Forecasting the Turkish Lira Exchange Rates
Shapiro, A. C. (2010). Multinational Financial Management (9th ed.). Wiley.
Business Management of Cryptocurrency Operations. TEM Journal, 13(1), 355–364. https://doi.org/10.18421/TEM131-37
Snyder, H. (2019). Literature Review as a Research Methodology: An Overview and Guidelines. Journal of Business Research, 104 (August), 333–339. https://doi.org/10.1016/j.jbusres.2019.07.039
Stankeviciene, J., Maknickiene, N., & Maknickas, A. (2017). High-low strategy of portfolio composition using evolino RNN ensembles. Engineering Economics, 28(2), 162–169. https://doi.org/10.5755/j01.ee.28.2.15852
Stulz, R. M. (2022). Risk management, governance, and determinants of corporate hedging (Working Paper No. 29834). National Bureau of Economic Research. https://www.nber.org/papers/w29834
Su, J.-B. (2018). How Do Financial Features Affect Volatility Forecasts? Evidence From The Oil Market and Other Markets. Asia Pacific Management Review, 23(2), 95–107. https://doi.org/10.1016/j.apmrv.2016.11.003
Sudarmanto, E. (2025). Globalization, multinational corporations, and economic challenges. International Business Review.
Tarasova, T., Usatenko, O., Makurin, A., Ivanenko, V., & Cherchata, A. (2020). Accounting And Features of Mathematical Modeling of The System to Forecast Cryptocurrency Exchange Rate. Accounting, 6(3), 357–364. https://doi.org/10.5267/j.ac.2020.1.003
UNCTAD. (2024). Handbook of statistics 2024: Key statistics and trends in international trade. United Nations Conference on Trade and Development. https://unctad.org/publication/handbook-statistics-2024
UNCTAD. (2025). Trade and development report 2025: International trade in an era of policy shifts and financialization. United Nations Conference on Trade and Development. https://unctad.org/system/files/official-document/tdr2025ch2_en.pdf
Downloads
Published
How to Cite
Issue
Section
Citation Check
License
Copyright (c) 2026 Della Fauzia Kundari, Imas Purnamasari, Toni Heryana
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution-ShareAlike 4.0 International License. In line with the license, authors are allowed to share and adapt the material. In addition, the material must be given appropriate credit, provided with a link to the license, and indicated if changes were made. If authors remix, transform or build upon the material, authors must distribute their contributions under the same license as the original.
