Patchara NiyomsubPandej ChintrakarnMahidol University2018-06-112018-06-112012-01-01European Journal of Scientific Research. Vol.77, No.4 (2012), 514-5271450202X1450216X2-s2.0-84862648906https://repository.li.mahidol.ac.th/handle/20.500.14594/13510In contrast to previous studies of advanced economies, the relationship between Thai firms value and contemporaneous exchange rate was strong. We found that model improved when the interval of analysis horizon sample was longer. Inclusion of lagged effective exchange rate improved the model fitness. Characteristics of each individual firm did have the implication on the level of exchange rate exposure. © 2012 EuroJournals Publishing, Inc.Mahidol UniversityAgricultural and Biological SciencesComputer ScienceEarth and Planetary SciencesEngineeringMaterials ScienceMathematicsArticleSCOPUS