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The aim is to investigate the effect of exchange rate volatility on cash flow performance in MENA emerging market firms.

Exchange Rate Volatility and Corporate Cash-Flow Resilience: Firm-Level Evidence from MENA Emerging Markets

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Examines how exchange rate volatility affects cash flow performance in emerging firms, suggesting implications for financial stability.

The aim is to investigate the effect of exchange rate volatility on cash flow performance in MENA emerging market firms.
Analyzed 292 non-financial firms across 11 MENA countries from 2014 to 2023.
Used fixed effects, random effects, and robust estimation methods.
Estimated heteroskedasticity, serial correlation, and cross-sectional dependence.
Exchange rate volatility shows no significant impact on corporate cash flows.
Firm size is the strongest predictor of liquidity performance.
Macroeconomic growth effects vary but generally show weak or insignificant relationships.

Jamali et al. (2026) studied this question.

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