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The decision to centralize or decentralize exchange risk management within a multinational enterprise depends on several organizational, operational, and financial factors. Exchange risk, or foreign exchange exposure, arises from fluctuations in currency values that can affect a company’s assets, liabilities, revenues, and costs denominated in foreign currencies. The structure chosen to manage this risk determines how effectively a multinational can safeguard its profitability and cash flows. A key factor influencing centralization is the degree of global integration of the firm’s operations. When a company ______ ______ ___ _______ _________ __________ _________ _________.
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