Hanieh Ghorbani - Ph.D. Candidate, Department of Financial Management, Central Tehran Branch, Islamic Azad University, Tehran, Iran
Farhad Hanifi - Assistant Professor, Department of Business Management, Central Tehran Branch, Islamic Azad University, Tehran, Iran, fhanifi۱۳۵۱@gmail.com
Teimor Mohammadi - Associate Professor, Department of Economics, Allameh Tabatabai University, Tehran,Iran
Gholamreza Zomorodian - Associate Professor, Department of Business Management, Central Tehran Branch, Islamic Azad University, Tehran, Iran

One of the variables affecting the behavior of enterprises is the exchange rate. Uncertainty about the amount of exchange rate volatillity for each firm is considered as a risk. The aim of this study is to explain a model to investigate the effect of exchange rate shocks on the financial sustainability of export-oriented companies. In this regard, the data on exchange rate, tax, oil revenue and export variables on financial sustainability was collected for ۱۹ groups of companies from ۲۰۰۸ to ۲۰۱۹. To achieve the research goal, the Panel Vector Autoregressive Model (PANEL VAR) using the generalized method of moments (GMM) was used to analyzed the data. Then the results were interpreted using the Impulse Response Function and variance decomposition. The results of the IRF show that the effect of exchange rate volatility on the financial sustainability variable is initially negative, but has a positive effect over time and is neutralized after several periods. The same goes for an impulse equal to a standard deviation in tax. Also, the oil revenues and exports impulse have negative and positive effects on financial sustainability, respectively. According to the results of variance decomposition, it can be said that the effect of exchange rate on financial sustainability is greater than the effect of sustainability on exchange rate, because the exchange rate shocks have more explanatory power for sustainability fluctuations.

Exchange Rate Shocks, Financial Sustainability, GMM Method, Panel VAR