Notes: DER is the notional value of any derivative contracts in thousand US$ scaled by total assets. FCD is the notional value of foreign currency derivatives in thousand US$ scaled by total assets. IRD is the notional value of interest rate derivatives in thousand US$ scaled by total assets. This table presents the impacts of derivatives use on exposures across domestic firms, domestic MNCs and foreign affiliates from random effects models split up with regard to exposure to country risks, exchange rate and interest rate risks. The dependent variable are absolute values of exposures to country risks $|β⌢2ijt|$ (panel A), exchange rate risks $|β⌢3ijt|$ (panel B) and interest rate risks $|β⌢4ijt|$ (panel C). All other independent variables definitions are reported in Table II. Standard errors are clustered by country to control for heteroscedasticity and serial correlation. p-values are in parentheses. *,**,***Significant 10, 5 and 1 percent levels, respectively