This paper reviews previous studies on the foreign exchange exposures of Korean firms, andattempts to draw implications for researchers and practitioners. Studies on the corporateexchange exposures in Korea began from early 1980s. Early researchers were interested in howto define exchange rate risks and how to measure exchange exposures. Since then, a largenumber of studies have been devoted to estimating exchange exposures, and analyzing theircharacteristics. Especially, the Asian Financial Crisis in 1997 contributed to re-evaluating thesense of exchange exposures in corporate management. After Korea’s adoption of floating exchangerate system, researches focus on estimation of exchange exposures, and thereafter the activitiesto manage exchange exposures have sharply increased. Meanwhile, derivatives trading of Koreanfirms began to appear in accounting reports from 1999, and quite a few studies tested the effectof derivatives trading on the exchange exposure management. Recently, a few studies are tryingto analyze exchange exposures with greater precision by dividing the exchange exposures intoexpected ones and observed ones. Those studies examine the relatedness of the difference ofexposures to the effect of exposure management activities. Our review of previous studies showsthat Korean firms have been shown to be exposed to exchange rate changes and that they havemade efforts to manage their exposures. Not a few studies report that exchange rate changesaffect firm value with time lag, and/or that the effect of exchange rate changes on firm valuegets along asymmetrically with the direction of exchange rate changes. Previous studies also showthat Korean firms need to make approach systematically to estimating their exchange exposures.