Crude oil price uncertainty and corporate investment: New global evidence
Using a comprehensive dataset of more than 33,000 firms from 54 countries in the period 1984–2015, we show that crude oil price uncertainty negatively influences corporate investment. More importantly, the effect is dependent on the market and stock characteristics of the firms. In addition, we disc...
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| Veröffentlicht in: | Energy economics 2019-01, Vol.77, p.54-65 |
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| container_title | Energy economics |
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| creator | Phan, Dinh Hoang Bach Tran, Vuong Thao Nguyen, Dat Thanh |
| description | Using a comprehensive dataset of more than 33,000 firms from 54 countries in the period 1984–2015, we show that crude oil price uncertainty negatively influences corporate investment. More importantly, the effect is dependent on the market and stock characteristics of the firms. In addition, we discover that the effect is stronger in the crude oil producers group than for crude consumers. Our analysis reveals that the global financial crisis and market volatility phases significantly affect this relationship. Our results survive a range of robustness tests.
•This paper studies the impact of crude oil price uncertainty on investment for a sample of 33,075 firms across 54 countries.•Our findings suggest a negative effect of crude oil price uncertainty on corporate investment expenditure.•The effect is stronger to small firms, mature firms, growth firms, and high volatile firms.•The effect is stronger in the crude oil producing countries and industries than the crude oil consuming ones.•The effect is weaker during the global financial crisis and stronger during a volatile market. |
| doi_str_mv | 10.1016/j.eneco.2018.08.016 |
| format | Article |
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•This paper studies the impact of crude oil price uncertainty on investment for a sample of 33,075 firms across 54 countries.•Our findings suggest a negative effect of crude oil price uncertainty on corporate investment expenditure.•The effect is stronger to small firms, mature firms, growth firms, and high volatile firms.•The effect is stronger in the crude oil producing countries and industries than the crude oil consuming ones.•The effect is weaker during the global financial crisis and stronger during a volatile market.</description><identifier>ISSN: 0140-9883</identifier><identifier>EISSN: 1873-6181</identifier><identifier>DOI: 10.1016/j.eneco.2018.08.016</identifier><language>eng</language><publisher>Kidlington: Elsevier B.V</publisher><subject>Consumers ; Corporate investment ; Crude oil ; Crude oil price uncertainty ; Crude oil prices ; Economic crisis ; Energy economics ; Firm characteristics ; International finance ; Investment ; Investments ; Markets ; Petroleum ; Producer and consumer ; Robustness ; Stock exchanges ; Uncertainty ; Volatility</subject><ispartof>Energy economics, 2019-01, Vol.77, p.54-65</ispartof><rights>2018 Elsevier B.V.</rights><rights>Copyright Elsevier Science Ltd. Jan 2019</rights><lds50>peer_reviewed</lds50><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c396t-de4a1c97bbe811b51b95c48bb7549cfe1141bf3caa291ae467a3832545344b043</citedby><cites>FETCH-LOGICAL-c396t-de4a1c97bbe811b51b95c48bb7549cfe1141bf3caa291ae467a3832545344b043</cites></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktohtml>$$Uhttps://www.sciencedirect.com/science/article/pii/S0140988318303244$$EHTML$$P50$$Gelsevier$$H</linktohtml><link.rule.ids>314,776,780,3537,27843,27901,27902,65306</link.rule.ids></links><search><creatorcontrib>Phan, Dinh Hoang Bach</creatorcontrib><creatorcontrib>Tran, Vuong Thao</creatorcontrib><creatorcontrib>Nguyen, Dat Thanh</creatorcontrib><title>Crude oil price uncertainty and corporate investment: New global evidence</title><title>Energy economics</title><description>Using a comprehensive dataset of more than 33,000 firms from 54 countries in the period 1984–2015, we show that crude oil price uncertainty negatively influences corporate investment. More importantly, the effect is dependent on the market and stock characteristics of the firms. In addition, we discover that the effect is stronger in the crude oil producers group than for crude consumers. Our analysis reveals that the global financial crisis and market volatility phases significantly affect this relationship. Our results survive a range of robustness tests.
•This paper studies the impact of crude oil price uncertainty on investment for a sample of 33,075 firms across 54 countries.•Our findings suggest a negative effect of crude oil price uncertainty on corporate investment expenditure.•The effect is stronger to small firms, mature firms, growth firms, and high volatile firms.•The effect is stronger in the crude oil producing countries and industries than the crude oil consuming ones.•The effect is weaker during the global financial crisis and stronger during a volatile market.</description><subject>Consumers</subject><subject>Corporate investment</subject><subject>Crude oil</subject><subject>Crude oil price uncertainty</subject><subject>Crude oil prices</subject><subject>Economic crisis</subject><subject>Energy economics</subject><subject>Firm characteristics</subject><subject>International finance</subject><subject>Investment</subject><subject>Investments</subject><subject>Markets</subject><subject>Petroleum</subject><subject>Producer and consumer</subject><subject>Robustness</subject><subject>Stock exchanges</subject><subject>Uncertainty</subject><subject>Volatility</subject><issn>0140-9883</issn><issn>1873-6181</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2019</creationdate><recordtype>article</recordtype><sourceid>7TQ</sourceid><recordid>eNp9kE9LxDAQxYMouK5-Ai8Bz10zTZqmggdZ_LOw6EXPIUmnktJt1rRd2W9v1vUsPJjL-83Me4RcA1sAA3nbLrBHFxY5A7VgSSBPyAxUyTMJCk7JjIFgWaUUPycXw9AyxgpZqBlZLeNUIw2-o9voHdKpdxhH4_txT01fUxfiNkQzIvX9Dodxg_14R1_xm352wZqO4s7XmKBLctaYbsCrvzknH0-P78uXbP32vFo-rDPHKzlmNQoDriqtRQVgC7BV4YSytixE5RoEEGAb7ozJKzAoZGm44nkhCi6EZYLPyc1x7zaGryl9pNswxT6d1HkOqpIcRJVc_OhyMQxDxEaneBsT9xqYPnSmW_3bmT50plkSyETdHylMAXYeox6cP4SrfUQ36jr4f_kf28B12Q</recordid><startdate>201901</startdate><enddate>201901</enddate><creator>Phan, Dinh Hoang Bach</creator><creator>Tran, Vuong Thao</creator><creator>Nguyen, Dat Thanh</creator><general>Elsevier B.V</general><general>Elsevier Science Ltd</general><scope>AAYXX</scope><scope>CITATION</scope><scope>7ST</scope><scope>7TA</scope><scope>7TQ</scope><scope>8BJ</scope><scope>8FD</scope><scope>C1K</scope><scope>DHY</scope><scope>DON</scope><scope>FQK</scope><scope>JBE</scope><scope>JG9</scope><scope>SOI</scope></search><sort><creationdate>201901</creationdate><title>Crude oil price uncertainty and corporate investment: New global evidence</title><author>Phan, Dinh Hoang Bach ; Tran, Vuong Thao ; Nguyen, Dat Thanh</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c396t-de4a1c97bbe811b51b95c48bb7549cfe1141bf3caa291ae467a3832545344b043</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2019</creationdate><topic>Consumers</topic><topic>Corporate investment</topic><topic>Crude oil</topic><topic>Crude oil price uncertainty</topic><topic>Crude oil prices</topic><topic>Economic crisis</topic><topic>Energy economics</topic><topic>Firm characteristics</topic><topic>International finance</topic><topic>Investment</topic><topic>Investments</topic><topic>Markets</topic><topic>Petroleum</topic><topic>Producer and consumer</topic><topic>Robustness</topic><topic>Stock exchanges</topic><topic>Uncertainty</topic><topic>Volatility</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Phan, Dinh Hoang Bach</creatorcontrib><creatorcontrib>Tran, Vuong Thao</creatorcontrib><creatorcontrib>Nguyen, Dat Thanh</creatorcontrib><collection>CrossRef</collection><collection>Environment Abstracts</collection><collection>Materials Business File</collection><collection>PAIS Index</collection><collection>International Bibliography of the Social Sciences (IBSS)</collection><collection>Technology Research Database</collection><collection>Environmental Sciences and Pollution Management</collection><collection>PAIS International</collection><collection>PAIS International (Ovid)</collection><collection>International Bibliography of the Social Sciences</collection><collection>International Bibliography of the Social Sciences</collection><collection>Materials Research Database</collection><collection>Environment Abstracts</collection><jtitle>Energy economics</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Phan, Dinh Hoang Bach</au><au>Tran, Vuong Thao</au><au>Nguyen, Dat Thanh</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>Crude oil price uncertainty and corporate investment: New global evidence</atitle><jtitle>Energy economics</jtitle><date>2019-01</date><risdate>2019</risdate><volume>77</volume><spage>54</spage><epage>65</epage><pages>54-65</pages><issn>0140-9883</issn><eissn>1873-6181</eissn><abstract>Using a comprehensive dataset of more than 33,000 firms from 54 countries in the period 1984–2015, we show that crude oil price uncertainty negatively influences corporate investment. 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•This paper studies the impact of crude oil price uncertainty on investment for a sample of 33,075 firms across 54 countries.•Our findings suggest a negative effect of crude oil price uncertainty on corporate investment expenditure.•The effect is stronger to small firms, mature firms, growth firms, and high volatile firms.•The effect is stronger in the crude oil producing countries and industries than the crude oil consuming ones.•The effect is weaker during the global financial crisis and stronger during a volatile market.</abstract><cop>Kidlington</cop><pub>Elsevier B.V</pub><doi>10.1016/j.eneco.2018.08.016</doi><tpages>12</tpages></addata></record> |
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| identifier | ISSN: 0140-9883 |
| ispartof | Energy economics, 2019-01, Vol.77, p.54-65 |
| issn | 0140-9883 1873-6181 |
| language | eng |
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| source | PAIS Index; Elsevier ScienceDirect Journals |
| subjects | Consumers Corporate investment Crude oil Crude oil price uncertainty Crude oil prices Economic crisis Energy economics Firm characteristics International finance Investment Investments Markets Petroleum Producer and consumer Robustness Stock exchanges Uncertainty Volatility |
| title | Crude oil price uncertainty and corporate investment: New global evidence |
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