The influence of peer effects, commodity prices and its hedging on corporate capital structure: Evidence from the oil and gas industry

IF 13.6 2区经济学 Q1 ECONOMICS

Energy Economics Pub Date : 2024-10-29 DOI:10.1016/j.eneco.2024.108007

Lucía Barrachina-Fernández , Francisco Sogorb-Mira

引用次数: 0

Abstract

This paper investigates the influence of peer financial choices on the capital structure decisions of European and North American listed companies in the oil and gas sector. It also examines how commodity prices, particularly oil and natural gas prices, and their corporate hedging affect capital structure policies. The findings underscore the existence of peer effects in the oil and gas industry, indicating that companies consider their peers' financial decisions when determining their capital structure. Further analysis reveals that there is significant cross-country heterogeneity in capital structure peer effects conditional on financial and institutional development, and disclosure quality. Additionally, the research highlights that oil and natural gas prices, along with the hedging against these prices exposure, impact the capital structure of oil and gas companies, providing invaluable insights for industry practitioners and policymakers.

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同行效应、商品价格及其对冲对企业资本结构的影响：来自石油和天然气行业的证据

本文研究了同行财务选择对欧洲和北美石油天然气行业上市公司资本结构决策的影响。本文还研究了商品价格（尤其是石油和天然气价格）及其企业套期保值对资本结构政策的影响。研究结果强调了石油和天然气行业存在同行效应，表明公司在决定其资本结构时会考虑同行的财务决策。进一步的分析表明，在金融和制度发展以及信息披露质量的条件下，资本结构同行效应存在显著的跨国异质性。此外，研究还强调了石油和天然气价格以及对冲这些价格风险对石油和天然气公司资本结构的影响，为行业从业者和政策制定者提供了宝贵的见解。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Energy Economics ECONOMICS-

CiteScore

18.60

自引率

12.50%

发文量

524

期刊介绍： Energy Economics is a field journal that focuses on energy economics and energy finance. It covers various themes including the exploitation, conversion, and use of energy, markets for energy commodities and derivatives, regulation and taxation, forecasting, environment and climate, international trade, development, and monetary policy. The journal welcomes contributions that utilize diverse methods such as experiments, surveys, econometrics, decomposition, simulation models, equilibrium models, optimization models, and analytical models. It publishes a combination of papers employing different methods to explore a wide range of topics. The journal's replication policy encourages the submission of replication studies, wherein researchers reproduce and extend the key results of original studies while explaining any differences. Energy Economics is indexed and abstracted in several databases including Environmental Abstracts, Fuel and Energy Abstracts, Social Sciences Citation Index, GEOBASE, Social & Behavioral Sciences, Journal of Economic Literature, INSPEC, and more.