{"title":"Energy-Related Uncertainty and Corporate Financialization","authors":"Japan Huynh","doi":"10.1111/irfi.70107","DOIUrl":null,"url":null,"abstract":"<div>\n \n <p>This paper examines the link between energy uncertainty and corporate financialization using data from 545 nonfinancial listed firms in Vietnam over 2007–2024. We find that higher energy uncertainty is associated with higher financial asset holdings. Mechanism analysis supports both real options and precautionary motives, as firms tend to delay real investment and shift toward liquid financial assets, particularly under conditions of tighter financial constraints. The effect is weaker for state-owned enterprises but stronger in energy-intensive industries and during economic downturns. Overall, the results suggest that energy uncertainty is associated with lower real investment and greater precautionary financialization, highlighting the importance of stabilizing energy markets.</p>\n </div>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"26 4","pages":""},"PeriodicalIF":2.3000,"publicationDate":"2026-10-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Review of Finance","FirstCategoryId":"96","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/irfi.70107","RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
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Abstract
This paper examines the link between energy uncertainty and corporate financialization using data from 545 nonfinancial listed firms in Vietnam over 2007–2024. We find that higher energy uncertainty is associated with higher financial asset holdings. Mechanism analysis supports both real options and precautionary motives, as firms tend to delay real investment and shift toward liquid financial assets, particularly under conditions of tighter financial constraints. The effect is weaker for state-owned enterprises but stronger in energy-intensive industries and during economic downturns. Overall, the results suggest that energy uncertainty is associated with lower real investment and greater precautionary financialization, highlighting the importance of stabilizing energy markets.
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The International Review of Finance (IRF) publishes high-quality research on all aspects of financial economics, including traditional areas such as asset pricing, corporate finance, market microstructure, financial intermediation and regulation, financial econometrics, financial engineering and risk management, as well as new areas such as markets and institutions of emerging market economies, especially those in the Asia-Pacific region. In addition, the Letters Section in IRF is a premium outlet of letter-length research in all fields of finance. The length of the articles in the Letters Section is limited to a maximum of eight journal pages.
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