TY - JOUR
T1 - How oil price uncertainty influences corporate capital structure : evidence from BRIC countries
AU - Nguyen, Manh Huu
AU - Bakry, Walid
AU - Vuong, Giang Thi Huong
N1 - Publisher Copyright:
© 2024 Informa UK Limited, trading as Taylor & Francis Group.
PY - 2024
Y1 - 2024
N2 - This paper examines how corporate capital structures in emerging markets" Brazil, Russia, India, and China (BRIC)" were impacted by oil price uncertainty (OPU) from 2007 to 2019. We find that the relationship between OPU and firm leverage in BRIC markets is nonlinear and U-shaped. The extent to which OPU affects both short- and long-term leverage varies across nations. These findings are robust to endogeneity tests. Furthermore, while the OPU effect on corporate leverage is lessened in high-growth enterprises, it is strengthened in materials and energy companies. From an OPU perspective, this paper contributes intriguing knowledge of the corporate finance field.
AB - This paper examines how corporate capital structures in emerging markets" Brazil, Russia, India, and China (BRIC)" were impacted by oil price uncertainty (OPU) from 2007 to 2019. We find that the relationship between OPU and firm leverage in BRIC markets is nonlinear and U-shaped. The extent to which OPU affects both short- and long-term leverage varies across nations. These findings are robust to endogeneity tests. Furthermore, while the OPU effect on corporate leverage is lessened in high-growth enterprises, it is strengthened in materials and energy companies. From an OPU perspective, this paper contributes intriguing knowledge of the corporate finance field.
UR - https://hdl.handle.net/1959.7/uws:78716
UR - http://www.scopus.com/inward/record.url?scp=85195057170&partnerID=8YFLogxK
U2 - 10.1080/17520843.2024.2363070
DO - 10.1080/17520843.2024.2363070
M3 - Article
SN - 1752-0843
JO - Macroeconomics and Finance in Emerging Market Economies
JF - Macroeconomics and Finance in Emerging Market Economies
ER -