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Oil price uncertainty, corporate governance and firm performance

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  • Song, Xinyu
  • Yang, Baochen

Abstract

We investigate whether oil price uncertainty affects Chinese firms' operating performances and the moderating role of corporate governance practices in this relationship. Using a sample of 2,696 Chinese listed firms from 2007 to 2019, we find that oil price uncertainty negatively affects Chinese firms’ operating performances. Notably, the negative effect is statistically significant in the aggregate market and the energy-related sector but not in the non-energy-related sector. Furthermore, managerial incentives can help firms mitigate the adverse effect of oil price uncertainty, whereas managerial monitoring cannot.

Suggested Citation

  • Song, Xinyu & Yang, Baochen, 2022. "Oil price uncertainty, corporate governance and firm performance," International Review of Economics & Finance, Elsevier, vol. 80(C), pages 469-487.
    • Handle: RePEc:eee:reveco:v:80:y:2022:i:c:p:469-487
    DOI: 10.1016/j.iref.2022.02.067
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    5. Antonios Persakis, 2024. "The impact of climate policy uncertainty on ESG performance, carbon emission intensity and firm performance: evidence from Fortune 1000 firms," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 26(9), pages 24031-24081, September.
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    More about this item

    Keywords

    Oil price uncertainty; Corporate governance; Operating performance; Chinese firms;
    All these keywords.

    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy

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