International oil price uncertainty and corporate investment: Evidence from China's emerging and transition economy
We develop and estimate a dynamic model of investment to investigate the impact of international oil price uncertainty on corporate investment expenditures in China's emerging and transition economy. We further examine whether state ownership affects the relationship between oil price uncertain...
| Main Authors: | , , , , |
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| Format: | Journal Article |
| Published: |
Elsevier
2017
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| Online Access: | http://hdl.handle.net/20.500.11937/51331 |
| _version_ | 1848758670462025728 |
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| author | Wang, Y. Xiang, E. Cheung, Adrian Ruan, W. Hu, Wei |
| author_facet | Wang, Y. Xiang, E. Cheung, Adrian Ruan, W. Hu, Wei |
| author_sort | Wang, Y. |
| building | Curtin Institutional Repository |
| collection | Online Access |
| description | We develop and estimate a dynamic model of investment to investigate the impact of international oil price uncertainty on corporate investment expenditures in China's emerging and transition economy. We further examine whether state ownership affects the relationship between oil price uncertainty and corporate investment. Consistent with the model's prediction, the main finding is that oil price uncertainty exerts a negative impact on corporate investment expenditures. In addition, compared with state-owned listed companies, the negative influence of oil price uncertainty on corporate investment is more significant for non-state-owned listed companies. Our further analysis, using the market-oriented reform of refined oil pricing in 2008 as a quasi-natural event, shows the variation between the low-degree marketization period and the high-degree one in terms of the relationship between international oil price uncertainty, state ownership and corporate investment expenditures. |
| first_indexed | 2025-11-14T09:47:41Z |
| format | Journal Article |
| id | curtin-20.500.11937-51331 |
| institution | Curtin University Malaysia |
| institution_category | Local University |
| last_indexed | 2025-11-14T09:47:41Z |
| publishDate | 2017 |
| publisher | Elsevier |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | curtin-20.500.11937-513312017-09-13T15:42:02Z International oil price uncertainty and corporate investment: Evidence from China's emerging and transition economy Wang, Y. Xiang, E. Cheung, Adrian Ruan, W. Hu, Wei We develop and estimate a dynamic model of investment to investigate the impact of international oil price uncertainty on corporate investment expenditures in China's emerging and transition economy. We further examine whether state ownership affects the relationship between oil price uncertainty and corporate investment. Consistent with the model's prediction, the main finding is that oil price uncertainty exerts a negative impact on corporate investment expenditures. In addition, compared with state-owned listed companies, the negative influence of oil price uncertainty on corporate investment is more significant for non-state-owned listed companies. Our further analysis, using the market-oriented reform of refined oil pricing in 2008 as a quasi-natural event, shows the variation between the low-degree marketization period and the high-degree one in terms of the relationship between international oil price uncertainty, state ownership and corporate investment expenditures. 2017 Journal Article http://hdl.handle.net/20.500.11937/51331 10.1016/j.eneco.2016.11.024 Elsevier restricted |
| spellingShingle | Wang, Y. Xiang, E. Cheung, Adrian Ruan, W. Hu, Wei International oil price uncertainty and corporate investment: Evidence from China's emerging and transition economy |
| title | International oil price uncertainty and corporate investment: Evidence from China's emerging and transition economy |
| title_full | International oil price uncertainty and corporate investment: Evidence from China's emerging and transition economy |
| title_fullStr | International oil price uncertainty and corporate investment: Evidence from China's emerging and transition economy |
| title_full_unstemmed | International oil price uncertainty and corporate investment: Evidence from China's emerging and transition economy |
| title_short | International oil price uncertainty and corporate investment: Evidence from China's emerging and transition economy |
| title_sort | international oil price uncertainty and corporate investment: evidence from china's emerging and transition economy |
| url | http://hdl.handle.net/20.500.11937/51331 |