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    International oil price uncertainty and corporate investment: Evidence from China's emerging and transition economy

    Access Status
    Fulltext not available
    Authors
    Wang, Y.
    Xiang, E.
    Cheung, Adrian
    Ruan, W.
    Hu, Wei
    Date
    2017
    Type
    Journal Article
    
    Metadata
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    Citation
    Wang, Y. and Xiang, E. and Cheung, A. and Ruan, W. and Hu, W. 2017. International oil price uncertainty and corporate investment: Evidence from China's emerging and transition economy. Energy Economics. 61: pp. 330-339.
    Source Title
    Energy Economics
    DOI
    10.1016/j.eneco.2016.11.024
    ISSN
    0140-9883
    URI
    http://hdl.handle.net/20.500.11937/51331
    Collection
    • Curtin Research Publications
    Abstract

    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.

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