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Oil price uncertainty and corporate digital transformation: Evidence from China

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  • Wang, Jinpeng
  • Zhang, Tao

Abstract

This study examines the effect of oil price uncertainty on corporate digital transformation. Using data from Chinese listed firms from 2011 to 2023 and leveraging cross-firm variation in sensitivity to oil price fluctuations, we find that oil price uncertainty hinders corporate digital transformation. This result is robust to alternative measures of oil price uncertainty and corporate digital transformation, instrumental variable estimation, and controls for other macroeconomic uncertainties. Consistent with the real options theory, mechanism analyses reveal that oil price uncertainty impedes digital transformation through three channels: dampened firm expectations, tightened financing constraints, and reduced digital technology adoption. Further analyses show the negative impact is more pronounced in oil-dependent and non-green industries. Additionally, effective corporate governance, efficient supply chain management, and moderately proactive policies can partially mitigate such adverse effect. Our findings provide new empirical evidence on the micro-level consequences of oil price uncertainty.

Suggested Citation

  • Wang, Jinpeng & Zhang, Tao, 2025. "Oil price uncertainty and corporate digital transformation: Evidence from China," Energy Economics, Elsevier, vol. 151(C).
    • Handle: RePEc:eee:eneeco:v:151:y:2025:i:c:s0140988325007881
    DOI: 10.1016/j.eneco.2025.108961
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    JEL classification:

    • Q41 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Demand and Supply; Prices
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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