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Oil price shocks and the financial performance patterns of logistics service providers

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  • Hofmann, Erik
  • Solakivi, Tomi
  • Töyli, Juuso
  • Zinn, Martin

Abstract

This paper examines the influence of oil price shocks on the financial performance of logistics service providers. By applying the structural vector auto regression (SVAR) methodology to the data of 301 logistics service providers (LSPs) from 2004 to 2014, based on annual and half-yearly report data (in total 6020 firm-years), it is shown that oil price changes are absorbed in a variety of ways by different types of companies. Fluctuations in oil prices negatively affect the transportation industry – with minor restrictions in asset-light clusters and companies which consume little to no oil. Our analysis also shows that oil price shocks result in effects of different magnitude and length with respect to the type of LSP. Thus, some LSP clusters adapt quicker to oil price changes than others and are better able to absorb price shocks. An innovative approach is applied to examine LSP performance; SVAR, a widespread model in economics, is used to analyse the LSP sector. The results are important for financial planning of the management of different LSP types as well as their customers.

Suggested Citation

  • Hofmann, Erik & Solakivi, Tomi & Töyli, Juuso & Zinn, Martin, 2018. "Oil price shocks and the financial performance patterns of logistics service providers," Energy Economics, Elsevier, vol. 72(C), pages 290-306.
  • Handle: RePEc:eee:eneeco:v:72:y:2018:i:c:p:290-306
    DOI: 10.1016/j.eneco.2018.04.006
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    More about this item

    Keywords

    Macroeconomic shocks; Oil price development; Structural vector auto regression; Logistics service providers; Clusters;
    All these keywords.

    JEL classification:

    • G17 - Financial Economics - - General Financial Markets - - - Financial Forecasting and Simulation
    • L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
    • L21 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Business Objectives of the Firm
    • L87 - Industrial Organization - - Industry Studies: Services - - - Postal and Delivery Services
    • L91 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Transportation: General
    • Q4 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy

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