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Do oil market shocks affect financial distress? Evidence from firm-level global data

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  • Mousavi, Mohammad Mahdi
  • Gozgor, Giray
  • Acheampong, Albert

Abstract

This study investigates the impact of three oil price shocks on financial distress of global firms using a dataset of 8130 firms across 48 countries from 2002 to 2022. It also analyses the role of energy diversification in the relationship between oil shocks and firm distress. The findings reveal that aggregate demand and specific demand shocks increase firm distress risk, while supply shocks reduce it. Furthermore, the results suggest that energy diversification mitigates the impact of specific demand shocks on firm distress. The study also implements several robustness checks, and the results remain consistent. Potential policy implications are also discussed.

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  • Mousavi, Mohammad Mahdi & Gozgor, Giray & Acheampong, Albert, 2024. "Do oil market shocks affect financial distress? Evidence from firm-level global data," Journal of Commodity Markets, Elsevier, vol. 36(C).
    • Handle: RePEc:eee:jocoma:v:36:y:2024:i:c:s2405851324000552
    DOI: 10.1016/j.jcomm.2024.100436
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    JEL classification:

    • G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G17 - Financial Economics - - General Financial Markets - - - Financial Forecasting and Simulation
    • Q40 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - General

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