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Navigating uncertainty: analysing its impact on the fertilizers industry through listed companies

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  • Benaissa Chidmi
  • Laura Raisa Miloș
  • Marius Cristian Miloș

Abstract

This study aims to empirically explore how various external uncertainties influence risk levels within the fertilizers sector, considering its evolving significance in the global food chain over recent decades, which has garnered investor attention. Our model aligns with the conditional capital asset pricing model (CAPM) literature, allowing alphas and betas to fluctuate based on observed variables while incorporating an unobserved random component, thus introducing variability and randomness to the parameters. The findings reveal that uncertainties related to global economic policy, the COVID-19 index, inflation, the world uncertainty index, and the exchange rate, significantly impact fertilizer companies’ systematic risk (beta) across 14 stock exchanges.

Suggested Citation

  • Benaissa Chidmi & Laura Raisa Miloș & Marius Cristian Miloș, 2026. "Navigating uncertainty: analysing its impact on the fertilizers industry through listed companies," Applied Economics Letters, Taylor & Francis Journals, vol. 33(5), pages 651-656, March.
    • Handle: RePEc:taf:apeclt:v:33:y:2026:i:5:p:651-656
    DOI: 10.1080/13504851.2024.2386152
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