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How oil price uncertainty influences corporate capital structure: evidence from BRIC countries

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  • Manh Huu Nguyen
  • Walid Bakry
  • Giang Thi Huong Vuong

Abstract

This paper examines how corporate capital structures in emerging markets – Brazil, Russia, India, and China (BRIC) – were impacted by oil price uncertainty (OPU) from 2007 to 2019. We find that the relationship between OPU and firm leverage in BRIC markets is nonlinear and U-shaped. The extent to which OPU affects both short- and long-term leverage varies across nations. These findings are robust to endogeneity tests. Furthermore, while the OPU effect on corporate leverage is lessened in high-growth enterprises, it is strengthened in materials and energy companies. From an OPU perspective, this paper contributes intriguing knowledge of the corporate finance field.

Suggested Citation

  • Manh Huu Nguyen & Walid Bakry & Giang Thi Huong Vuong, 2026. "How oil price uncertainty influences corporate capital structure: evidence from BRIC countries," Macroeconomics and Finance in Emerging Market Economies, Taylor & Francis Journals, vol. 19(2), pages 342-368, May.
    • Handle: RePEc:taf:macfem:v:19:y:2026:i:2:p:342-368
    DOI: 10.1080/17520843.2024.2363070
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