Corporate commodity exposure: A multi-country longitudinal study

被引:1
作者
Han, Xu [1 ]
Laing, Elaine [1 ]
Lucey, Brian M. [1 ,3 ,4 ,5 ]
Vigne, Samuel [2 ]
机构
[1] Trinity Coll Dublin, Trinity Business Sch, Dublin, Ireland
[2] Luiss Business Sch, Rome, Italy
[3] Jiangxi Univ Finance & Econ, Nanchang, Peoples R China
[4] Abu Dhabi Univ, Zayed City, U Arab Emirates
[5] Univ Econ, Ho Chi Mihn City, Vietnam
关键词
Commodity price exposure; OECD; Risk management; EXCHANGE-RATE EXPOSURE; PRICE RISK EXPOSURE; STOCK RETURNS; CANADIAN OIL; FIRM VALUE; DETERMINANTS; GOLD; MANAGEMENT; INDUSTRY; VALUES;
D O I
10.1016/j.jcomm.2023.100329
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
This paper conducts a large-scale multi-country longitudinal study and examines the extent that firms are exposed to commodity price risk in 23 OECD countries. An industry analysis reveals that all industries are significantly exposed to commodity price movements ranging between 8 and 10% except for the energy sector where 38% of firms being significantly exposed. Investigating the determinants of commodity price exposure, we report that firm size is negatively associated with commodity exposure, while the fraction of R&D expenses, leverage, country GDP, and sophistication of the financial derivatives markets are positively related to commodity price exposure.
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页数:12
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