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Oil price uncertainty and corporate debt maturity structure

Mostafa Monzur Hasan, Suzona Asad and Jin Boon Wong

Finance Research Letters, 2022, vol. 46, issue PA

Abstract: This study examines the relationship between oil price uncertainty and corporate debt maturity structure. Using a large sample of US firm-level data, we find that oil price uncertainty increases short-term corporate debt. We also find that this result persists for firms operating in oil and most other industries. These findings are robust to a battery of tests including the use of alternative measures of oil uncertainty, debt maturity structure, and instrumental variable analysis to address endogeneity concerns. Overall, we provide evidence that oil price uncertainty has important implications for corporate financing policy.

Keywords: Debt maturity; Oil price uncertainty; Capital structure (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:46:y:2022:i:pa:s1544612321003196

DOI: 10.1016/j.frl.2021.102278

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