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Oil Price Uncertainty and Corporate Debt Choice: International Evidence
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DOI：10.1016/j.iref.2025.104864.png)
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Abstract
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• OPU steers firms towards opting for private debt over public debt. • The asymmetry (up and down volatilities) and diverse sources (supply and demand shocks) of OPU effects exist. • Oil users and substitute firms predominantly drive the preference for private debt. • OPU diminishes the negative impact of global board reform and market competition. • OPU is positively associated with cash flow and return on asset volatilities.
Keywords:
Oil price uncertainty
Debt choice
Bank debt
Public debt
Asymmetric effect
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