EM Normandie Business School, Métis Lab, Clichy, France; Africa Business School, Mohammed VI Polytechnic University, Rabat, Morocco.
Léonard de Vinci Pôle Universitaire, Research Center, Paris La Défense, 92916, France.
J Environ Manage. 2024 Sep;367:121938. doi: 10.1016/j.jenvman.2024.121938. Epub 2024 Jul 29.
We study the relationship between crude oil price volatility and corporate environmental performance. Using an extensive dataset from 32 countries consisting of 18,464 firm-year observations, we provide strong evidence that oil price volatility significantly increases firms' environmental performance. Our main inference is robust when using alternative measures of oil price volatility and environmental performance, alternative econometric specifications and samples, and several approaches to control for endogeneity. In a set of additional analyses, we first conduct a difference-in-differences analysis that exploits the Arab Spring as an exogenous oil price volatility increase and document a stronger relationship between oil price volatility and environmental performance in the aftermath of the Arab Spring. We second identify (i) capital expenditures and (ii) alternative energy importation as two mechanisms through which oil price volatility influences environmental performance. We finally show that national culture plays a significant role in moderating the relationship between oil price volatility and environmental performance. Taken together, our empirical findings highlight the role of economic uncertainty in affecting firms' environmental performance and provide significant contributions to management and policymakers.
我们研究了原油价格波动与企业环境绩效之间的关系。利用来自 32 个国家的涵盖 18464 个公司-年度观测值的广泛数据集，我们提供了强有力的证据表明，油价波动显著提高了企业的环境绩效。我们的主要推断在使用替代的油价波动和环境绩效衡量标准、替代的计量经济学规范和样本以及几种处理内生性的方法时仍然稳健。在一系列额外的分析中，我们首先进行了双重差分分析，利用阿拉伯之春作为油价波动的外生增加，并记录了在阿拉伯之春之后，油价波动与环境绩效之间的关系更为紧密。其次，我们确定了（i）资本支出和（ii）替代能源进口是油价波动影响环境绩效的两个机制。最后，我们表明，国家文化在调节油价波动与环境绩效之间的关系方面发挥了重要作用。总的来说，我们的实证研究结果强调了经济不确定性在影响企业环境绩效方面的作用，并为管理和政策制定者提供了重要贡献。
