Oil price uncertainty and corporate debt maturity structure

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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.
Original languageEnglish
Article number102278
JournalFinance Research Letters
Early online date13 Jul 2021
Publication statusE-pub ahead of print - 13 Jul 2021


  • Capital structure
  • Debt maturity
  • Oil price uncertainty


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