This paper investigates the influence of peer financial choices on the capital structure decisions of European and North American listed companies in the oil and gas sector. It also examines how commodity prices, particularly oil and natural gas prices, and their corporate hedging affect capital structure policies. The findings underscore the existence of peer effects in the oil and gas industry, indicating that companies consider their peers' financial decisions when determining their capital structure. Further analysis reveals that there is significant cross-country heterogeneity in capital structure peer effects conditional on financial and institutional development, and disclosure quality. Additionally, the research highlights that oil and natural gas prices, along with the hedging against these prices exposure, impact the capital structure of oil and gas companies, providing invaluable insights for industry practitioners and policymakers.

中文翻译：

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同伴效应、大宗商品价格及其对冲对公司资本结构的影响——来自石油和天然气行业的证据


本文研究了同行财务选择对石油和天然气行业欧洲和北美上市公司资本结构决策的影响。它还研究了大宗商品价格，特别是石油和天然气价格，及其企业对冲如何影响资本结构政策。研究结果强调了石油和天然气行业存在同伴效应，表明公司在确定其资本结构时会考虑同行的财务决策。进一步分析表明，以金融和制度发展为条件的资本结构、对等效应以及披露质量存在显著的跨国异质性。此外，该研究强调，石油和天然气价格以及对冲这些价格风险会影响石油和天然气公司的资本结构，为行业从业者和政策制定者提供宝贵的见解。