Does oil price affect the value of firms？ Evidence from Tunisian listed firms

A new debate on the potential impact of oil price changes on the value of firms was initiated in this paper. Using a stochastic frontier approach, an attempt was made to derive the optimal value Q＊ of firms and calculate the Q value observed. Then the shortfall （Q＊-Q） which represents the inefficien...

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Bibliographic Details
Published in:Frontiers in Energy 2016-03, Vol.10 (1), p.1-13
Main Authors: ZAABOUTI, Kaouther, BEN MOHAMED, Ezzeddine, BOURI, Abdelfettah
Format: Article
Language:English
Subjects:
Analysis
Commodities
Consumption
Costs
Crude oil prices
Discount rates
Distortion
Economic development
Economic growth
Economic theory
Empirical analysis
Energy
Energy Systems
GDP
Gross Domestic Product
Hedging
industrial Tunisian firms
Investments
Investors
Mathematical analysis
oil price
Operating costs
Optimization
Petroleum industry
Prices
Q values
Rates of return
Research Article
Return on investment
Securities markets
stochastic frontier approach
Stochastic models
Stochasticity
Stock exchanges
Studies
value of firm
Volatility
监测
能源
节能
计算
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Summary:A new debate on the potential impact of oil price changes on the value of firms was initiated in this paper. Using a stochastic frontier approach, an attempt was made to derive the optimal value Q＊ of firms and calculate the Q value observed. Then the shortfall （Q＊-Q） which represents the inefficiency term was explained. Starting from 19 industrial Tunisian firms listed on the Tunis Stock Exchange between 2007 and 2011, the fact that variation of oil prices can largely explain distortions in the value of firms was empirically demonstrated.
ISSN:2095-1701
2095-1698
DOI:10.1007/s11708-016-0396-8