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@article{1436296,
author = {Boe, Kristine and Jordal, Therese and Mikula, Štěpán and Molnar, Peter and Bøe, Kristine and Jordal, Therese},
article_location = {AMSTERDAM},
article_number = {1},
doi = {http://dx.doi.org/10.1016/j.jebo.2018.01.005},
keywords = {Investments; Oil and gas; Political risks; Financial development},
language = {eng},
issn = {0167-2681},
journal = {Journal of Economic Behavior & Organization},
title = {Do political risks harm development of oil fields?},
url = {http://www.sciencedirect.com/science/article/pii/S0167268118300052},
volume = {157},
year = {2019}
}
TY - JOUR
ID - 1436296
AU - Boe, Kristine - Jordal, Therese - Mikula, Štěpán - Molnar, Peter - Bøe, Kristine - Jordal, Therese
PY - 2019
TI - Do political risks harm development of oil fields?
JF - Journal of Economic Behavior & Organization
VL - 157
IS - 1
SP - 338-358
EP - 338-358
PB - ELSEVIER SCIENCE BV
SN - 01672681
KW - Investments
KW - Oil and gas
KW - Political risks
KW - Financial development
UR - http://www.sciencedirect.com/science/article/pii/S0167268118300052
L2 - http://www.sciencedirect.com/science/article/pii/S0167268118300052
N2 - We examine the impact of political risks and financial development on investments in the petroleum industry utilizing a unique dataset of investments in individual oil and gas fields around the world. We find that the expected time to investment is shorter in countries that are politically stable, have solid property rights protection and more developed financial systems. Political risks have the strongest impact on multinational companies, whereas financial development matters only for domestic national oil companies. At the company level we find that expected time to investment is shorter for companies with higher valuation and lower debt. Moreover, companies are more likely to invest in countries where they invested recently and less likely to invest in countries where their competitors invested recently. (C) 2018 Elsevier B.V. All rights reserved.
ER -
BOE, Kristine, Therese JORDAL, Štěpán MIKULA and Peter MOLNAR. Do political risks harm development of oil fields? \textit{Journal of Economic Behavior \&{} Organization}. AMSTERDAM: ELSEVIER SCIENCE BV, 2019, vol.~157, No~1, p.~338-358. ISSN~0167-2681. Available from: https://dx.doi.org/10.1016/j.jebo.2018.01.005.
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