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Copyright (c) 2025 Azaluddin Azaluddin, Lia Hanifa, Dewi Mahmuda (Author)
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Oil and Currency Shocks, Financial Efficiency, and Firm Value: Evidence from Emerging Transportation Logistics Markets
Corresponding Author(s) : Azaluddin Azaluddin
Jurnal Minds: Manajemen Ide dan Inspirasi,
Vol. 12 No. 1 (2025): June
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- Alzate-Ortega, A., Morales-Serrano, H., Rojas-Suarez, A., & Toro-Ocampo, A. (2024). Volatility spillovers in emerging markets: Oil shocks and macro uncertainty. Energies, 17(2), 378. https://doi.org/10.3390/en17020378
- Ball, R., Gerakos, J., Linnainmaa, J. T., & Nikolaev, V. V. (2016). Accruals, cash flows, and operating profitability in the cross-section of stock returns. Journal of Financial Economics, 121(1), 28–45. https://doi.org/10.1016/j.jfineco.2016.03.002
- Baumeister, C., & Hamilton, J. D. (2019). Structural interpretation of vector autoregressions with incomplete identification: Revisiting the role of oil supply and demand shocks. American Economic Review, 109(5), 1873–1910. https://doi.org/10.1257/aer.20151569
- Beckmann, J., Czudaj, R. L., & Arora, V. (2020). The relationship between oil prices and exchange rates: Revisiting theory and evidence. Energy Economics, 88, 104772. https://doi.org/10.1016/j.eneco.2020.104772
- Benítez, J., Henseler, J., Castillo, A., & Schuberth, F. (2020). How to perform and report an impactful analysis using partial least squares: Guidelines for confirmatory and explanatory IS research. Information & Management, 57(2), 103168. https://doi.org/10.1016/j.im.2019.05.003
- Bouri, E., Lucey, B., Saeed, T., & Vo, X. V. (2023). Spillovers between oil and stock sectors: Evidence from implied volatility and realized volatility. Energy, 263, 126725. https://doi.org/10.1016/j.energy.2022.126725
- Chen, S., Hussain Chang, B., Ullah, S., & Naveed, M. (2024). Dynamic analysis of the relationship between exchange rates and oil prices: A comparison between oil-exporting and oil-importing countries. Humanities and Social Sciences Communications, 11, 569. https://doi.org/10.1057/s41599-024-03183-2
- Demirer, R., Ferrer, R., & Shahzad, S. J. H. (2020). Oil price shocks, global financial markets and their connectedness. Energy Economics, 88, 104771. https://doi.org/10.1016/j.eneco.2020.104771
- Fama, E. F., & French, K. R. (2015). A five-factor asset pricing model. Journal of Financial Economics, 116(1), 1–22. https://doi.org/10.1016/j.jfineco.2014.10.010
- Hair, J. F., Hult, G. T. M., Ringle, C. M., & Sarstedt, M. (2022). A primer on partial least squares structural equation modeling (PLS-SEM) (3rd ed.). Springer. https://doi.org/10.1007/978-3-030-80519-7
- Henseler, J., Ringle, C. M., & Sarstedt, M. (2015). A new criterion for assessing discriminant validity in variance-based structural equation modeling. Journal of the Academy of Marketing Science, 43(1), 115–135. https://doi.org/10.1007/s11747-014-0403-8
- Hou, K., Mo, H., Xue, C., & Zhang, L. (2021). An augmented q-factor model with expected growth. Review of Finance, 25(1), 1–41. https://doi.org/10.1093/rof/rfaa004
- Kilian, L., & Zhou, X. (2022). Oil prices, exchange rates and interest rates. Journal of International Money and Finance, 126, 102679. https://doi.org/10.1016/j.jimonfin.2022.102679
- Salisu, A. A., & Vo, X. V. (2022). The COVID-19 global fear index and the predictability of commodity and financial markets. Journal of Risk and Financial Management, 15(8), 355. https://doi.org/10.3390/jrfm15080355
- Sarstedt, M., Ringle, C. M., & Hair, J. F. (2022). Progress in partial least squares structural equation modeling: Retrospect and prospect. Psychology & Marketing, 39(7), 1169–1204. https://doi.org/10.1002/mar.21640
References
Alzate-Ortega, A., Morales-Serrano, H., Rojas-Suarez, A., & Toro-Ocampo, A. (2024). Volatility spillovers in emerging markets: Oil shocks and macro uncertainty. Energies, 17(2), 378. https://doi.org/10.3390/en17020378
Ball, R., Gerakos, J., Linnainmaa, J. T., & Nikolaev, V. V. (2016). Accruals, cash flows, and operating profitability in the cross-section of stock returns. Journal of Financial Economics, 121(1), 28–45. https://doi.org/10.1016/j.jfineco.2016.03.002
Baumeister, C., & Hamilton, J. D. (2019). Structural interpretation of vector autoregressions with incomplete identification: Revisiting the role of oil supply and demand shocks. American Economic Review, 109(5), 1873–1910. https://doi.org/10.1257/aer.20151569
Beckmann, J., Czudaj, R. L., & Arora, V. (2020). The relationship between oil prices and exchange rates: Revisiting theory and evidence. Energy Economics, 88, 104772. https://doi.org/10.1016/j.eneco.2020.104772
Benítez, J., Henseler, J., Castillo, A., & Schuberth, F. (2020). How to perform and report an impactful analysis using partial least squares: Guidelines for confirmatory and explanatory IS research. Information & Management, 57(2), 103168. https://doi.org/10.1016/j.im.2019.05.003
Bouri, E., Lucey, B., Saeed, T., & Vo, X. V. (2023). Spillovers between oil and stock sectors: Evidence from implied volatility and realized volatility. Energy, 263, 126725. https://doi.org/10.1016/j.energy.2022.126725
Chen, S., Hussain Chang, B., Ullah, S., & Naveed, M. (2024). Dynamic analysis of the relationship between exchange rates and oil prices: A comparison between oil-exporting and oil-importing countries. Humanities and Social Sciences Communications, 11, 569. https://doi.org/10.1057/s41599-024-03183-2
Demirer, R., Ferrer, R., & Shahzad, S. J. H. (2020). Oil price shocks, global financial markets and their connectedness. Energy Economics, 88, 104771. https://doi.org/10.1016/j.eneco.2020.104771
Fama, E. F., & French, K. R. (2015). A five-factor asset pricing model. Journal of Financial Economics, 116(1), 1–22. https://doi.org/10.1016/j.jfineco.2014.10.010
Hair, J. F., Hult, G. T. M., Ringle, C. M., & Sarstedt, M. (2022). A primer on partial least squares structural equation modeling (PLS-SEM) (3rd ed.). Springer. https://doi.org/10.1007/978-3-030-80519-7
Henseler, J., Ringle, C. M., & Sarstedt, M. (2015). A new criterion for assessing discriminant validity in variance-based structural equation modeling. Journal of the Academy of Marketing Science, 43(1), 115–135. https://doi.org/10.1007/s11747-014-0403-8
Hou, K., Mo, H., Xue, C., & Zhang, L. (2021). An augmented q-factor model with expected growth. Review of Finance, 25(1), 1–41. https://doi.org/10.1093/rof/rfaa004
Kilian, L., & Zhou, X. (2022). Oil prices, exchange rates and interest rates. Journal of International Money and Finance, 126, 102679. https://doi.org/10.1016/j.jimonfin.2022.102679
Salisu, A. A., & Vo, X. V. (2022). The COVID-19 global fear index and the predictability of commodity and financial markets. Journal of Risk and Financial Management, 15(8), 355. https://doi.org/10.3390/jrfm15080355
Sarstedt, M., Ringle, C. M., & Hair, J. F. (2022). Progress in partial least squares structural equation modeling: Retrospect and prospect. Psychology & Marketing, 39(7), 1169–1204. https://doi.org/10.1002/mar.21640