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Article

Крупнейшие публичные нефтяные компании: влияние внешних и внутренних факторов на капитализацию

Финансы: теория и практика. 2019. Т. 23. № 5. С. 87-100.
Нуреев Р. М., Бусыгин Е. Г.

Estimate and search for factors that influence the capitalization of public oil companies are of great interest
to researchers. The impact of various external and internal factors on the value of oil companies’ stocks was
considered. This includes changes in oil prices, stock market index movements, inflation fluctuations, financial
and production indicators. The study includes building models with calculated standard errors by the Driscoll-
Kraay method based on quarterly data for the eight biggest public oil companies operating in the upstream and
downstream segments, from the first quarter of 2006 to the third quarter of 2017. Such indicators as total oil
production by OPEC countries, greenhouse gas emissions by companies, and the sum of shareholder’s funds owned
by large institutional investors were used for the first time when building the model to identify factors affecting
the market capitalization of oil companies. One of the key results is the conclusion that quarterly production
volumes turned out to be the most significant factor having a positive impact on the cost of oil firms. That is,
investors are laying the idea of compensating for losses from lowering the cost of oil by increasing its production
and selling a larger volume in the value of shares in companies. At the same time, such indicators of production
efficiency as profitability in the upstream and downstream segments lose their significance depending on the
period under consideration.