Barrachina Fernández, LucíaSogorb Mira, FranciscoUCH. Departamento de Economía y EmpresaProducción Científica UCH 20242024-11-262024-11-262024-12Barrachina Fernández, L., & Sogorb Mira, F. (2024). The influence of peer effects, commodity prices and its hedging on corporate capital structure: evidence from the oil and gas industry. Energy Economics, 140, 108007. https://doi.org/10.1016/j.eneco.2024.1080070140-98831873-6181 (Electrónico)http://hdl.handle.net/10637/16501Este artículo tiene embargado el acceso al texto completo hasta el 01-01-2027.Este artículo es la versión postprint, siguiendo la política de acceso de la editorial Elsevier.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.enPetróleoPetroleumGas naturalNatural gasPreciosPrizesMateria primaRaw materialFinanciaciónFinancingCotización bursátilStock-exchange listingEmpresaEnterprisesArtículohttps://doi.org/10.1016/j.eneco.2024.108007