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The response of corporate investments in the US to oil price changes: the role of asymmetries

This paper investigates the influence of oil on corporate investments in the US. The inference is taken from a large sample which contains data on 15,411 companies over the period that extended from 1984 to 2017. It adds to the literature by showing that non-oil corporate investments in the US respond asymmetrically to oil price changes. In particular, when the oil price increases, the capital spending of companies suffers by more than it benefits from the declines in the price of oil. These results are important in assessing the impact of energy price fluctuations on the long-term investment decisions of US companies.