Finance and Credit

An analysis of the financial policy of foreign oil companies under the influence of change of internal and external factors

Vol. 24, Iss. 8, AUGUST 2018

Received: 4 July 2018

Received in revised form: 18 July 2018

Accepted: 2 August 2018

Available online: 29 August 2018

Subject Heading: Financial system

JEL Classification: G32, G35, G38

Pages: 1955–1973

Pyshkina N.L. National Research Lobachevsky State University of Nizhny Novgorod (UNN), Nizhny Novgorod, Russian Federation

ORCID id: not available

Yakushev M.F. National Research Lobachevsky State University of Nizhny Novgorod (UNN), Nizhny Novgorod, Russian Federation

ORCID id: not available

Pronchatova-Rubtsova N.N. National Research Lobachevsky State University of Nizhny Novgorod (UNN), Nizhny Novgorod, Russian Federation

ORCID id: not available

Subject The article considers the financial policy of foreign oil companies during the period from 2006 to 2015.
Objectives The article aims to analyze the financial policy of oil companies and determine its changes under the influence of oil prices and other internal and external factors.
Methods For the study, we used statistical methods of dynamic and structural analyses and the method of logical association of factors.
Results The article states that the policy of the investigated companies is formed and realized taking into account external and internal factors, and it can be characterized as a sound financial one. From a risk-level perspective, large oil companies tend to pursue low-risk policies in both asset management and capital management. However, the article emphasizes that small oil companies have a high-risk policy. It notes the supportive policy pursued by States to defend oil companies.
Relevance The results obtained can be used by specialists both in conducting theoretical researches and in solving practical problems in the field of financial management of companies.

Keywords: oil price, oil company, financial policy, influential factor


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