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Date of Award
2026
Document Type
Restricted Thesis: Campus only access
Degree Name
Bachelor of Arts
Department
Economics
First Advisor
Dr. Binish Rijal
Abstract
This study examines whether renewable energy (RE) use moderates the relationship between oil market conditions and firm financial performance among U.S. industrial non-energy firms. Using panel data from over 800 firms between 2020 and 2025 combined with oil price and oil price volatility data, I evaluate both accounting-based (ROA, ROI) and market-based (Tobin’s q, market capitalization) performance measures with fixed effects models. The results show that RE use does not have a consistent direct effect on performance. However, RE use significantly moderates market-based outcomes: Firms using RE are valued more favorably during periods of high oil prices but less favorably during periods of high oil price volatility. These effects are not consistently observed in accounting measures, suggesting that the financial benefits of RE use are forward-looking and reflected more in investor expectations than short-term profitability.
Recommended Citation
Schweinfurth, Lily, "Renewable Energy Use and Firm Performance Under Changing Oil Market Conditions: Evidence from U.S. Industrial firms" (2026). Honors Theses. 1953.
https://scholarship.richmond.edu/honors-theses/1953