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Abstract The study investigates the nexus between oil price volatility and market valuation of listed energy companies in Nigeria, within a dynamic heterogeneous panel model framework. The paper utilizes the pooled mean group estimator in analysing the hypothesized relationship among equity valuation of listed energy companies in Nigeria, oil price volatility, and two control variables – firm profitability and inflation rate. The overwhelming weight of the evidence emerging from key findings of the study indicates that a distinct difference exists between the short-run impact of oil price volatility on the equity valuation of oil firms in Nigeria from the long-run impacts. While the short-run results show a mix of negative and positive, but statistically significant impacts of oil price volatility on equity valuation across listed oil firms, the long-run results indicate a statistically significant positive impact of oil price volatility on the stock valuation of energy firms in Nigeria. The short-run results are highly suggestive of the important role of the level of risk investors are willing to accommodate in their decisions to invest in stocks under different economic scenarios, in explaining stock returns for each of the oil-producing firms in Nigeria. The paper concludes that the risk premium investors place on stocks of oil companies is central in explaining the short-run impact of oil price volatility on the equity valuation of oil firms in Nigeria. Downloads Download data is not yet available. Downloads FULL TEXT Published 2022-09-27 How to Cite Okodua, H., Urhie, E. ., Erhi, M. A., Hassan, C. O. ., & Fasanu, E. A. . (2022). Oil Price Volatility and Equity Valuation of Listed Energy Companies in Nigeria: A Panel ARDL Model. International Journal of Energy Economics and Policy, 12(5), 482–490. https://doi.org/10.32479/ijeep.13423 More Citation Formats ACM ACS APA ABNT Chicago Harvard IEEE MLA Turabian Vancouver Download Citation Endnote/Zotero/Mendeley (RIS) BibTeX Issue Vol. 12 No. 5 (2022) Section Articles License Submission of an article implies that the work described has not been published previously , that it is not under consideration for publication elsewhere, that its publication is approved by all authors and tacitly or explicitly by the responsible authorities where the work was carried out, and that, if accepted, will not be published elsewhere in the same form, without the written consent of the Publisher. The Editors reserve the right to edit or otherwise alter all contributions, but authors will receive proofs for approval before publication. Most read articles by the same author(s) Bosede Comfort Olopade, Henry Okodua, Muyiwa Oladosun, Oluwatoyin Matthew, Ese Urhie, Romanus Osabohien, Oluwasogo Adediran, Olubunmi H. Johnson, Economic Growth, Energy Consumption and Human Capital Formation: Implication for Knowledge-based Economy , International Journal of Energy Economics and Policy: Vol. 10 No. 1 (2020) Oluwatoyin A. Matthew, Tamunotonye Miebaka-Ogan, Olabisi Popoola, Tomike Olawande, Romanus Osabohien, Ese Urhie, Oluwasogo Adediran, Toun Ogunbiyi, Electricity Consumption, Government Expenditure and Sustainable Development in Nigeria: A Co-integration Approach , International Journal of Energy Economics and Policy: Vol. 9 No. 4 (2019) Oluwatoyin A. Matthew, Oluwarotimi A. Owolabi, Romanus Osabohien, Ese Urhie, Toun Ogunbiyi, Tomike I. Olawande, Oluwatosin D. Edafe, Praise J. Daramola, Carbon Emissions, Agricultural Output and Life Expectancy in West Africa , International Journal of Energy Economics and Policy: Vol. 10 No. 3 (2020) Olufunmilayo T. Afolayan, Henry Okodua, Oluwatoyin Matthew, Romanus Osabohien, Reducing Unemployment Malaise in Nigeria: The Role of Electricity Consumption and Human Capital Development , International Journal of Energy Economics and Policy: Vol. 9 No. 4 (2019) Olufunmilayo T. Afolayan, Henry Okodua, Hassan Oaikhenan, Oluwatoyin Matthew, Carbon Emissions, Human Capital Investment and Economic Development in Nigeria , International Journal of Energy Economics and Policy: Vol. 10 No. 2 (2020) Opeyemi Akınyemi, Philip. O. Alege, Oluseyi. O. Ajayi, Henry Okodua, Energy Pricing Policy and Environmental Quality in Nigeria: A Dynamic CGE Approach , International Journal of Energy Economics and Policy: Vol. 7 No. 1 (2017) Make a Submission Make a Submission Dergi Kapağı

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