This paper conducts a large-scale multi-country longitudinal study and examines the extent that firms are exposed to commodity price risk in 23 OECD countries. An industry analysis reveals that all industries are significantly exposed to commodity price movements ranging between 8 and 10% except for the energy sector where 38% of firms being significantly exposed. Investigating the determinants of commodity price exposure, we report that firm size is negatively associated with commodity exposure, while the fraction of R&D expenses, leverage, country GDP, and sophistication of the financial derivatives markets are positively related to commodity price exposure.

本文进行了一项大规模的多国纵向研究，并考察了 23 个经合组织国家的企业面临商品价格风险的程度。一项行业分析表明，所有行业都受到 8% 到 10% 的商品价格变动的影响，但能源行业除外，其中 38% 的公司受到显着影响。调查商品价格风险的决定因素，我们报告说公司规模与商品风险负相关，而研发费用的比例、杠杆、国家 GDP 和金融衍生品市场的成熟度与商品价格风险正相关。