Using an innovative method that segregates oil shocks into supply, consumption demand, and inventory demand factors, we find empirical evidence that managerial ability can have a significant but varying influence on firm performance under these circumstances. Generally, high-ability managers are most beneficial to manufacturing firms during oil shocks. In the event of oil supply shocks that are associated with negative economic implications, talented managers strongly outperform in (i) energy, (ii) agriculture, forestry, & fishing, and (iii) services industries. However, during oil demand consumption shocks that are emblematic of economic growth, competent managers underperform in the (a) energy, (b) mining, (c) construction, (d) retail, and (e) services sectors. It is noteworthy that high-ability managers in energy firms are associated with significant outperformance and underperformance during oil supply and consumption shocks, respectively. It is probable that these adept managers employ more active hedging programs to reduce financial distress or minimize earnings volatility to safeguard against oil price downturns. Similarly, in other industries, it is plausible that skillful managers may actively engage in oil price risk management (e.g., reducing reliance, alternatives, hedging, etc.). During supply shocks, the associated benefits outweigh the costs, and vice versa during oil consumption demand shocks.

使用一种将石油冲击分为供应、消费需求和库存需求因素的创新方法，我们发现经验证据表明，在这些情况下，管理能力可以对公司绩效产生重大但不同的影响。一般来说，高能力的管理者在石油冲击期间对制造企业最有利。在与负面经济影响相关的石油供应冲击的情况下，有才华的经理人在 (i) 能源，(ii) 农业、林业和渔业，以及 (iii) 服务业中表现出色。然而，在象征经济增长的石油需求消费冲击期间，有能力的管理者在 (a) 能源、(b) 采矿、(c) 建筑、(d) 零售和 (e) 服务行业表现不佳。值得注意的是，能源公司的高能力管理者分别在石油供应和消费冲击期间表现出色和表现不佳。这些老练的经理人很可能会采用更积极的对冲计划来减少财务困境或最大限度地减少收益波动，以防范油价下跌。同样，在其他行业，熟练的管理者可能会积极参与油价风险管理（例如，减少依赖、替代方案、对冲等）。在供应冲击期间，相关收益大于成本，在石油消费需求冲击期间反之亦然。这些老练的经理人很可能会采用更积极的对冲计划来减少财务困境或最大限度地减少收益波动，以防范油价下跌。同样，在其他行业，熟练的管理者可能会积极参与油价风险管理（例如，减少依赖、替代方案、对冲等）。在供应冲击期间，相关收益大于成本，在石油消费需求冲击期间反之亦然。这些老练的经理人很可能会采用更积极的对冲计划来减少财务困境或最大限度地减少收益波动，以防范油价下跌。同样，在其他行业，熟练的管理者可能会积极参与油价风险管理（例如，减少依赖、替代方案、对冲等）。在供应冲击期间，相关收益大于成本，在石油消费需求冲击期间反之亦然。