Masters Theses

Date of Award


Degree Type


Degree Name

Master of Science


Agricultural and Resource Economics

Major Professor

Carlos O. Trejo-Pech

Committee Members

James A Larson, T. Edward Yu


This study analyzed the risk and financial performance of 22 publicly traded biofuel companies from 2018 to 2021. The analysis found that management, financing, biofuel policies, biofuel and feedstock markets, contracting, and general economic conditions were the most prevalent and significant risk factors for these companies. Primary biofuel (PB) companies, which had a higher percentage of biofuel revenues, were found to be more vulnerable to risks related to biofuels, while secondary biofuel (SB) companies were more susceptible to general business risks. Collaborative efforts among stakeholders could help mitigate these risks and support the growth of the biofuel industry.

The study also compared the financial performance of PB companies to those with smaller biofuel revenues (SB) using financial ratios, trend analysis, and analysis of stock returns. PB companies outperformed SB companies in profitability, liquidity, and efficiency ratios, with most ratios being highly volatile. There was an unexpected increase in profitability ratios for PB companies during 2020-2021, followed by a significant decline. PB companies had negative weighted average stock returns in the first two years of the study period but experienced a sharp reversal during the period of 2020 to 2021, likely due to the COVID-19 pandemic.

However, the study acknowledged potential sample selection bias since only publicly traded biofuel companies were included in the sample, which may not accurately reflect the performance of the entire biofuel industry. Future research could address this limitation by incorporating privately held biofuel firms into the sample.

Available for download on Friday, May 15, 2026

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