THE DEPENDENCE OF CLEAN ENERGY STOCK PRICES ON THE OIL AND CARBON PRICES: A NONLINEAR PERSPECTIVE
Economic Computation and Economic Cybernetics Studies and Research, cilt.56, sa.2, ss.115-132, 2022 (SCI-Expanded)
- Yayın Türü: Makale / Tam Makale
- Cilt numarası: 56 Sayı: 2
- Basım Tarihi: 2022
- Doi Numarası: 10.24818/18423264/56.2.22.08
- Dergi Adı: Economic Computation and Economic Cybernetics Studies and Research
- Derginin Tarandığı İndeksler: Science Citation Index Expanded (SCI-EXPANDED)
- Sayfa Sayıları: ss.115-132
- Anahtar Kelimeler: Clean Energy Stock Prices, Nonlinearity, Structural Change, Carbon Prices, Oil Prices
- Açık Arşiv Koleksiyonu: AVESİS Açık Erişim Koleksiyonu
- Ankara Yıldırım Beyazıt Üniversitesi Adresli: Evet
Özet
© 2022, Bucharest University of Economic Studies. All rights reserved.Climate change, rising environmental concerns increased scholar’s awareness of the complex ties between clean energy stock prices and various environmental indicators. A clearer understanding of the potential ties between indicators and clean energy stock prices is critical for determining the financial performance of clean energy companies. This study adds to the literature by testing the existence of the long-run relationship between clean energy stock prices, and oil prices, carbon prices, technology stock prices, and interest rates by considering nonlinearity in the context of a structural change. The results show the existence of the cointegration relationship. The results of long-run estimation show that before the structural break date, technology stock prices, oil prices, and interest rates positively affect clean energy stock prices, and after this date, the effects of carbon prices and interest rates are reversed. Our results present some implications for both investors and policymakers.