Rusya-Ukrayna Savaşının Enerji Piyasasındaki Çevresel ve Finansal Faktörlere Etkisi: AB'den Kanıtlar

Öz

Rusya-Ukrayna savaşı küresel piyasalarda büyük dalgalanmalara neden olmuş, başta Avrupa Birliği ülkeleri olmak üzere tüm dünyayı enerji kriziyle karşı karşıya bırakmıştır. Dünya genelinde en fazla enerji tüketiminin Avrupa Birliği ülkeleri tarafından gerçekleştirilmesi ve Avrupa birliği ülkelerinin Rusya ya bağımlılıkları, çalışmanın Avrupa Birliğindeki enerji şirketleri üzerinde yapılmasının en önemli sebebidir. Bu çalışmada, Rusya-Ukrayna savaşı sırasında ve sonrasında işletmelerin çevresel ve finansal faktörleri incelenmiş ve savaşan iki ülkeye yakınlığı ve yoğun ticari ilişkileri nedeniyle savaştan en çok etkilenen AB'deki enerji şirketleri hakkında bir değerlendirme yapılmıştır. Ayrıca çalışmada, Rusya-Ukrayna savaşının çevresel ve finansal faktörler açısından şirket performansında iki yönlü bir değişime neden olduğu sonucuna ulaşılmıştır. Bu sonuç, örneklemdeki şirketlerin faaliyet gösterdikleri ülkelerin savaş durumuna, yasal düzenlemelerine, enerji piyasası koşullarına, kültürlerine ve şeffaflıklarına verdikleri tepkilerin farklılığından kaynaklanmaktadır.

Anahtar Kelimeler

• Rusya-Ukrayna savaşı
• finansal performans
• sürdürülebilirlik
• enerji sektörü

The Relationship of the Russia-Ukraine War with Environmental and Financial Factors in the Energy Market: Evidence from the EU

Öz

The Russia-Ukraine war caused great fluctuations in global markets and left the whole world, especially the European Union countries, facing an energy crisis. The fact that the highest energy consumption in the world is carried out by the European Union countries and the dependence of the European Union countries on Russia is the most important reason for the study to be conducted on energy companies in the European Union. In this study, the environmental and financial factors of businesses during and after the Russia-Ukraine war were examined and an evaluation was made about the energy companies in the EU, which were most affected by the war due to their proximity to the two warring countries and intense commercial relations. In addition, the study concluded that the Russia-Ukraine war caused a two-way change in company performance in terms of environmental and financial factors. This result stems from the difference in the reactions of the companies in the sample to the war situation, legal regulations, energy market conditions, culture and transparency of the countries in which they operate.

Anahtar Kelimeler

• Russia- Ukraine war
• financial performance
• sustainability
• energy sector

Kaynakça

1. Albayrak, A. S. (2005). Türkiye’de Illerin Sosyo Ekonomik Gelişmişlik Düzeylerinin Çok Değişkenli Istatistik Yöntemlerle incelenmesi. Uluslararası Yönetim İktisat ve İşletme Dergisi, 1(1), 153-177
2. Balbaa, M. E., Eshov, M., & Ismailova, N. (2022). The Impacts of Russian-Ukrainian War on the Global Economy. Advance online publication. DOI: DOI, 10
3. Bin-Nashwan, S. A., Hassan, M. K., & Muneeza, A. (2022). Russia–Ukraine conflict: 2030 Agenda for SDGs hangs in the balance. International Journal of Ethics and Systems, 40(1), 3-16
4. Bulut, H. & Öner, Y. (2017). The Evaluation Of Socio-Economic Development of Development Agency Regions in Turkey using classical and robust principal component analyses, Journal of Applied Statistics, 44:16, 2936-2948, DOI: 10.1080/02664763.2016.1267115
5. Chen, Y., Jiang, J., Wang, L., & Wang, R. (2023). Impact assessment of energy sanctions in geo-conflict: Russian–Ukrainian war, Energy Reports, 9, 3082-3095
6. Chishti, M. Z., Khalid, A. A., & Sana, M. (2023). Conflict vs sustainability of global energy, agricultural and metal markets: a lesson from Ukraine-Russia war. Resources Policy, 84, 103775
7. Da Costa, J. P., Silva, A. L., Barcelò, D., Rocha-Santos, T., & Duarte, A. (2023). Threats to sustainability in face of post-pandemic scenarios and the war in Ukraine. Science of The Total Environment, 892, 164509
8. Deng, Ming and Leippold, Markus and Wagner, Alexander F. and Wang, Qian. (2022). Stock Prices and the Russia-Ukraine War: Sanctions, Energy and ESG. CEPR Discussion Paper No. DP17207, Available at SSRN: https://ssrn.com/abstract=4121382

9. Duque-Grisales, E., & Aguilera-Caracuel, J. (2021). Environmental, social and governance (ESG) scores and financial performance of multilatinas: Moderating effects of geographic international diversification and financial slack, Journal of Business Ethics, 168(2), 315-334.
10. Ersungur, Ş. M., Kızıltan, A., & Polat, Ö. (2007). Türkiye’de Bölgelerin Sosyo-Ekonomik Gelişmişlik Sıralaması: Temel Bileşenler Analizi, Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 21(2), 55-66.)
11. IEA, (2022). International Energy Agencies, Renewables Report 2022. https://www.iea.org/reports/renewables-2022
12. Izzeldin, M., Muradoğlu, Y. G., Pappas, V., Petropoulou, A., & Sivaprasad, S. (2023). The impact of the Russian-Ukrainian war on global financial markets. International Review of Financial Analysis, 87, 102598.
13. Jackson, E. J. (1991). A user’s guide to principal components. John Willey and Sons, Canada.
14. Khudaykulova, M., Yuanqiong, H., & Khudaykulov, A. (2022). Economic consequences and implications of the Ukraine-russia war. International Journal of Management Science and Business Administration, 8(4), 44-52.
15. Kuzemko, C., Blondeel, M., Dupont, C., & Brisbois, M. C. (2022). Russia's war on Ukraine, European energy policy responses & implications for sustainable transformations. Energy Research & Social Science, 93, 102842.
16. Lambert, L. A., Tayah, J., Lee-Schmid, C., Abdalla, M., Abdallah, I., Ali, A. H. & Ahmed, W. (2022). The EU's natural gas Cold War and diversification challenges. Energy Strategy Reviews, 43, 100934.
17. Liadze, I., Macchiarelli, C., Mortimer, Lee, P., & Sanchez Juanino, P. (2023). Economic costs of the Russia-Ukraine war. The World Economy, 46(4), 874-886.
18. Ma, J., Cheng, J. C., Jiang, F., Chen, W., Wang, M., & Zhai, C. (2020). A Bi-Directional Missing Data Imputation Scheme Based on LSTM and Transfer Learning for Building Energy Data. Energy and Buildings, 216, 109941.
19. Mazzucato, M., & Semieniuk, G. (2018). Financing Renewable Energy: Who is Financing What and Why it Matters. Technological Forecasting and Social Change, 127, 8-22.
20. Mbah, R. E., & Wasum, D. F. (2022). Russian-Ukraine 2022 War: A review of the economic impact of Russian-Ukraine crisis on the USA, UK, Canada, and Europe. Advances in Social Sciences Research Journal, 9(3), 144-153. Mhlanga, D., Ndhlovu, E. The Implications of the Russia–Ukraine War on Sustainable Development Goals in Africa. Fudan J. Hum. Soc. Sci. 16, 435–454 (2023). https://doi.org/10.1007/s40647-023-00383-z
21. Nerlinger, M., & Utz, S. (2022). The impact of the Russia-Ukraine conflict on energy firms: A capital market perspective. Finance Research Letters, 50, 103243.
22. Nguyen, H. H., Van Nguyen, P., & Ngo, V. M. (2024). Energy security and the shift to renewable resources: The case of Russia-Ukraine war. The Extractive Industries and Society, 17, 101442.
23. Orhan, E. (2022). The effects of the Russia-Ukraine War on Global Trade. Journal of International Trade, Logistics and Law, 8(1), 141-146.
24. Ozili, P. K. (2024). Global economic consequences of Russian invasion of Ukraine. In Dealing With Regional Conflicts of Global Importance (pp. 195-223). IGI Global.
25. Raga, S., & Pettinotti, L. (2022). Economic vulnerability to the Russia–Ukraine war. Emerging Analysis. London: ODI.https://cdn-odi-production.s3.amazonaws.com/media/documents/1Updated_Final_-_Economic_vulnerability_to_the_RussiaUkraine_War-Raga_and_Pett_nR2sBzE.pdf
26. Rose, A., Chen, Z., & Wei, D. (2023). The economic impacts of Russia–Ukraine War export disruptions of grain commodities. Applied Economic Perspectives and Policy, 45(2), 645-665.
27. Sasmoko, Imran, M., Khan, S., Khan, H. U. R., Jambari, H., Musah, M. B., & Zaman, K. (2023). War psychology: The global carbon emissions impact of the Ukraine-Russia conflict. Frontiers in Environmental Science, 11, 1065301.
28. Sezgin, F. H., & Erkal, Ö. (2012). Rekabet Endeksine İstatistiksel Yaklaşım: İMKB’DE İşlem Gören Sanayi Firmaları İçin Bir Uygulama. MSGSÜ Sosyal Bilimler, (5), 81-92)
29. Shah, P., & Gedamkar, P. P. (2022). Effects of Russia-Ukraine war. Interantional Journal of Scientific Research in Engineering and Management, 6(03), 1-5.
30. Shahbaz, M., Abdullah S. K., Kiliç, M., & Uyar, A. (2020). Board attributes, CSR engagement, and corporate performance: what is the nexus in the energy sector? Energy Policy 143 (2020): 111582.
31. Tank, A., & Ospanova, A. (2022). Economic impact of Russia–Ukraine war. International Journal of Innovative Research in Science Engineering and Technology, 11(4).
32. Tong, E. (2024). Repercussions of the Russia–Ukraine war. International Review of Economics & Finance, 89, 366-390.
33. Trimble, C. P., Kojima, M., Perez Arroyo, I., & Mohammadzadeh, F. (2016). Financial viability of electricity sectors in Sub-Saharan Africa: quasi-fiscal deficits and hidden costs. World Bank Policy Research Working Paper, (7788).
34. Umar, M., Riaz, Y., & Yousaf, I. (2022). Impact of Russian-Ukraine War on Clean Energy, Conventional Energy, And Metal Markets: Evidence from Event Study Approach. Resources Policy, 79, 102966.
35. Wieczorek-Kosmala, M., Błach, J., & Gorzeń-Mitka, I. (2021). Does Capital Structure Drive Profitability in the Energy Sector ?, Energies, 14(16), 4803.