THE CAUSALITY ANALYSIS BETWEEN THE STOCK PRICES OF RENEWABLE ENERGY COMPANIES AND CARBON EMISSION PRICES: BASED ON GERMANY, TURKEY, USA AND BRAZIL
Öz
This study aims to analyze the impact of countries' activities in the direction of sustainable development movements by using data on the stock prices of energy companies in Germany, USA, Brazil and Turkey, the gross domestic product of the countries and the carbon emission price. The analysis using the Granger causality method reveals that there is a causal relationship between energy stocks and carbon emission prices. The results show that energy stocks and carbon emission prices affect each other depending on the level of development of countries. In particular, higher share prices of energy companies in developed countries are found to be an indicator of greater investment in sustainable development activities. However, lower share prices of energy companies in developing countries indicate less investment in sustainable development activities. The results emphasize that the share prices of energy companies are an important indicator for countries to achieve their sustainable development goals. This study can help investors and policymakers in the energy sector to make decisions based on stock and carbon emission price analysis to promote sustainable development-oriented activities.
Anahtar Kelimeler
Kaynakça
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