Time-Varying and Dynamic Effects of Uncertainties on Clean Energy Stocks: An Econometric Approach

Naime İrem Duran

doi:10.33203/mfy.1828640

TR EN

Temiz Enerji Hisse Senetleri Üzerinde Belirsizliğin Zamanla Değişen ve Dinamik Etkileri: Ekonometrik Bir Yaklaşım

Öz

Bu çalışmanın amacı, temiz enerji endeksleri ile piyasaları etkileyen belirsizlik endeksleri arasındaki uzun ve kısa dönem ilişkileri incelemektir. Bu amaçla temiz enerji göstergeleri olarak NASDAQ Clean Edge Temiz Enerji Endeksi (CELS) ve FTSE Çevresel Fırsatlar Endeksi (FTEOUS) bağımlı değişken, belirsizliği gösteren faktörler olarak da İklim Politikası Belirsizlik Endeksi(CPU), Twitter Tabanlı Ekonomik Belirsizlik Endeksi(TEU), ABD-Çin Jeopolitik Gerilim Endeksi (UCT) ve Sürdürülebilirlik Belirsizlik Endeksi(ESGUI) bağımsız değişkenler olarak belirlenmiştir. İki bağımlı değişkenin belirlenen bağımsız değişkenlerle uzun dönem ilişkilerini incelemek için ARDL modeli, kısa dönem nedensellik ilişkilerini belirlemek için ise Zamana göre değişen Granger Nedensellik analizi yapılmıştır. Ocak 2012-2023 aylık verilerini içeren analiz sonuçları ESGUI değişkeninin her iki temiz enerji endeksini uzun dönemde etkilediğini gösterirken, kısa dönemli nedensellik analizine göre TEU değişkeni her iki endeksle nedensellik ilişkisine işaret etmektedir. Sonuç olarak elde edilen bulgular, bu endeksler üzerinde, endeksin yapısı ve içerdiği sektörlerle birlikte bilginin yayılım kanallarının etkisi olabileceğini göstermektedir.

Anahtar Kelimeler

Sürdürülebi1ir Finans, ARDL modeli, Zamana Göre Değişen Nedensellik Analizi

Time-Varying and Dynamic Effects of Uncertainties on Clean Energy Stocks: An Econometric Approach

Öz

The aim of this study is to analyze the short- and long-run effects of new-generation uncertainty indicators—including climate policy uncertainty (CPU), social-media-based economic uncertainty (TEU-USA), sustainability uncertainty (ESGUI), and the U.S.–China Geopolitical Tension Index (UCT)—on U.S. green equity markets. Accordingly, for the period January 2012–January 2023, the effects on Nasdaq Clean Edge Clean Energy Index (CELS) and the FTSE Environmental Opportunities U.S. Index (FTEOUS) were examined using ARDL and TVGC methods . The findings indicate that ESGUI is a key long-run determinant for both green indices, while TEU affects only the CELS index in the long and short run . The fact TEU is significant only for CELS suggests that the FTEOUS index exhibits greater resilience to social-media-based economic uncertainty. Overall, the results reveal that the responses of green financial markets to uncertainty shocks may vary depending on index structure, sectoral composition, and information diffusion channels.

Anahtar Kelimeler

Sustainable Finance, ARDL Model, Time-Varying Granger Causality Analysis

Kaynakça

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Ayrıntılar

Birincil Dil

İngilizce

Konular

Ekonomik Modeller ve Öngörü, Çevre ve İklim Finansmanı

Bölüm

Araştırma Makalesi

Yazarlar

Naime İrem Duran ^*
0000-0002-8953-2171
Türkiye

Yayımlanma Tarihi

31 Aralık 2025

Gönderilme Tarihi

22 Kasım 2025

Kabul Tarihi

21 Aralık 2025

Yayımlandığı Sayı

Yıl 2025 Sayı: Özel Sayı 3

DOI

https://doi.org/10.33203/mfy.1828640

IZ

https://izlik.org/JA85YZ78DX

APA

Duran, N. İ. (2025). Time-Varying and Dynamic Effects of Uncertainties on Clean Energy Stocks: An Econometric Approach. Maliye ve Finans Yazıları, Özel Sayı 3, 242-261. https://doi.org/10.33203/mfy.1828640

AMA

1.Duran Nİ. Time-Varying and Dynamic Effects of Uncertainties on Clean Energy Stocks: An Econometric Approach. Maliye ve Finans Yazıları. 2025;(Özel Sayı 3):242-261. doi:10.33203/mfy.1828640

Chicago

Duran, Naime İrem. 2025. “Time-Varying and Dynamic Effects of Uncertainties on Clean Energy Stocks: An Econometric Approach”. Maliye ve Finans Yazıları, sy Özel Sayı 3: 242-61. https://doi.org/10.33203/mfy.1828640.

EndNote

Duran Nİ (01 Aralık 2025) Time-Varying and Dynamic Effects of Uncertainties on Clean Energy Stocks: An Econometric Approach. Maliye ve Finans Yazıları Özel Sayı 3 242–261.

IEEE

[1]N. İ. Duran, “Time-Varying and Dynamic Effects of Uncertainties on Clean Energy Stocks: An Econometric Approach”, Maliye ve Finans Yazıları, sy Özel Sayı 3, ss. 242–261, Ara. 2025, doi: 10.33203/mfy.1828640.

ISNAD

Duran, Naime İrem. “Time-Varying and Dynamic Effects of Uncertainties on Clean Energy Stocks: An Econometric Approach”. Maliye ve Finans Yazıları. Özel Sayı 3 (01 Aralık 2025): 242-261. https://doi.org/10.33203/mfy.1828640.

JAMA

1.Duran Nİ. Time-Varying and Dynamic Effects of Uncertainties on Clean Energy Stocks: An Econometric Approach. Maliye ve Finans Yazıları. 2025;:242–261.

MLA

Duran, Naime İrem. “Time-Varying and Dynamic Effects of Uncertainties on Clean Energy Stocks: An Econometric Approach”. Maliye ve Finans Yazıları, sy Özel Sayı 3, Aralık 2025, ss. 242-61, doi:10.33203/mfy.1828640.

Vancouver

1.Naime İrem Duran. Time-Varying and Dynamic Effects of Uncertainties on Clean Energy Stocks: An Econometric Approach. Maliye ve Finans Yazıları. 01 Aralık 2025;(Özel Sayı 3):242-61. doi:10.33203/mfy.1828640

Maliye ve Finans Yazıları dergisinin kapsamını ekonomi, maliye, finans ve bankacılık alanlarındaki çalışmalar oluşturmaktadır.

Temiz Enerji Hisse Senetleri Üzerinde Belirsizliğin Zamanla Değişen ve Dinamik Etkileri: Ekonometrik Bir Yaklaşım

Öz

Anahtar Kelimeler

Time-Varying and Dynamic Effects of Uncertainties on Clean Energy Stocks: An Econometric Approach

Öz

Anahtar Kelimeler

Kaynakça

Ayrıntılar

Birincil Dil

Konular

Bölüm

Yazarlar

Yayımlanma Tarihi

Gönderilme Tarihi

Kabul Tarihi

Yayımlandığı Sayı

DOI

IZ

Kaynak Göster