The Effects of Oil Price Shocks on Clean Energy and Oil and Gas Stock Returns

Yıl 2023, Cilt: 31 Sayı: 56, 217 - 240, 28.04.2023

Ayşegül Uçkun Özkan

https://doi.org/10.17233/sosyoekonomi.2023.02.11

Cited By: 1

Öz

This study empirically examines how fluctuations in oil prices affect the stock returns of clean energy and oil and gas companies between 2001:01 and 2022:06. Our results show that a negative oil supply shock affects the stock returns of clean energy companies positively. In contrast, an oil-specific demand shock negatively affects them. The findings also reveal that an increase in oil prices owing to an oil-specific demand shock tends not to improve the stock returns of oil and gas companies. Consequently, the results indicate that oil and clean energy are not alternatives.

Anahtar Kelimeler

Oil Price Shocks, Substitution Effect, Clean Energy Stock Returns, Oil and Gas Stock Returns, The Structural VAR

Petrol Fiyat Şoklarının Temiz Enerji ile Petrol ve Gaz Şirketlerinin Hisse Senedi Getirilerine Etkileri

Öz

Bu çalışma, 2001:01 ile 2022:06 yılları arasında petrol fiyatlarındaki dalgalanmaların temiz enerji ile petrol ve gaz şirketlerinin hisse senedi getirilerini nasıl etkilediğini ampirik olarak incelemektedir. Bu çalışmada bulunan sonuçlar, negatif bir petrol arz şokunun temiz enerji şirketlerinin hisse senedi getirilerini pozitif yönde etkilediğini, petrole özgü bir talep şokunun ise negatif yönde etkilediğini göstermektedir. Bulgular ayrıca, petrole özgü talep şoku nedeniyle oluşan petrol fiyatlarındaki artışın, petrol ve gaz şirketlerinin hisse senedi getirisini artırma eğiliminde olmadığını ortaya koymaktadır. Bu nedenle sonuçlar, petrol ve temiz enerjinin birbirinin alternatifi olmadığını göstermektedir.

Anahtar Kelimeler

Petrol Fiyat Şokları, İkame Etkisi, Temiz Enerji Hisse Senedi Getirileri, Petrol ve Gaz Hisse Senedi Getirileri, Yapısal VAR

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