Enerji Sürdürülebilirliğinin Petrol Fiyatları ile Hisse Senedi Piyasaları Arasındaki İlişkiye Etkisi: WEC Enerji Sürdürülebilirliği Endeksi Üstüne Bir Çalışma

Abstract

The purpose of this study is to analyze the effect of energy sustainability on the relationship between oil prices and stock markets. To define the energy sustainability the definition was based on the Energy Sustainability Index prepared by World Energy Council. The countries analyzed within the index were grouped based on their performances in energy sustainability and at the end 14 groups were formed. The daily stock market index values of these countries between the years 2004-2014 was used to create an index. For each group, the average of the countries’ stock market indices was taken to represent the stock market performance of the defined group. The relationships were analyzed through Johansen Co-integration Analysis and Granger Causality Analysis. For the 2008 Financial Crisis, all the analysis were redone. It is concluded that energy sustainability have effect on the relationship between stock markets and oil prices.