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

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Maliye ve Finans Yazıları
Sayı: Özel Sayı 3
Time-Varying and Dynamic Effects of Uncertainties on Clean Energy Stocks: An Econometric Approach

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

Pages : 242-261

View : 47 | Download : 234

Publication Date : 2025-12-31

Article Type : Research Paper

Abstract :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.
Keywords : Sürdürülebi1ir Finans, ARDL modeli, Zamana Göre Değişen Nedensellik Analizi

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