Determinants of Renewable Energy Sector Performance: Borsa Istanbul Time Series Application

Irmak F.

Finance of renewable energy in a sustainable world, Faruk Dayı, Editör, NOVA Science Publishers Inc. , London, ss.197-209, 2025

  • Yayın Türü: Kitapta Bölüm / Araştırma Kitabı
  • Basım Tarihi: 2025
  • Yayınevi: NOVA Science Publishers Inc.
  • Basıldığı Şehir: London
  • Sayfa Sayıları: ss.197-209
  • Editörler: Faruk Dayı, Editör
  • Ondokuz Mayıs Üniversitesi Adresli: Evet

Özet

In the 21st century, where the harms of traditional energy usage to humans and nature have

become more apparent, and countries are striving to produce solutions for the global risk

that has emerged, it is observed that investments in renewable energy sources have been

supported to minimize these damages. It is observed that companies operating in Turkey

are increasing their investments gradually to take their place in the renewable energy

market and are starting to form their technological infrastructure based on alternative

energy sources.Within the scope of this study, the factors affecting the market performance

of 22 companies focused on renewable energy and listed in Borsa Istanbul (BIST) were

examined. For this purpose, a time series analysis was conducted to determine the impact

of the VIX, BIST100, CDS, interest rate, exchange rate, gold price, Brent oil price, and gas

price on the Renewable Energy Sector (YES) index between 01.03.2020 and 21.02.2024.

After the unit root test, a Gregory-Hansen cointegration test was conducted for the data

that was determined to have structural breaks, and the presence of cointegration between

the YES and the explanatory variables was identified. To determine the long-term and

short-term asymmetric cointegration effects of the explanatory variables on the YES

variable, a Nonlinear Autoregressive Distributed Lag Model (NARDL) analysis was

performed. According to the analysis findings, while an asymmetric relationship was

detected between the YES variable and the CDSTURKEY, KUR, BRENT, and GAS

variables in the long term, an asymmetric relationship was also determined between the

YES variable and the ONS and GAS variables in the short term. As a result of the Granger

causality analysis conducted to determine the existence of a causality relationship between

the variables, a one-way causality relationship was identified from YES to CDSTURKEY

and DIBS and from VIX, XU100, and BRENT to YES.