Department of Banking and Finance, Faculty of Business and Economics, Eastern Mediterranean University, P.O. Box 99628, Via Mersin 10, Famagusta, North Cyprus, Turkey.
Department of Banking and Finance Faculty of Economics & Administrative Sciences, University of Kyrenia, P.O. Box: 9000, Karakum, Via Mersin 10, Kyrenia, Northern Cyprus, Turkey.
Environ Sci Pollut Res Int. 2021 Feb;28(7):8520-8529. doi: 10.1007/s11356-020-11226-9. Epub 2020 Oct 16.
This study investigates the dynamic effects of the shadow economy and environmental pollution on the energy stock prices in the case of the Organization for Economic Co-operation and Development (OECD) countries via generalized methods of moments (GMM) and during the years from 2004 to 2014. Results suggest significant links between the volume of shadow economies, energy stock prices, and environmental pollution. Negative effects of carbon dioxide emissions on energy stock prices are found in this study. Furthermore, a U-shaped relationship is also found between the shadow economy and energy stock prices; that is the initial levels of the shadow economy the response of energy stock prices is negative; then, beyond a trough point, its response starts to be positive at the further stages of the level of shadow economies. Despite energy consumption raises energy stock prices, environmental pollution mitigates the value of energy stock prices.
本研究通过广义矩法（GMM）考察了经济合作与发展组织（OECD）国家 2004 年至 2014 年期间，影子经济和环境污染对能源股票价格的动态影响。结果表明，影子经济规模、能源股票价格和环境污染之间存在显著联系。本研究发现，二氧化碳排放对能源股票价格有负面影响。此外，还发现影子经济与能源股票价格之间存在 U 型关系；也就是说，影子经济的初始水平对能源股票价格的反应是负面的；然后，在超过一个低谷点后，随着影子经济水平的进一步提高，其反应开始呈现正值。尽管能源消费提高了能源股票价格，但环境污染却降低了能源股票价格。
