COVID-Induced Investor Sentiments and Market Reaction under Extreme Meteorological Conditions: Evidence from Clean Energy Sector of Asia-Pacific

• Autorzy: Yahya Farzan , Shaohua Zhang , Waqas Muhammad , Xiong Zhengde

Identyfikatory

DOI

10.35784/pe.2021.1.01

Warianty tytułu

PL

Nastroje inwestorów wywołane przez COVID-19 i reakcje rynku w ekstremalnych warunkach meteorologicznych:dowody z sektora czystej energii w regionie Azji i Pacyfiku

• Języki publikacji: EN

Abstrakty

EN

The unprecedented global economic and social crisis caused by the coronavirus outbreak has not spared the energy sector. Using a dynamic model, we investigated the effect of COVID-19 cases on investor sentiments and stock returns of clean energy in the Asian-Pacific region. The results show that coronavirus cases negatively affect stock returns using investor sentiments as a transmission channel. We also find a negative effect of air pollution on stock returns. Since COVID-19 restricted trade and plummeted the oil prices, economies relied on non-renewable sources to meet energy demands. Nevertheless, the investor’s optimism and high sentiment level may deteriorate this link. On the other hand, we do not find any significant effect of low-high temperature on either investor sentiments or clean energy stock returns. Clean energy stocks were viewed as more sustainable and less vulnerable to external shocks, however, the fear and pessimism among investors induced by corona-virus are spilled over the renewable energy sector.

PL

Bezprecedensowy globalny kryzys gospodarczy i społeczny wywołany wybuchem koronawirusa uderzył także w sektor energetyczny. Korzystając z modelu dynamicznego, zbadaliśmy wpływ COVID-19 na nastroje inwestorów i stopy zwrotu w sektorze czystej energii w regionie Azji i Pacyfiku. Odkąd COVID-19 wpłynął negatyw-nie na handel i przyczynił się do gwałtownego spadku ceny ropy, wiele gospodarek wsparło odnawialne źródła energii, aby zaspokoić zapotrzebowanie na energię. Wyniki pokazują jednak, że koronawirus negatywnie wpływa na stopy zwrotu. Stwierdzamy również negatywny wpływ zanieczyszczenia powietrza na stopy zwrotu. Z drugiej strony nie widzimy istotnego wpływu zmian temperatury ani na nastroje inwestorów, ani na stopy zwrotu z czystej energii. Akcje czystej energii były postrzegane jako bardziej zrównoważone i mniej podatne na wstrząsy zewnętrzne, jednak strach i pesymizm inwestorów wywołany koronawirusem może wpłynąć nega-tywnie na sektor energii odnawialnej.

Słowa kluczowe

EN

COVID-19; investor sentiments; air pollution; temperature; clean energy stocks

PL

COVID-19; nastroje inwestorów; zanieczyszczenia powietrza; temperatura; rynki energii odnawialnej

• Wydawca: Lublin University of Technology
• Czasopismo: Problemy Ekorozwoju
• Rocznik: 2021
• Tom: Vol. 16, nr 1
• Strony: 7--15
• Opis fizyczny: Bibliogr. 45 poz., tab.

Twórcy

autor

Yahya Farzan

• Department of Business Administration, Institute of Southern Punjab, 9-KM, Bosan Road, Khayab-e-Yusuf, Multan, Pakistan

• https://orcid.org/0000-0001-5666-1279

autor

Shaohua Zhang

• School of Economics & Statistics, Guangzhou University, China

autor

Waqas Muhammad

• School of Management, Jiangsu University, China

autor

Xiong Zhengde

• School of Business Administration, Hunan University, Changsha, China

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Uwagi

Opracowanie rekordu ze środków MNiSW, umowa Nr 461252 w ramach programu "Społeczna odpowiedzialność nauki" - moduł: Popularyzacja nauki i promocja sportu (2021).