The Impact of Petrol Prices on Stock Prices of Energy Companies: A Panel Data Analysis for Turkey

 

Abstract

The aim of this paper is to analyze the impact of petrol prices on the stock prices of energy companies traded in Istanbul Stock Exchange. To achieve this objective, daily panel data for 9 energy companies are examined for the period between 01/02/2008 and02/26/2016. For the estimations, random effects and fixed effects panel data estimation methods are used. According to the results, changes in petrol prices effects stock prices of energy companies, negatively. Interest rates and M2 money supply affect stock prices of the energy companies, negatively. In addition to the macro variables, ROA and capital growth are the micro variables affecting stock prices of energy companies.

Keywords: Petrol Prices, Stock Prices, Panel Data Analysis, Turkey

Jel Codes: E44, G12, E44

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