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<p>As the global economy transitions towards sustainability, the interplay between established and emerging clean energy sources has emerged as a critical determinant of equity market dynamics. This study investigates the impact of clean energy and alternative clean energy on Turkey’s stock market performance within a quantile framework. The Borsa Istanbul (BIST) National 100 Index is used as a proxy for stock market performance. Clean energy indicators include Hydro, Geothermal, Wind, and Solar energy, while the combination of nuclear and other renewable resources is classified as an alternative energy source. To capture potential non-linearities and distributional effects, the study employs quantile-on-quantile regression (QQR) and quantile causality (CQ) methods. These econometric approaches are particularly well-suited for uncovering the asymmetric relationships across the distribution of variables. The empirical results indicate that both clean energy and alternative energy sources positively influence the Turkish stock market performance. Furthermore, a well-developed banking sector facilitates investment in clean energy projects. These findings provide important insights for energy and environmental investors, as well as for policymakers aiming to promote sustainable energy transitions and strengthen financial market resilience.</p>

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Quantile-Specific Effects of Clean Energy, Alternative Energy Sources, and Banking Sector Development on Stock Market Performance in Turkey

  • 期刊论文

  • 发表日期：

    2026年7月2日

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  • Assad Ullah,
  • Mesut Dogan,
  • Md. Emran Hossain,
  • Burcin Oner

摘要

As the global economy transitions towards sustainability, the interplay between established and emerging clean energy sources has emerged as a critical determinant of equity market dynamics. This study investigates the impact of clean energy and alternative clean energy on Turkey’s stock market performance within a quantile framework. The Borsa Istanbul (BIST) National 100 Index is used as a proxy for stock market performance. Clean energy indicators include Hydro, Geothermal, Wind, and Solar energy, while the combination of nuclear and other renewable resources is classified as an alternative energy source. To capture potential non-linearities and distributional effects, the study employs quantile-on-quantile regression (QQR) and quantile causality (CQ) methods. These econometric approaches are particularly well-suited for uncovering the asymmetric relationships across the distribution of variables. The empirical results indicate that both clean energy and alternative energy sources positively influence the Turkish stock market performance. Furthermore, a well-developed banking sector facilitates investment in clean energy projects. These findings provide important insights for energy and environmental investors, as well as for policymakers aiming to promote sustainable energy transitions and strengthen financial market resilience.