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    How the price dynamics of energy resources and precious metals interact with conventional and Islamic Stocks: Fresh insight from dynamic ARDL approach
    (Elsevier Sci Ltd, 2022) Godil, Danish Iqbal; Sarwat, Salman; Khan, Muhammad Kamran; Ashraf, Muhammad Sajjad; Sharif, Arshian; Ozturk, Ilhan
    Y The study aims to determine the short and long run relationships, and impulsive response effect of energy resources and precious metals on conventional and Islamic stocks through the Dynamic stimulated autoregressive distributed lag error correction model. Monthly time series data from Jun 2002 to Sep 2019 of Dow Jones Conventional and Islamic Stock indices, and commodity prices of gold, silver, platinum, crude oil, gasoline, and natural gas are analyzed. In the case of conventional stocks, results suggest that gasoline and platinum prices have a significant positive impact, whereas gold prices have a significant negative impact in the long run. As far as Islamic stocks are concerned, energy resources prices are found to be insignificant, however, among precious metals, platinum has a significant positive effect, and gold has a negative effect in the long run. Hence, we can infer that energy resources are affecting conventional and Islamic indices differently in the long run, but the impact of precious metal prices on both the indices is the same. Whereas short-run effect and impulse responses of energy resources as well as precious metals are found to be similar on both the indices. The outcomes of this endeavor are substantial for investors, portfolio managers, and policymakers with respect to their investments in conventional and Islamic stock markets.
  • [ X ]
    Öğe
    The role of financial development, R&D expenditure, globalization and institutional quality in energy consumption in India: New evidence from the QARDL approach
    (Academic Press Ltd- Elsevier Science Ltd, 2021) Godil, Danish Iqbal; Sharif, Arshian; Ali, Muhammad Iftikhar; Ozturk, Ilhan; Usman, Rimsha
    The aim of this research is to explore the association between financial development, research and development (R&D) expenditures, globalization, institutional quality, and energy consumption in India by using the quarterly data of 1995-2018. Quantile Autoregressive Distributed Lag (QARDL) approach is employed to examine the relationship. An application of the QARDL approach suggests that the R&D, financial development, globalization, and institutional quality significantly influence energy utilization in India. R&D and institutional quality have a negative effect on energy utilization which shows that due to the increase in the quality of institutions and R&D in the country, energy utilization is likely to decrease. However, globalization and financial performance have a positive influence on energy which depicts that due to the increase in financial performance and globalization in India the energy consumption is likely to increase. According to the outcomes of this research, India should make a policy to ease the penalties of energy utilization by monitoring resource transfer by means of globalization and conversation the advancement of the financial sector.