Current issue
News
From the Editors June 2022
Invitation
From the Editors September 2022
From the Editors November 2022
From the Editors January 2023
From the Editors March 2023
From the Editors September 2023
Archive
About the journal
About us
Focus and Scope
Editorial Team
Open Access Policy
Indexing and points
Contact
Subscription - print version of the journal
Business Model
Ethics statement
ORIGINAL ARTICLE
Effectivness of investing in the stocks of renewable energy companies in Poland
1
Szkoła Doktorska Nauk Społecznych UŁ, Uniwersytet Łódzki, Polska
Submission date: 2022-01-04
Final revision date: 2022-02-04
Acceptance date: 2022-02-04
Online publication date: 2022-03-31
Publication date: 2022-03-31
Corresponding author
Katarzyna Daniluk
Szkoła Doktorska Nauk Społecznych UŁ, Uniwersytet Łódzki, ul. Matejki, 22/26, 90-237, Łódź, Polska
Szkoła Doktorska Nauk Społecznych UŁ, Uniwersytet Łódzki, ul. Matejki, 22/26, 90-237, Łódź, Polska
Economic and Regional Studies 2022;15(1):47–55
KEYWORDS
TOPICS
ABSTRACT
Subject and purpose of work: This study investigates the effectiveness of equity investment in renewable energy companies. The aim of the research is to compare the effectiveness of investing in the stocks of companies from the conventional and renewable energy sector on the Warsaw Stock Exchange. Materials and methods: The research material consisted of the stock prices of selected energy companies listed on the Warsaw Stock Exchange’s Main Market and NewConnect. Representative investment portfolios were created and their average monthly logarithmic rates of return, standard deviations and Sharpe ratios for the period 2013–2020 were examined. Results: The portfolios of renewable energy companies were characterised by higher risk, but also higher average returns; as a result, they achieved higher risk-adjusted efficiency ratios than the portfolios of conventional energy companies. Conclusions: Shares in renewable energy companies, despite a significant risk, can be an attractive form of investment, which is crucial for privately financing the energy transformation in Poland.
PEER REVIEW INFORMATION
Article has been screened for originality
iThenticate
REFERENCES (18)
1.
Amon, J., Rammerstorfer, M., Weinmayer, K. (2021). Environmental Portfolios –Evidence from Screening and Passive Portfolio Management. Sustainability, 13, 12647. https://doi.org/10.3390/su1322....
2.
Bohl, M.T., Kaufmann, P., Stephan, P.M. (2013). From Hero to Zero: Evidence of Performance Reversal and Speculative Bubbles in German Renewable Energy Stocks. Energy Economics, 37, 40-51. https://doi.org/ 10.1016/j.eneco.2013.01.006.
3.
Bondia, R., Ghosh, S., Kanjilal, K. (2016). International crude oil prices and the stock prices of clean energy and technology companies: evidence from non-linear cointegration tests with unknown structural breaks. Energy, 101, 558-565. https://doi.org/10.1016/j.ener....
4.
Derwall, J., Guenster, N., Bauer, R., Koedijk, K. (2005). The Eco-Efficiency Premium Puzzle. Financial Analysts Journal, 61(2). https://doi.org/10.2469/faj.v6....
5.
Eyraud, L., Clements, B., Wane, A. (2013). Green investment: trends and determinants. Energy Policy, 60(C), 852-865. https://doi.org/10.1016/j.enpo....
6.
Guo, J., Kubli, D., Saner, P. (2021). The Economics of Climate Change: No Action Not an Option. Technical report. Zurich: Swiss Re Institute.
7.
Henriques, I., Sadorsky, P. (2008). Oil prices and the stock prices of alternative energy companies. Energy Econ., 30, 998-1010. https://doi.org/10.1016/j.enec....
8.
Ibikunle, G., Steffen, T. (2017). European Green Mutual Fund Performance: A Comparative Analysis with their Conventional and Black Peers. Journal of Business Ethics, 145(2), 337-355. https://doi.org/10.1007/ s10551-015-2850-7.
9.
International Monetary Fund. (2020). Climate change: Physical risk and equity, Global Financial Stability Report: Markets in the time of COVID-19. Technical report. Washington: International Monetary Fund.
10.
Maji, K.I. (2015). Does clean energy contribute to economic growth? Evidence from Nigeria. Energy Rep. 1, 145-150. https://doi.org/10.1016/j.egyr....
11.
Managi, S., Okimoto, T. (2013). Does the price of oil interact with clean energy prices in the stock market?. Jpn. World Econ., 27, 1-9. https://doi.org/10.1016/j.japw....
12.
Markowitz, H. (1952). Portfolio Selection. The Journal of Finance, 7(1),77-91. https://doi.org/ 10.1111/j.1540-6261.1952.tb01525.x.
13.
Mercer, L. (2015). Investing in a time of climate change. London, UK: Mercer International Finance Corporation and the UK Department for International Development.
14.
Omri, A., Mabrouk, N.B., Sassi-Tmar, A. (2015). Modeling the causal linkages between nuclear energy: renewable energy and economic growth in developed and developing countries. Renew. Sustain. Energy Rev., 42, 1012-1022. https://doi.org/10.1016/j.rser....
15.
Wen X., Guo, Y., Wei, Y., Huang, D. (2014). How do the stock prices of new energy and fossil fuel companies correlate? Evidence from China. Energy Econ., 41, pp. 63-75. https://doi.org/10.1016/j.enec....
16.
Ziegler, A., Busch, T., Hoffmann, V. H. (2011). Disclosed corporate responses to climate change and stock performance: An international empirical analysis. Energy Economics, 33(6), 1283-1294. https://doi.org/ 10.1016/j.eneco.2011.03.007.
Share
RELATED ARTICLE
Digitalization of Economic and Regional Studies/ Studia Ekonomiczne i Regionalne – task financed under the agreement No. 819/P-DUN/2018 by the Minister of Science and Higher Education allocated to the activities of disseminating science.
© 2006-2023 Journal hosting platform by Bentus
We process personal data collected when visiting the website. The function of obtaining information about users and their behavior is carried out by voluntarily entered information in forms and saving cookies in end devices. Data, including cookies, are used to provide services, improve the user experience and to analyze the traffic in accordance with the Privacy policy. Data are also collected and processed by Google Analytics tool (more).
You can change cookies settings in your browser. Restricted use of cookies in the browser configuration may affect some functionalities of the website.
You can change cookies settings in your browser. Restricted use of cookies in the browser configuration may affect some functionalities of the website.