Evaluation of the Symmetrical and Asymmetrical Causality Relationship Between Bitcoin Energy Consumption and Stock Values of Technology Companies
Articles
Nazlıgül Gülcan
Burdur Mehmet Akif Ersoy University, Bucak Business Administration Faculty, Business Administration Department
https://orcid.org/0000-0002-1390-0820
Fatma Gül Altin
Burdur Mehmet Akif Ersoy University, Bucak Zeliha Tolunay School of Applied Technology and Business Administration, Customs Business Administration Department
https://orcid.org/0000-0001-9236-0502
Samet Gürsoy
Burdur Mehmet Akif Ersoy University, Bucak Zeliha Tolunay School of Applied Technology and Business Administration, Customs Business Administration Department
https://orcid.org/0000-0003-1020-7438
Published 2022-09-14
https://doi.org/10.15388/Ekon.2022.101.2.2
PDF
HTML

Keywords

Bitcoin Energy Consumption
Technology Companies
Toda-Yamamoto (1995)
Hatemi-J (2012)

How to Cite

Gülcan N., Altin F. G. and Gürsoy S. (2022) “Evaluation of the Symmetrical and Asymmetrical Causality Relationship Between Bitcoin Energy Consumption and Stock Values of Technology Companies ”, Ekonomika, 101(2), pp. 22-37. doi: 10.15388/Ekon.2022.101.2.2.

Abstract

Energy production is a phenomenon that has always preserved its importance for the history of humanity, as well as where the energy is spent and its consumption are also important. This study examined the causality relationship between Bitcoin energy consumption and Apple, Dell Technologies, Lenova Group, HP, Quanta Computer, Compal Electronics, Canon, Wistron and Hewlett Packard Enterprise has been taken into account to represent technology companies’ stock market. In the analysis, daily price data for the period 12.02.2017-07.02.2021 were used. Toda-Yamamoto (1995) symmetric causality test and Hatemi-J (2012) asymmetric causality test were used for used to determine the relationship between Bitcoin energy consumption and technology companies’ stock values. According to the results of the Toda-Yamamoto (1995) causality test, it has been found that there is a causality from Bitcoin energy consumption to Apple's stock value; according to the Hatemi-J (2012) asymmetric causality test results, it has been determined that there is a causality from Bitcoin energy consumption positive shocks to Apple, Dell Technologies, Lenova Group, HP, Quanta Computer, Compal Electronics, Canon, Wistron and Hewlett Packard Enterprise stock values negative shocks and from Bitcoin energy expenditure negative shocks to Hewlett Packard Enterprise negative shocks. According to the results of the study in general, it is seen that the change in Bitcoin energy consumption has an effect on the firm returns of the companies that sell the necessary tools for bitcoin energy production. From this, it can be commented that bitcoin mining is also effective on the stock returns of technology companies as well as many financial factors.

PDF
HTML
Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

Please read the Copyright Notice in Journal Policy