Dinamika return emiten energi bersih terbarukan dan responsnya terhadap siklus bisnis setelah protokol kyoto

Sundoro, Bagus (2017) Dinamika return emiten energi bersih terbarukan dan responsnya terhadap siklus bisnis setelah protokol kyoto. Masters thesis, Institut Pertanian Bogor.

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Abstract

The Kyoto Protocol is a world-wide meeting of countries to discuss global issues concerning Earth's climate change caused by increasing levels of greenhouse gas emissions. The Kyoto Protocol, initiated by the United Nations Framework Convention on Climate Change (UNFCCC), is the 3rd Conference of Parties (COP) of a series of COPs until the latter is the 21st COP in Paris by 2015. The Kyoto Protocol was adopted on 11 December 1997 In Kyoto, Japan. The outcome of the conference is then referred to as the Kyoto Protocol, which is subsequently legally binding for participating countries to reduce carbon dioxide, methane, nitrogen oxide, sulfur hexafluoride, hydro fluoro (HFC), and perfluorocarbon (PFC) emissions. The outcome of the agreement is that developed and developing countries are willing to work together to reduce greenhouse gas emissions. The Kyoto Protocol entered into force in 2005 and ends in 2012. The eight-year extension of the Kyoto Protocol from 2013 to 2020 is a decision set out in the Doha Amendment as a result of the 18th Climate Change Conference in Doha, Qatar in 2012. The stock price index shows how attractive a joint or sectoral stock exchange is for investors. There has never been any previous research on net and renewable energy stock price indexes both inside and outside the country. Therefore, this research becomes the first and since the index of clean and renewable energy stock price is not yet available in Indonesia Stock Exchange, the index used is the stock price index of clean and renewable energy in US stock exchange. This study aims to examine how trends in the use or consumption of clean and renewable energy compared with fossil energy at the world level after the Kyoto Protocol, analyzed the correlation of clean and renewable energy consumption with fossil energy consumption and GDP per capita, analyzed the dynamics of clean and renewable energy stock price index and fossil energy stock price index and the effect of macroeconomic variables on both indexes and the last one is analyzing the impact of global economic and financial crisis and Conference of Parties (COP) on stock return of clean and renewable energy sector. This research uses descriptive analysis, linear regression analysis and event study. The stock price indexes studied are two clean and renewable energy stock price indices issued on US stock exchanges namely S & P Global Clean Energy Index and NASDAQ® Clean Edge® Green Energy Index. While the index of fossil energy stock price as a comparison in this research is S & P Global Oil Index and NYSE ARCA Oil & Gas Index. The composite stock price index used in this study is the Nasdaq Composite Index (NCI) and S&P 500. In addition, five clean and renewable energy companies have been selected based on the largest market capitalization which is a component of the NASDAQ® Clean Edge® Green Energy Index of Cree, Inc. (CREE), First Solar, Inc. (FSLR), Hexcel Corporation (HXL1), Linear Technology (LLTC) and ON Semiconductor (ONNN) for use in event study analysis. Macroeconomic variables used in this study are unemployment rate, gross domestic product (GDP) percapita, world oil prices and inflation measured from the consumer price index. The results show that since the Kyoto Protocol is enacted, the share of world fossil energy consumption has decreased and replaced with the increasing portion of clean and renewable energy although still relatively small that is 1.47%. The global economic and financial crisis in 2009 has led to a decrease in consumption growth of all types of energy except for clean and other renewable energy such as wind energy, solar energy, geothermal energy and biomass. The United States and Europe have reduced the amount of fossil energy consumption where the average growth rate is negative, while China is a country with the highest growth rate of clean and renewable energy consumption in the world. There is a strong and real positive relationship between S & P Global Clean Energy Index and S & P Global Oil Index. Meanwhile, between S & P Global Clean Energy Index with S & P 500 there is a real negative (opposite) relationship. Between the S & P Global Oil Index and the S & P 500 there is a strong relationship or almost no relationship between the two. There is an insignificant negative (counterclockwise) negative relationship between S & P Global Clean Energy Index and US per capita GDP. In addition, after the Kyoto Protocol the price index of clean and renewable energy stocks was higher than the fossil fuel stock price index until the global economic and financial crisis in 2009. After that the index of net and renewable energy stock price was always lower than the energy stock price index Fossil till now. In terms of return, since the Kyoto Protocol the price index of clean and renewable energy stocks appears to be fluctuating compared to the fossil energy stock price index until 2014 when the prices of oil and coal commodities experienced a sharp decline. Since then the fossil energy stock price return index has become more fluctuating. There is an average difference between net and renewable energy stock price indexes before and after the global economic and financial crisis that the average index before the crisis is greater than the crisis. There is a difference in stock returns and abnormal returns of clean and renewable energy stocks before and after the onset of global economic and financial crisis. There is no significant difference in average abnormal return before and after the implementation of the 21st and 19th COP.

Item Type: Thesis (Masters)
Uncontrolled Keywords: conference of parties (COP), energi bersih dan terbarukan, event study, indeks harga saham, makroekonomi, protokol kyoto, return saham, clean and renewable energy, conference of parties (COP), event study, kyoto protocol, macroeconomics, stock price index, stock return
Subjects: Manajemen Keuangan
Depositing User: SB-IPB Library
Date Deposited: 20 Mar 2018 04:08
Last Modified: 20 Mar 2018 04:08
URI: http://repository.sb.ipb.ac.id/id/eprint/3045

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