俄乌冲突下化石能源、可再生能源与ESG投资的多尺度信息网络

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance Pub Date : 2025-08-01 DOI:10.1016/j.ribaf.2025.103154

Liya Hau , Wenxin Xue , Qigui Liu

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引用次数: 0

摘要

地缘政治冲突对能源市场及其与更广泛的金融体系的联系产生了深刻而深远的影响。本研究通过多尺度分位数视角探讨了俄乌冲突对化石能源、可再生能源和ESG投资之间信息互动的影响。构建了一个基于ceemdan的分位数传递熵网络，以提供更详细的跨时间尺度和分位数的信息。结果表明，俄乌冲突放大了化石能源、可再生能源和ESG投资之间的信息互动。在冲突期间，化石能源和可再生能源市场呈现出相反的趋势。具体而言，化石能源在短期信息交互中占主导地位，而可再生能源在中长期信息交互中发挥更大的影响。此外，ESG投资在互动网络中扮演着枢纽的角色，从短期的信息接受者转变为中长期的信息传递者。最后，多尺度信息交互表现出分位数依赖的异质性。这些发现为政策制定者和投资者提供了宝贵的见解，特别是在管理与俄乌冲突等极端事件相关的风险蔓延方面。

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Multiscale information network among fossil energy, renewable energy and ESG investment under the Russo-Ukrainian conflict

Geopolitical conflicts exert profound and far-reaching impacts on energy markets and their linkages with the broader financial system. Our study explores the influence of the Russo-Ukrainian conflict on information interactions among fossil energy, renewable energy and ESG investment through a multiscale-quantile perspective. A CEEMDAN-based quantile transfer entropy network has been constructed to provide more detailed information across different timescales and quantiles. The results reveal that the Russo-Ukrainian conflict has amplified information interactions among fossil energy, renewable energy and ESG investment. During the conflict, fossil energy and renewable energy markets exhibited opposing trends. Specifically, fossil energy dominates short-term information interactions, while renewable energy exerts greater influence in the medium-to-long term. Moreover, ESG investment served as a pivotal hub within the interaction network, shifting from being a short-term information recipient to a transmitter in the medium-to-long term. Finally, the multiscale information interactions exhibit quantile-dependent heterogeneity. These findings offer valuable insights for policymakers and investors, particularly in managing risk contagion related to extreme events like the Russo-Ukrainian conflict.

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来源期刊

Research in International Business and Finance BUSINESS, FINANCE-

CiteScore

11.20

自引率

9.20%

发文量

240

期刊介绍： Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance