بررسی ارتباط میان بازده سهام سبز و نااطمینانی‌های سیاستی: مطالعۀ موردی ایالات متحده آمریکا

 

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- Ahmadian-Yazdi, F., Mensi, W., AlYahyaee, K.H., Ramsheh, M. & Al-Kharusi, S., (2025a). “Connectedness between gold, copper, fossil fuels, and major stock markets: Implications for portfolio hedging”. Resources Policy, 109: 105728. https://doi.org/10.1016/j.resourpol.2025.105728

- Ahmadian-Yazdi, F., Mensi, W., Namazizadeh, E. & Chenarani, H., (2025b). “Asymmetric connectedness between currency and stock markets and the portfolio analysis implications: evidence from BRICS economies”. Journal of Chinese Economic and Business Studies, 1-40.  https://doi.org/10.1080/14765284.2025.2601973

- Ahmed, M., Hafeez, M., Kaium, M. A., Ullah, S. & Ahmad, H., (2023). “Do environmental technology and banking sector development matter for green growth? Evidence from top-polluted economies”. Environmental Science and Pollution Research, 30(6): 14760-14769.‏ https://doi.org/10.1007/s11356-022-23153-y

- Al-Thaqeb, S. A. & Algharabali, B. G., (2019). “Economic policy uncertainty: A literature review”. The Journal of Economic Asymmetries, 20: e00133. https://doi.org/10.1016/j.jeca.2019.e00133

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- Aminian, T., Emamverdi, G. & Baghani, A., (2018). “Asymmetric effects of oil price shocks and economic policies uncertainty on industry stock returns”. Securities Exchange Quarterly, 11(43): 5-22. https://doi.org/10.22034/jse.2018.11133 [In Persian].

- Alshammari, S., Andriosopoulos, K., Kaabia, O., Mohamed, K. S. & Urom, C., (2024). “The interplay among corporate bonds, geopolitical risks, equity market, and economic uncertainties”. International Review of Financial Analysis, 95: 103350.‏ https://doi.org/10.1016/j.irfa.2024.103350

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- Agrawal, R., Agrawal, S., Samadhiya, A., Kumar, A., Luthra, S. & Jain, V., (2024). “Adoption of green finance and green innovation for achieving circularity: An exploratory review and future directions”. Geoscience frontiers, 15(4): 101669.‏ https://doi.org/10.1016/j.gsf.2023.101669

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- Baghi, E., Hajiha, Z. & Tehrani, R., (2024).  “Investigating the development potential of the green stock market in Iran's stock market (in line with the realization of the seventh development plan)”. Journal of Investment Knowledge, 15(57): 331–350. https://doi.org/10.30495/jik.2024.77694.4550 [In Persian].

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- Bouri, E., Iqbal, N. & Klein, T., (2022). “Climate policy uncertainty and the price dynamics of green and brown energy stocks”. Finance Research Letters, 47: 102740.‏ https://doi.org/10.1016/j.frl.2022.102740

- Balli, F., Balli, H. O., Dang, T. H. N. & Gabauer, D., (2023). “Contemporaneous and lagged R2 decomposed connectedness approach: New evidence from the energy futures market”. Finance Research Letters, 57: 104168.‏ https://doi.org/10.1016/j.frl.2023.104168

- Bouteska, A., Bhuiyan, F., Sharif, T. & Abedin, M. Z., (2024). “Contagion between investor sentiment and green bonds in China during the global uncertainties”. International Review of Economics & Finance, 93: 469-484.‏ https://doi.org/10.1016/j.iref.2024.03.045

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- Cheng, C., Ren, X., Wang, Z. & Yan, C., (2019). “Heterogeneous impacts of renewable energy and environmental patents on CO2 emission-Evidence from the BRIICS”. Science of the total environment, 668: 1328-1338.‏ https://doi.org/10.1016/j.scitotenv.2019.02.063

- Caldara, D., Iacoviello, M., Molligo, P., Prestipino, A. & Raffo, A., (2020). “The economic effects of trade policy uncertainty”. Journal of Monetary Economics, 109: 38-59.‏ https://doi.org/10.1016/j.jmoneco.2019.11.002

- Cicchiello, A. F., Gatto, A. & Salerno, D., (2023). “At the nexus of circular economy, equity crowdfunding and renewable energy sources: Are enterprises from green countries more performant?”. Journal of Cleaner Production, 410: 136932.‏ https://doi.org/10.1016/j.jclepro.2023.136932

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- Dell’Anna, F., (2021). “Green jobs and energy efficiency as strategies for economic growth and the reduction of environmental impacts”. Energy Policy, 149: 112031.‏ https://doi.org/10.1016/j.enpol.2020.112031

- De Pooter, M., Favara, G., Modugno, M. & Wu, J., (2021). “Reprint: Monetary policy uncertainty and monetary policy surprises”. Journal of International Money and Finance, 114: 102401.‏ https://doi.org/10.1016/j.jimonfin.2021.102401

- DeCanio, S. J., Manski, C. F. & Sanstad, A. H., (2022). “Minimax-regret climate policy with deep uncertainty in climate modeling and intergenerational discounting”. Ecological Economics, 201: 107552.‏ https://doi.org/10.1016/j.ecolecon.2022.107552

- De Haas, R. & Popov, A., (2023). “Finance and green growth”. The Economic Journal, 133(650): 637-668.‏ https://doi.org/10.1093/ej/ueae109

- Du, J., Shen, Z., Song, M. & Vardanyan, M., (2023). “The role of green financing in facilitating renewable energy transition in China: Perspectives from energy governance, environmental regulation, and market reforms”. Energy Economics, 120: 106595.‏ https://doi.org/10.1016/j.eneco.2023.106595

- Gabauer, D. & Gupta, R., (2018). “On the transmission mechanism of country-specific and international economic uncertainty spillovers: Evidence from a TVP-VAR connectedness decomposition approach”. Economics Letters, 171: 63-71. https://doi.org/10.1016/j.econlet.2018.07.007

- Ghaderi Moghadam, R., Baseri, B., Falihi, N. & Abbasi, G., (2022). “The role of inflation uncertainty on gas and oil consumption”. Financial Economics, 16(59): 73–94. https://doi.org/10.30495/fed.2022.1958925.2702 [In Persian].

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- Doğan, B., Trabelsi, N., Tiwari, A. K. & Ghosh, S., (2023). “Dynamic dependence and causality between crude oil, green bonds, commodities, geopolitical risks, and policy uncertainty”. The Quarterly Review of Economics and Finance, 89: 36-62.‏ https://doi.org/10.1016/j.qref.2023.02.006

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- Erdogan, S., Pata, U. K. & Solarin, S. A., (2023). “Towards carbon-neutral world: The effect of renewable energy investments and technologies in G7 countries”. Renewable and Sustainable Energy Reviews, 186: 113683.‏ https://doi.org/10.1016/j.rser.2023.113683

- Faraghat, F., Ohadi, F., Khoddam, M. & Ahmadzadeh, H., (2021).  “An Investigation the Effect of Exchange Rate Volatility and Macroeconomic Variables on the Financing Cost of Companies Listed in the Tehran Stock Exchange”. Business Reviews, 19(110): 27-42. https://doi.org/10.22034/bs.2021.247036 [In Persian].

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- Gavriilidis, K., (2021). Measuring climate policy uncertainty. Available at SSRN 3847388.‏ http://dx.doi.org/10.2139/ssrn.3847388

- Gu, R. & Liu, S., (2022). “Nonlinear analysis of economic policy uncertainty: Based on the data in China, the US and the global”. Physica A: Statistical Mechanics and its Applications, 593: 126897.‏ https://doi.org/10.1016/j.physa.2022.126897

- Ge, H. & Zhang, X., (2025). “From uncertainty to sustainability: How climate policy uncertainty shapes corporate ESG?”. International Review of Economics & Finance, 98: 104011.‏ https://doi.org/10.1016/j.iref.2025.104011

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- Hanif, W., Teplova, T., Rodina, V., Alomari, M. & Mensi, W., (2023). “Volatility spillovers and frequency dependence between oil price shocks and green stock markets”. Resources Policy, 85: 103860.‏ https://doi.org/10.1016/j.resourpol.2023.103860

- Hu, Z. & Borjigin, S., (2024). “The amplifying role of geopolitical Risks, economic policy Uncertainty, and climate risks on Energy-Stock market volatility spillover across economic cycles”. The North American Journal of Economics and Finance, 71: 102114.‏ https://doi.org/10.1016/j.najef.2024.102114

- International Energy Agency, 2024.

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- Jiang, M. & Huang, Y., (2023). “Is forward guidance an effective policy: A time-varying analysis”. Finance Research Letters, 58: 104486.‏ https://doi.org/10.1016/j.frl.2023.104486

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- Khan, K. & Su, C. W., (2022). “Does policy uncertainty threaten renewable energy? Evidence from G7 countries”. Environmental Science and Pollution Research, 29(23): 34813-34829.‏ https://doi.org/10.1007/s11356-021-16713-1

- Liu, G. & Zhang, C., (2020). “Economic policy uncertainty and firms' investment and financing decisions in China”. China Economic Review, 63: 101279. https://doi.org/10.1016/j.chieco.2019.02.007

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