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Suleman Sarwar, Rida Waheed, Mehnoor Amir and Muqaddas Khalid
 
''Role of Energy on Economy The Case of Micro to Macro Level Analysis''
( 2018, Vol. 38 No.4 )
 
 
The present article contributes to the debate on the role of energy variables on firm's stock return, industrial stock return, stock market return and economic growth of Pakistan. In order to investigate the role of oil price, electricity price and electricity consumption, we collect the data of 397 firm listed in Karachi stock exchange, 12 listed industries, KSE-100 index and gross domestic product over the period 1998-2014. By using four econometric techniques; pooled OLS, fixed effect methods, difference GMM and system GMM, oil price confirms significant positive relationship with industry stock return, stock market return and economic growth. On contrary, electricity price verify strong negative effect on firm's stock return, industrial stock return, stock market return and economic growth while electricity consumption indicates different impact across micro and macro level returns. Sector vise results also confirm the adverse impact of electricity price in most of the sectors.
 
 
Keywords: oil price, electricity price, electricity consumption, firm's stock return, GDP
JEL: O1 - Economic Development: General
Q4 - Energy: General
 
Manuscript Received : Dec 29 2017 Manuscript Accepted : Oct 17 2018

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