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KCI등재 학술저널

Does Falling Oil Prices Impact Industrial Companies in the Gulf Cooperation Council Countries?

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This research aims to investigate the impact of falling oil prices at the beginning of 2020 on 82 industrial companies listed on the GCC stock markets. The research sample period is divided into two periods pre-COVID and during COVID covering the period starting 1st January 2020 to May 15, 2020. The research uses the Panel Least Square (PLS) method and Panel Generalized Method of Moments (GMM) with fixed and random effects in each country. The results of GMM models reveal a positive relationship between oil prices and the share prices of industrial companies in the Gulf countries, which confirms that the share prices of industrial companies in the Gulf Cooperation Council (GCC) countries have been negatively affected by the decline in oil prices with the beginning of 2020. The findings show that the highest impact of falling oil prices has been recorded in the industrial companies in the kingdom of Saudi Arabia. However, the falling of oil prices does not have a significant effect on industrial companies in the state of Qatar. The research results suggest that GCC economies have to move on the path of non-reliance on Oil and gas-driven economy.

Ⅰ. Introduction

Ⅱ. Literature Review

Ⅲ. Data and Research Methodology

Ⅳ. Data Analysis and Results

Ⅴ. Conclusion

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