-Adebayo, T. S., Kartal, M. T., & Ullah, S. (2023). Role of hydroelectricity and natural gas consumption on environmental sustainability in the United States: evidence from novel time-frequency approaches.
Journal of Environmental Management, 328, 116987.
doi.org/10.1016/j.jenvman.2022.116987
Ahmed, W. A., & Rios, A. (2022). Digitalization of the international shipping and maritime logistics industry: a case study of TradeLens. Elsevier, In The Digital Supply Chain, 309-323.
-Ajith, P., Raju, T. B., Gupta, R., & Kulshrestha, N. (2023). Volatility in tanker freight markets.
Case Studies on Transport Policy, 12, 100993.
doi.org/10.1016/j.cstp.2023.100993
-Akinsola, M. O., & Odhiambo, N. M. (2020). Asymmetric effect of oil price on economic growth: Panel analysis of low-income oil-importing countries. Energy Reports, 6, 1057-1066.
-Al-Hajieh, H. (2023). Predictive directional measurement volatility spillovers between the US and selected Asian Pacific countries.
Cogent Economics Finance, 11(1), 2173124.
doi.org/10.1080/23322039.2023.2173124
-Alamgir, F., & Amin, S. B. (2021). The nexus between oil price and stock market: Evidence from South Asia.
Energy Reports, 7, 693-703.
doi.org/10.1016/j.egyr.2021.01.027
-Alkathery, M. A., Chaudhuri, K., & Nasir, M. A. (2022). Implications of clean energy, oil and emissions pricing for the GCC energy sector stock.
Energy Economics, 112, 106119.
doi.org/10.1016/j.eneco.2022.106119
-Altunöz, U. (2022). The nonlinear and asymetric pass
‐through effect of crude oil prices on inflation.
OPEC Energy Review, 46(1),
31-46.
doi.org/10.1111/opec.12221
Amin, M. R., & Mollick, A. V. (2022). Stock returns, oil prices and leverage: evidence from US firms. International Journal of Managerial Finance, 18(5), 785-811.
-Arena, M., Azzone, G., Ratti, S., Urbano, V. M., & Vecchio, G. (2023). Sustainable development goals and corporate reporting: An empirical investigation of the oil and gas industry.
Sustainable Development, 31(1),
12-25.
doi.org/10.1002/sd.2369
Babar, M., Ahmad, H., & Yousaf, I. (2024). Returns and volatility spillover between agricultural commodities and emerging stock markets: new evidence from COVID-19 and Russian-Ukrainian war.
International Journal of Emerging Markets, 19(11), 4049-4072.
doi.org/10.1108/IJOEM-02-2022-0226
Buyukkara, G., Kucukozmen, C. C., & Uysal, E. T. (2022). Optimal hedge ratios and hedging effectiveness: An analysis of the Turkish futures market.
Borsa Istanbul Review, 22(1), 92-102.
doi.org/10.1016/j.bir.2021.02.002
-Cadena-Silva, J. P., Lara, J. A. S., & Fernández, J. M. R. (2025). Stock market volatility and oil shocks: A study of G7 economies.
International Review of Financial Analysis, 103, 104218.
doi.org/10.1016/j.irfa.2025.104218
Cai, Y., Zhang, Y., & Zhang, A. (2025). Oil price shocks and airlines stock return and volatility–A GFEVD analysis. Economics of Transportation, 41, 100396.
-Castro, C., Jiménez-Rodríguez, R., & Kizys, R. (2023). Time-varying relation between oil shocks and European stock market returns.
Journal of Risk Financial Management, 16(3), 174.
doi.org/10.3390/jrfm16030174
-Chen, D., & Yang, D. (2025). Impact of external uncertainties on internal volatility spillovers among shipping freight markets.
Maritime Policy Management, 1-24.
doi.org/10.1080/03088839.2025.2511720
-Chen, F., Sha, Y., Ji, H., Peng, K., & Liang, X. (2025). Multifractal Analysis and Machine Learning-Based Predictive Modeling of the Tanker Freight Market: Unraveling Complexity Across Four Breaks.
-Chkili, W. (2022). The links between gold, oil prices and Islamic stock markets in a regime switching environment. Eurasian Economic Review, 12(1), 169-186.
-Chrysafis, K. A., Theotokas, I. N., & Lagoudis, I. N. (2022). Managing fuel price variability for ship operations through contracts using fuzzy TOPSIS. Research in Transportation Business Management, 43, 100778.
-Coskun, M., & Taspinar, N. (2022). Volatility spillovers between Turkish energy stocks and fossil fuel energy commodities based on time and frequency domain approaches. Resources Policy, 79, 102968.
-Dadzie, P., Nambie, N. B., & Obobi, B. A. (2023). Impact of petroleum energy price volatility on commodity prices in Ghana. International Journal of Economics Financial Issues, 13(1), 73-82.
-Deniz, M., & Heyderov, A. (2024). Disturbing Effects of Global Oil Price Changes: Case of Azerbaijan.
İnsan ve Toplum Bilimleri Araştırmaları Dergisi, 13(1),
422-445. doi.org/10.15869/itobiad.1415888
-Deyshappriya, N. R., Rukshan, I., & Padmakanthi, N. D. (2023). Impact of oil price on economic growth of OECD countries: a dynamic panel data analysis. Sustainability, 15(6), 4888.
-Dutta, A., Bouri, E., Rothovius, T., Azoury, N., & Uddin, G. S. (2024). Does oil price volatility matter for the US transportation industry? Energy, 290, 130194.
-Ejaz, R., Ashraf, S., Hassan, A., & Gupta, A. (2022). An empirical investigation of market risk, dependence structure, and portfolio management between green bonds and international financial markets.
Journal of Cleaner Production, 365, 132666.
doi.org/10.1016/j.jclepro.2022.132666
-Ertugrul, H. M., Polat, O., Yıldırım, D. Ç., & Açık, A. (2024). Dynamic Interlinkages Between Precious Metal, Exchange Rate and Crude Oil: Evidence from an Extended TVPVAR Analysis. Computational Economics, 1-26.
-Fei, Y., Chen, J., Wan, Z., Shu, Y., Xu, L., Li, H., Zheng, T. (2020). Crude oil maritime transportation: Market fluctuation characteristics and the impact of critical events. Energy Reports, 6, 518-529.
Fricaudet, M., Rehmatulla, N., & Smith, T. (2022). Understanding the scale of the stranded asset risks in the shipping industry. Available at SSRN 4181191.
-Gong, M., You, Z., Wang, L., & Ruan, D. (2024). Research of the non-linear dynamic relationship between global economic policy uncertainty and crude oil prices.
Journal of Asian Economics, 90, 101673.
doi.org/10.1016/j.asieco.2023.101673
-Gong, X., Wang, M., & Shao, L. (2022).
The impact of macro economy on the oil price volatility from the perspective of mixing frequency. International Journal of Finance Economics, 27(4), 4487-4514.
Guo, H., Guo, N., Jia, W., Meng, B., & Sui, C. (2025). Dynamic linkage and extreme risk spillover between international crude oil futures and clean product tanker markets. Maritime Policy Management, 1-27.
-Guo, J., Long, S., & Luo, W. (2022). Nonlinear effects of climate policy uncertainty and financial speculation on the global prices of oil and gas. International Review of Financial Analysis, 83, 102286.
-Horobet, A., Zlatea, M. L. E., Belascu, L., & Dumitrescu, D. G. (2022). Oil price volatility and airlines' stock returns: Evidence from the global aviation industry.
Journal of Business Economics Management, 23(2), 284-304.
doi.org/10.3846/jbem.2022.16094
Huang, Y., & Li, F. (2022). Research on the time-varying spillover effect of international crude oil price on China’s exchange rate. Energy Reports, 8, 138-148.
Kilian, L., & Zhou, X. (2022). Oil prices, exchange rates and interest rates.
Journal of International Money Finance, 126, 102679.
doi.org/10.1016/j.jimonfin.2022.102679
-Kiracı, K., Yaşar, M., Zelka, A., & Angay, C. (2025). Analysis of the Causality between Airline Price Index and Dollar and Oil Prices. Current Research in Social Sciences, 11(1), 206-224.
-Kirchner, J. W. (2022). Impulse response functions for nonlinear, nonstationary, and heterogeneous systems, estimated by deconvolution and demixing of noisy time series.
Sensors, 22(9), 3291.
doi.org/10.3390/s22093291
-Kwon, D. (2022). The impacts of oil price shocks and United States economic uncertainty on global stock markets.
International Journal of Finance Economics, 27(2), 1595-1607.
doi.org/10.1002/ijfe.2232
-Li, X.-X., & Yip, T. L. (2023). Dynamic interdependence and volatility spillovers across bunker fuel markets and shipping freight markets.
Maritime Policy Management, 50(3), 351-374.
doi.org/10.1080/03088839.2021.2005265
Li, Y., Huang, J., Gao, W., & Zhang, H. (2021). Analyzing the time-frequency connectedness among oil, gold prices and BRICS geopolitical risks.
Resources Policy, 73, 102134.
doi.org/10.1016/j.resourpol.2021.102134
-Lu, M., Chang, B. H., Salman, A., Razzaq, M. G. A., & Uddin, M. A. (2023). Time varying connectedness between foreign exchange markets and crude oil futures prices. Resources Policy, 86, 104128.
-Lu, Q., Umair, M., Qin, Z., & Ullah, M. (2024). Exploring the nexus of oil price shocks: Impacts on financial dynamics and carbon emissions in the crude oil industry.
Energy, 312, 133415.
doi.org/10.1016/j.energy.2024.133415
-Magalhães, L. A., Silva, T. C., & Tabak, B. M. (2022). Hedging commodities in times of distress: The case of COVID
‐19.
Journal of Futures Markets, 42(10), 1941-1959.
doi.org/10.1002/fut.22365
-Mansouri Daneshvar, M. R., Sohrabi, A., Sadeghi, A., & Khatami, R. (2024).
An overview of causal factors in fluctuations of some economic indices in Iran using impulse response analysis (1990–2022).
Modeling Earth Systems Environment, 10(2), 1959-1971.
doi.org/10.1007/s40808-023-01886-0
-Mensi, W., Aslan, A., Vo, X. V., & Kang, S. H. (2023). Time-frequency spillovers and connectedness between precious metals, oil futures and financial markets: Hedge and safe haven implications. International Review of Economics Finance, 83, 219-232.
-Mensi, W., Naeem, M. A., Vo, X. V., & Kang, S. H. (2022). Dynamic and frequency spillovers between green bonds, oil and G7 stock markets: Implications for risk management. Economic Analysis Policy, 73, 331-344.
-Narayan, P. K., & Sharma, S. S. (2023). Understanding mispricing in the travel and leisure industry.
International Review of Financial Analysis, 90, 102869.
doi.org/10.1016/j.irfa.2023.102869
-Nusair, S. A., & Al-Khasawneh, J. A. (2023). Changes in oil price and economic policy uncertainty and the G7 stock returns: evidence from asymmetric quantile regression analysis. Economic Change Restructuring, 56(3),
1849-1893.
-Peng, C., Zhu, H., Guo, Y., & Chen, X. (2018). Risk spillover of international crude oil to China's firms: Evidence from granger causality across quantile.
Energy Economics, 72,
188-199.
doi.org/10.1016/j.eneco.2018.04.007
-Pinho, C., & Maldonado, I. (2022). Commodity and equity markets: Volatility and return spillovers.
Commodities, 1(1), 18-33.
doi.org/10.3390/commodities1010003
-Prodromou, T., & Demirer, R. (2022). Oil price shocks and cost of capital: Does market liquidity play a role? Energy Economics, 115, 106340.
-Psaraftis, H. N., & Lagouvardou, S. (2023). Ship speed vs power or fuel consumption: Are laws of physics still valid? Regression analysis pitfalls and misguided policy implications.
Cleaner Logistics Supply Chain, 7, 100111.
doi.org/10.1016/j.clscn.2023.100111
-Regis, M., Serra, P., & Van Den Heuvel, E. R. (2022). Random autoregressive models: A structured overview. Econometric Reviews, 41(2), 207-230.
-Rukh, L., Rehman, S. U., & Zeb, A. (2023). Impact of Macro and Micro Economic Variables on Volatility of Stock Prices: Empirical Evidence from Pakistan's Cement Industry. Global Management Sciences Review, 8(1), 22-33.
-Saidu, M., Naseem, N., Law, S., & Yasmin, B. (2021). Exploring the asymmetric effect of oil price on exchange rate: Evidence from the top six African net oil importers. Energy Reports, 7, 8238-8257.
-Shih, Y.-C., Tzeng, Y.-A., Cheng, C.-W., & Huang, C.-H. (2023). Speed and fuel ratio optimization for a dual-fuel ship to minimize its carbon emissions and cost.
Journal of Marine Science Engineering, 11(4), 758.
doi.org/10.3390/jmse11040758
-Sreenu, N. (2022). Impact of crude oil price uncertainty on indian stock market returns: Evidence from oil price volatility index. Energy Strategy Reviews, 44, 101002.
-Staugaitis, A. J., & Vaznonis, B. (2022). Financial speculation impact on agricultural and other commodity return volatility: Implications for sustainable development and food security.
Agriculture, 12(11), 1892.
doi.org/10.3390/agriculture12111892
-Sun, X., Haralambides, H., & Liu, H. (2019). Dynamic spillover effects among derivative markets in tanker shipping. Transportation Research Part E: Logistics Transportation Review, 122, 384-409.
-Tabash, M. I., Issa, S. S., Mansour, M., Saleh, M. W., Rahrouh, M., AlQeisi, K., & Al-Absy, M. S. M. (2025). Dynamic Shock-Transmission Mechanism Between US Trade Policy Uncertainty and Sharia-Compliant Stock Market Volatility of GCC Economies. Risks, 13(3), 56.
-Tang, C., Aruga, K., & Hu, Y. (2023).
The dynamic correlation and volatility spillover among green bonds, clean energy stock, and fossil fuel market.
Sustainability, 15(8), 6586.
doi.org/10.3390/su15086586
Tiwari, A. K., Aye, G. C., Gupta, R., & Gkillas, K. (2020). Gold-oil dependence dynamics and the role of geopolitical risks: Evidence from a Markov-switching time-varying copula model. Energy Economics, 88, 104748.
-Tuna, V. E., Tuna, G., & Kostak, N. (2021). The effect of oil market shocks on the stock markets: Time-varying asymmetric causal relationship for conventional and Islamic stock markets.
Energy Reports, 7, 2759-2774.
doi.org/10.1016/j.egyr.2021.04.057
-Umar, Z., Aziz, M. I. A., Zaremba, A., & Tran, D. K. (2023). Modelling dynamic connectedness between oil price shocks and exchange rates in ASEAN+ 3 economies.
Applied Economics, 55(23), 2676-2693.
doi.org/10.1080/00036846.2022.2104801
-Ustaoglu, E. (2025). Static and dynamic return and volatility connectedness between transportation tokens and transportation indices: Evidence from quantile connectedness approach.
The North American Journal of Economics Finance, 75, 102312.
doi.org/10.1016/j.najef.2024.102312
-Wang, Q., Zhou, J., Li, Z., & Liu, S. (2025). Towards Sustainable Shipping: Joint Optimization of Ship Speed and Bunkering Strategy Considering Ship Emissions. Atmosphere, 16(3), 285.
-Wei, P., Li, Y., Ren, X., & Duan, K. (2022). Crude oil price uncertainty and corporate carbon emissions.
Environmental Science Pollution Research, 29(2), 2385-2400.
doi.org/10.1007/s11356-021-15837-8
-Wen, F., Zhang, M., Xiao, J., & Yue, W. (2022). The impact of oil price shocks on the risk-return relation in the Chinese stock market.
Finance Research Letters, 47, 102788.
doi.org/10.1016/j.frl.2022.102788
-Xu, L., & Yu, Q. (2022). Performance analysis: using the Northern Sea Route as an alternative to traditional routes. Journal of Marine Science Technology, 30(6), 7.
-Yang, Y., Gai, T., Cao, M., Zhang, Z., Zhang, H., & Wu, J. (2023). Application of group decision making in shipping industry 4.0: bibliometric analysis, trends, and future directions. Systems, 11(2), 69-70.
-Zeng, H., & Lu, R. (2022). High-frequency volatility connectedness and time-frequency correlation among Chinese stock and major commodity markets around COVID-19. Investment Management Financial Innovations, 19(2), 260-261.
-Zhang, Y., & Qiao, J. (2023). A ship performance and genetic algorithm-based decision support system for vessel speed optimisation of ocean route. International Journal of Shipping Transport Logistics,
17(1-2), 107-145.
-Ziadat, S. A., & AlKhouri, R. (2022). Revisiting volatility spillovers in the Gulf Cooperation Council. Cogent Economics Finance, 10(1), 2031683.
