Emerging interaction of artificial intelligence with basic materials and oil & gas companies: A comparative look at the Islamic vs. conventional markets
Article
Article Title | Emerging interaction of artificial intelligence with basic materials and oil & gas companies: A comparative look at the Islamic vs. conventional markets |
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ERA Journal ID | 4127 |
Article Category | Article |
Authors | Shahzad, Umer, Asl, Mahdi Ghaemi, Panait, Mirela, Sarker, Tapan and Apostu, Simona Andreea |
Journal Title | Resources Policy |
Journal Citation | 80, pp. 1-20 |
Article Number | 103197 |
Number of Pages | 20 |
Year | Jan 2023 |
Publisher | Elsevier |
Place of Publication | United Kingdom |
ISSN | 0301-4207 |
1873-7641 | |
Digital Object Identifier (DOI) | https://doi.org/10.1016/j.resourpol.2022.103197 |
Web Address (URL) | https://www.sciencedirect.com/science/article/abs/pii/S0301420722006407 |
Abstract | As part of the artificial intelligence (AI) industry there are many companies engaged in providing hardware that enhances the use of artificial intelligence technology for big data analysis, along with companies that are involved in data analytics, software, system software, and artificial intelligence software. This paper examines the quantiles-based connectedness and non-linear causality-in-quantiles nexus of AI enterprises with basic materials and oil & gas companies, and their Islamic markets. Formally, we consider two perspectives, including before and after the pandemic of COVID-19 (for period May 18, 2018–June 01, 2022). It is observed that in the network of AI-based investments and companies related to basic materials and oil & gas industries, AI is a net recipient of shocks before and during the COVID-19 era, with a higher intensity of shock-receiving in the normal market and during COVID-19-affected period than in the upper and lower tails and prior to COVID-19 period. However, AI could serve as the cause-in-quantiles of oil & gas-related companies in the Islamic markets (in both pre-COVID-19 and COVID-19 timeframes) and conventional oil & gas firms (only within COVID-19). On the other hand, both the Islamic and the conventional basic materials and oil & gas businesses appear to be a non-linear cause-in-variance of the AI technology in the middle quantiles of the COVID-19 situation. Aside from this, the only causal factors from resources-based markets to AI are Islamic and conventional basic materials companies, as observed only during COVID-19. Based on our analysis, COVID-19 presented an excellent opportunity for improving the involvement of AI innovations with basic materials and oil & gas companies. As a consequence, the basic materials market may be able to provide hardware and software infrastructures to support the technology of artificial intelligence. Also, the inventions that enter the oil & gas industry due to the use of artificial intelligence could have a significant impact on their average performance. In this light, AI could be recognized as a strategic link in the supply chain of basic materials and oil & gas companies. There are many implications arising from these new insights for the developers of AI applications, resource policy-makers and managers, as well as investors who are interested in investing in new technologies. |
Keywords | System software; Artificial intelligence; Basic materials; Oil & gas companies; Quantile connectedness; Causality-in-quantiles |
ANZSRC Field of Research 2020 | 350204. Financial institutions (incl. banking) |
Public Notes | File reproduced in accordance with the copyright policy of the publisher/author. |
Byline Affiliations | Anhui University of Finance and Economics, China |
Kharazmi University, Iran | |
Petroleum-Gas University of Ploiesti, Romania | |
Institute of National Economy, Romania | |
School of Business | |
Bucharest University of Economic Studies, Romania |
https://research.usq.edu.au/item/w8v04/emerging-interaction-of-artificial-intelligence-with-basic-materials-and-oil-gas-companies-a-comparative-look-at-the-islamic-vs-conventional-markets
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