Abstract:

The study has studied the hidden relationships between the BIST service (XUHIZ) sub-indices of the sector and the Service Trust Index (HGE). For the study of the long-term relationship between the indicators, Fourier ADL equalization test was applied. According to the test results, there was no matching relationship between HGE and XUHIZ sub-indices, including positive and negative components. The study also applied the symmetrical and asymmetrical Granger causality test that took into account structural fractures. According to the results of the symmetrical causality relationship, the causality relationship between HGE and XUHIZ sub-indices has not been identified. According to the results of the asymmetric causality test, the positive components have a hidden causality relationship to all other sub-sectors of HGE except XELKT. In the negative components, there was a double-directional structural disruptive causal relationship between HGE and XELKT, XULAS and XTCRT sectors.

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