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Abstract This article investigates the long-term and short-term interactions between crude oil prices, crude oil exports, and domestic and foreign investment in Azerbaijan using annual data from 1999 to 2021. In this research, the ARDL model was used to assess co-integration and short-term relationships. In addition, this study used the FMOLS, DOLS, and CCR co-integration equations to explore long-term coefficients between variables. Granger causation tests were performed, Granger causation analysis was assessed using the Wald test (short-term or weak causation, long-term causation, and both short-term and long-term causation or strong causal relationship). The study proposed 9 hypotheses regarding the impact of oil prices and oil exports on domestic and foreign investment. Some of the hypotheses were generally, if not completely, justified. Based on the established models and tests carried out, there are co-integrating relationships between the variables. Model coefficients are selected according to their economic and statistical significance. It is necessary to increase competition for the market between foreign and domestic investments, not only through the exchange rate, but also through other economic instruments. The study revealed the importance of the exchange rate of the Manat. Downloads Download data is not yet available. Downloads FULL TEXT Published 2023-03-24 How to Cite Humbatova, S., Huseyn, A., & Hajiyev, N. G. (2023). Impact of Oil Factor on Investment: The Case of Azerbaijan. International Journal of Energy Economics and Policy, 13(2), 129–148. https://doi.org/10.32479/ijeep.13841 More Citation Formats ACM ACS APA ABNT Chicago Harvard IEEE MLA Turabian Vancouver Download Citation Endnote/Zotero/Mendeley (RIS) BibTeX Issue Vol. 13 No. 2 (2023) Section Articles License Submission of an article implies that the work described has not been published previously , that it is not under consideration for publication elsewhere, that its publication is approved by all authors and tacitly or explicitly by the responsible authorities where the work was carried out, and that, if accepted, will not be published elsewhere in the same form, without the written consent of the Publisher. The Editors reserve the right to edit or otherwise alter all contributions, but authors will receive proofs for approval before publication. Most read articles by the same author(s) Shahriyar Mukhtarov, Sugra Humbatova, Natig Gadim-Oglu Hajiyev, Is the Transition to Renewable Energy Consumption Hampered by High Oil Prices? , International Journal of Energy Economics and Policy: Vol. 11 No. 5 (2021) Sugra Humbatova, The Impact of Oil Prices on State Budget Income and Expenses: Case of Azerbaijan , International Journal of Energy Economics and Policy: Vol. 13 No. 1 (2023) Sugra Humbatova, Gunay. M. Panahova, Ilhama Mahammadnabi Mahmudova, Natig Gadim−Oglu Hajiyev, The Impact of Azerbaijan’s Oil Strategy on Economic Growth: Analysis and Diagnosis , International Journal of Energy Economics and Policy: Vol. 13 No. 2 (2023) Sugra Humbatova, Ibrahim Guliyev Gadim, Sabuhi Tanriverdiyev Mileddin, Natig Gadim-Oglu Hajiyev, Impact of Oil Factor on Consumer Market: The Case of Azerbaijan , International Journal of Energy Economics and Policy: Vol. 13 No. 4 (2023) Make a Submission Make a Submission Dergi Kapağı

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