Abstract:

With globalization, changes in oil prices affect the economic activities of countries. Because oil is very important for countries in terms of economic development and development, while some countries are oil exporters, others import oil. Therefore, the changes in oil prices have an important effect on the financial markets as well as affecting the macroeconomic variables of countries.In recent years, participation indices have gained importance for investors and fund managers. Because investors not only take into account macroeconomic variables while making their investment decisions, but also their emotions, religious sensibilities, thoughts and attitudes affect the financial decisions they take.In this context, the purpose of the research is to discover the effects of crude oil prices on participation indices. In the research, the effects of crude oil prices on participation indices were examined by Lee-Strazicich Unit Root Test and Toda-Yamamoto Causality Test and the results were presented by time series analysis methods. According to the results obtained, it was determined that crude oil prices did not affect the Participation -30 index and Participation -Model Portfolio index, but crude oil prices affected the Participation -50 index.

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