This study aims to examine the causal relationship between stock value, foreign direct investment, economic growth, and consumption of electrical energy in the Emerging Market Countries group in ASEAN. The data used is panel data from 2000-2020. This study uses the Vector Error Correction Model (VECM) method. The variables in this study are Stock Value, Foreign Direct Investment, Economic Growth, and Electrical Energy Consumption. The results of the study conclude that between the stock value there is only one-way causality, namely foreign investment directly affects the stock value. Between economic growth and the stock value, there is only one-way causality, namely economic growth affects the stock value. Between the stock value and the consumption of electrical energy, there is only one-way causality, namely the consumption of electrical energy affects the stock value. Between the foreign direct investment and economic growth, there is only one-way causality, namely economic growth affects foreign direct investment. Between the foreign direct investment and the consumption of electrical energy, there is no one-way or two-way causality in these variables. Between economic growth and consumption of electrical energy, there is no one-way or two-way causality in these variables.
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