Does the source of oil price shocks matter for South African stock returns? A structural VAR approach

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Has oil price predicted stock returns for over a century (2015, background): “Gupta and Modise (2013), for instance, show that different oil price shocks affect South African stock returns differently; that oil prices matter for European and emerging stock returns have been confirmed by Cunado and de Gracia (2014) and Asteriou and Bashmakova (2013), respectively; the effect…”
The pass-through effects of oil price shocks on China's inflation: A time-varying analysis (2020, methodology): “Because the Kilian economic index (KI), which was developed by Kilian (2009), can effectively reflect the global economic conditions (Klovland, 2002), following Gupta and Modise (2013) and Hu et al. (2017), we use this index to measure global demand.”
Oil prices and financial stress: A volatility spillover analysis (2015, methodology): “3 See Gupta and Modise (2013) for a critical review of the literature.”
Oil Prices and Stock Markets: A Review of the Theory and Empirical Evidence (2018, background): “Along a similar vein, Gupta and Modise (2013) concentrate on South Africa and their findings support those of Kilian and Park (2009) as far as the aggregate demand and precautionary demand shocks are concerned.”