Sürdürülebilir Kalkınma Amaçları
Yayınlar
- MakaleYalnız künye2026Entropy-based VIKOR and TOPSIS approaches for financial performance ranking: evidence from Turkish cement companies listed on Borsa Istanbul
Ayaydın, Hasan; Shırzadı, Said Abdullah; Balıkçı, Hasan Celal; Sharabati, Abdel-Aziz Ahmad; Barut, Abdulkadir
Assessing the financial performance of an enterprise is crucial for demonstrating the effectiveness of the management team, influencing investor decision-making regarding stocks, and meeting the expectations of lending institutions. Cement companies prioritise strengthening their capital structures to better withstand economic shocks. Additionally, these companies aim to use their resources more efficiently to reduce costs, increase sales, boost profits, and achieve faster growth. Accurate evaluations of the financial performance of cement companies are crucial for both the global economic landscape and their impact on the local economy. Consequently, financial performance evaluation models are essential for these companies to enhance their long-term financial results. However, to date, there appears to be no existing model that suggests periodic monitoring of the financial performance of cement companies based on their financial ratios. The current study seeks to analyze the TOPSIS and VIKOR multi-criteria decision-making methods, utilizing an entropy approach among publicly traded cement sector companies based on BIST, data between 2018 and 2020. The objective is to disclose the results of these companies and rank them based on key criteria. Additionally, a comparative analysis was conducted using the VIKOR method. The results indicated that the rankings produced by the TOPSIS and VIKOR methods were similar for 2020 and 2021, though they differed slightly in 2022 and 2023. Generally, BSOKE, KONYA, and BTCIM ranked as the top three companies in both methods, while CIMSA, BASCM, and CMENT ranked the lowest. Furthermore, companies such as AKCNS, CMENT, BUCIM, GOLTS, and NUHCM showed fluctuations in their performance. The study discusses managerial implications and provides recommendations for stakeholders.
- MakaleYalnız künye2026Towards Sustainable Environment in OECD Nations: The Moderator Role of Renewable Energy in Uncovering the Hidden Link Between Military Expenditure and Ecological Footprint
Ayaydın, Hasan; Ergün, Tolga; Ergün, Hilal Ok; Barut, Abdulkadir; Pilatin, Abdulmuttalip
This study examines the relationships among military spending, renewable energy (RNW), globalisation, economic growth, and ecological footprint in 35 OECD member countries, using data covering 1990–2022. Specifically, this study contributes to this discussion by presenting empirical evidence on the link between military expenditure and ecological footprint, while accounting for the moderating role of RNW in OECD countries. The analysis utilised Kao, Pedroni, and Westerlund cointegration tests, Driscoll-Kraay robust standard error tests, Dumitrescu-Hurlin causality tests, and FMOLS and DOLS techniques for robustness verification. Empirical results show that military spending in OECD countries increases the ecological footprint, leading to environmental degradation. Furthermore, the combined effect of military expenditure and RNW reduces the ecological footprint and contributes to environmental sustainability. The results contribute to the existing literature by underlining the role RNW plays in reducing the ecological footprint of military expenditures and by offering policy recommendations for environmental sustainability. From a managerial and policy perspective, the findings suggest that defense-related institutions and policymakers should integrate environmental sustainability criteria into military planning and procurement strategies. Increasing the use of renewable energy in military infrastructure, logistics, and defense technologies may significantly reduce the ecological footprint associated with military expenditure. Therefore, the transition toward renewable energy supported defense systems can serve as a strategic tool for aligning national security objectives with sustainable development goals.
- MakaleAçık Erişim2026Towards Greening the BRICS: Uncovering the Impact of Green Energy, Green Technology and Forest Cover on Environmental Quality
Henni, Mohamed Djafar; Ayaydın, Hasan; Akbulut Yıldız, Gizem; Orhan, Abdullah; Pilatin, Abdulmuttalip; Abdelkader, Salim Bourchid
The BRICS economies, facing the threat of climate change, face a policy challenge in transitioning from fossil-fuel-based energy systems and improving environmental quality. This necessitates urgent policy changes in the outdated energy infrastructure of BRICS countries. However, there still remains a policy gap regarding how countries in the BRICS, a group of rapidly developing economies, can grow their economies in line with the Sustainable Development Goals. The aim of our study is to investigate the impact of green energy, green technology, and forest cover on environmental quality in BRICS countries. The BRICS group of countries offers an ideal field of study for both examining the impacts of green energy, green technology, and forest areas on environmental quality in developing economies, as well as for evaluating national and global energy policies. Although numerous studies have empirically examined the relationship between environmental variables and green initiatives, the impact of green initiatives on the load capacity factor has been overlooked. These studies have generally used various econometric methods and have not included machine learning in the process. This study addresses this research gap by focusing on green energy and green technology, which are preferred for their various advantages and make significant contributions to the load capacity factor. To analyze this relationship in BRICS economies between 2000 and 2022, the Augmented Mean Group (AMG) estimator and Machine Learning algorithms were used. According to the results, strong evidence emerges of a positive relationship between green energy, the digital economy, forested area, and the load capacity factor, while a negative relationship exists between green technology, growth, and the load capacity factor. Based on robust empirical findings, renewable energy sources are a key driver of clean energy adoption and can ultimately increase the load capacity factor in BRICS economies. The results also imply that, since developments in green technological innovation in BRICS countries are still in their infancy, investments in green technologies for a sustainable environment need to be qualitatively increased.
- MakaleAçık Erişim2026Foreign Direct Investment and Growth Impact on Pollution in the EU Countries: Empirical Analysis of the EKC and Pollution Halo Hypothesis
Pilatin, Abdulmuttalip; Ayaydın, Hasan; Soto, Gonzalo Hernández; Pala, Fahrettin
Foreign direct investment inflows are an important factor in the development of countries. Rising FDI can cause unexpected environmental consequences by changing technology use or energy consumption. The study examined the relationships between fossil energy consumption, carbon emission rate, and FDI for 27 European Union countries in the period 2006–2021. In addition, for the first time in this study, EU countries were divided into two according to their income levels and re-analysed. Panel data method and robust Driscoll and Kraay (1998) estimator were used in empirical analyses. The research findings show that a one-unit increase in FDI across EU countries results in a 0.055% increase in GDP and fossil fuel consumption, respectively, and a −0.155% decrease in pollution. These results support the pollution halo hypothesis, which posits that foreign direct investment reduces environmental degradation. The research findings support the pollution halo hypothesis, which states that FDI reduces environmental degradation. It also confirms that the EKC hypothesis, which states that there is an inverted U-shaped relationship between pollution and GDP, is valid in 27 EU countries. However, it has been determined that the pollution haven hypothesis is valid in low-income EU countries. Low-income EU countries should encourage more foreign investment in technology-intensive and environmentally friendly areas and develop various environmental regulations in this direction. The results obtained from the research are expected to provide benefits and insights to policy makers, researchers, and industrialists to increase environmental awareness. The results suggest that low-income EU countries should encourage technology-intensive and environmentally friendly investments, improve green financing and investment conditions, and develop regulations to strengthen environmental standards, so that they can limit environmental degradation while preserving the general welfare-enhancing benefits of FDI.