Sürdürülebilir Kalkınma Amaçları
Yayınlar
- MakaleYalnız künye2026Financial Inclusion, Energy Intensity, and Natural Resources: Environmental Insights From BRICS and MINT Economies
Pala, Fahrettin; Barut, Abdulkadir; Torusdag, Mustafa; Pilatin, Abdulmuttalip; Henni, Mohamed Djafar
In developing economies, rapid economic growth intensifies environmental pressures, thereby increasing the importance of financial inclusion, energy intensity, and natural resource dependence for environmental sustainability. This situation necessitates a holistic examination of the determinants of environmental degradation in emerging markets, which motivates this study. In this context, the study examines the effects of financial inclusion, energy intensity, and natural resource rents on carbon dioxide (CO2) emissions in BRICS and MINT countries and empirically tests the validity of the Environmental Kuznets Curve (EKC) hypothesis. Accordingly, annual panel data covering the period 2000-2020 are analysed using a machine learning (ML)-based estimation framework, the Augmented Mean Group (AMG) estimator, and Panel Quantile Regression (PQR). The findings indicate that natural resource rents increase CO2 emissions in BRICS, whereas they reduce emissions in MINT. Moreover, energy intensity and income per capita are found to increase CO2 emissions across all quantiles in both country groups. The environmental impact of financial inclusion is heterogeneous, reducing CO2 emissions in BRICS countries while increasing emissions in MINT countries. These results underscore the critical importance of explicitly incorporating country-specific heterogeneity into environmental sustainability policy design.
- MakaleAçık Erişim2026Institutional and Financial Drivers of Renewable Energy Consumption and Carbon Emissions: Evidence from Developed Economies
Oguz, Enes Cengiz; Gyasi, Evans Akwasi; Pala, Fahrettin; Pilatin, Abdulmuttalip; Barut, Abdulkadir
The study sheds light on the subtle interactions among financial development, foreign direct investment (FDI), and the quality of regulatory frameworks, with particular reference to their deep influence on renewable energy use and carbon emissions across 22 developed countries from 2002-2021. The results show an interesting tendency: Financial development and FDI will reduce reliance on renewable energy, whereas a significant increase in GDP per capita will increase reliance. Secondly, carbon emissions have a negative association with the adoption of renewable energy and financial development, though both reduce environmental quality; there is a positive relation between real gross domestic product (GDP) and energy depletion in terms of these toxic emissions. The significant role of regulatory quality as a moderator in this process is particularly striking. There is a direct correlation between financial stability and more robust regulation, resulting in reduced financial liquidity available for investing in renewable projects and restricting the free flow of clean FDI. Crucially, the paper argues that when combined with strong regulation, FDI is more likely to contribute to reductions in emissions, while FYGD, nevertheless regulated at a high level of quality, should raise emissions. Winding up, the result indicates that neither financial depth nor institutional quality, in isolation, is sufficient to deliver significant environmental improvement. Thus, it is urgent to adopt sound green finance policies and to formulate focused regulatory systems that integrate financial development and foreign direct investment with a broader sustainability agenda.
- 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.
- MakaleYalnız künye2026Cash holdings in an emerging market technology sector: evidence from BIST firms within the trade-off and pecking order frameworks
Pala, Fahrettin; Karalı, Muhammet; Karabayır, Mehmet Emin; Henni, Mohamed Djafar; Barut, Abdulkadir
This study investigates the determinants of corporate cash holdings in technology firms listed on Borsa İstanbul (BIST) by integrating the Trade-off Theory and the Pecking Order Theory. Using annual panel data covering the period 2013–2023, the study examines how firm-specific characteristics and macroeconomic factors influence corporate liquidity decisions in an R&D-intensive sector. The empirical analysis is conducted using a random-effects panel model estimated with Driscoll–Kraay standard errors to account for heteroskedasticity, autocorrelation, and cross-sectional dependence. The robustness of the findings is further assessed through firm fixed-effects, firm-and-year fixed-effects, one-year lagged specifications, and an interaction analysis. The results show that profitability is the most important determinant of corporate cash holdings, providing strong support for the Pecking Order Theory, whereas financial leverage exhibits a weak negative effect. In contrast, firm size, liquidity needs, R&D expenditures, dividend payments, GDP growth, and interest rates do not have statistically significant direct effects on cash holdings, while inflation exhibits weak evidence of a negative relationship. Moreover, the interaction analysis reveals that interest rates positively moderate the relationship between R&D expenditures and corporate cash holdings, indicating that innovation-oriented technology firms tend to retain larger cash reserves under tighter monetary conditions. The findings highlight that macroeconomic conditions influence corporate cash holdings not only directly but also through their interaction with firm-specific characteristics. The study contributes to the corporate finance literature by providing new evidence from an emerging market and offers practical implications for corporate managers and policymakers in designing effective corporate liquidity management strategies under changing monetary conditions.
- MakaleAçık Erişim2026The effect of behavioral factors related to cashlessness on the perception of green finance
Özbek, Adem; Çam, Alper Veli; Soydaş, Şafak Sönmez; Barut, Abdulkadir; Sharabati, Abdel-Aziz Ahmad
This study aims to examine the effects of behavioral factors shaping cashless payment behaviors in Turkey on green finance perception. The study focuses on subconscious factors such as functional benefit, economic benefit, psychological benefit, attitude toward technology, and perceived behavioral control. Data were collected from 520 participants aged 18 and older via an online survey and analyzed using Structural Equation Modeling (SEM). The findings reveal that functional benefit, perceived behavioral control, and attitudes toward technology significantly and positively influence perceptions of green finance, while economic and psychological benefits do not have a significant effect on behavioral control. The results reveal that behavioral factors such as ease of use and attitudes toward technology play a more significant role in individuals’ adoption of cashless payment systems than rational economic gain expectations. The study contributes to the literature by showing that cashless payment behaviors contribute to the development of sustainable finance and environmental awareness. It also provides practical recommendations for policymakers and financial institutions on improving digital payment infrastructure and user experience to promote green finance.
- MakaleYalnız künye2026Agricultural value-added, fertilizer and pesticide use, and environmental load capacity: evidence from BRICS-T countries
Akyol, Mehmet; Zuhal, Mustafa; Mete, Emrullah; Lorente, Daniel Balsalobre; Barut, Abdulkadir
The agricultural sector plays a vital role in ensuring food security and supporting sustainable economic growth. However, climate change and global warming pose significant challenges to the long-term viability of agricultural production, underscoring the need for sustainable agricultural practices. Adopting clean technologies and environmentally responsible policies is essential for balancing economic and agricultural sustainability while minimizing ecological harm. Supportive and protective agricultural inputs are widely used to enhance productivity, yet excessive, unregulated use can lead to environmental degradation. This deterioration negatively impacts ecosystems, reducing biodiversity and straining natural resources. The Load Capacity Factor (LCF) serves as a critical metric for assessing the environmental footprint of agricultural activities. This paper investigates the effects of agricultural value-added, pesticide use, and fertilizer application on LCF in BRICS-T countries. The findings indicate that these variables exhibit long-term cointegration, with varying short- and long-term impacts. To ensure the sustainability of agricultural production while safeguarding ecosystems, it is essential to integrate clean technologies, precision farming, and regenerative agricultural practices into policy frameworks. Sustainable agricultural systems and environmentally conscious policies are fundamental to securing resilient food production and long-term economic stability.
- MakaleYalnız künye2025THE IMPACT OF UNCERTAINTY IN GLOBAL GOLD AND OIL PRICES ON STOCK MARKET INDEX RETURNS: THE CASE OF THE MIST COUNTRIES
Pala, Fahrettin; Görgün, Mehmet Ragip; Torusdag, Mustafa; Demirtas, Furkan; Barut, Abdulkadir
The current study explores the impact of global gold price uncertainty on the stock markets of the MIST countries: Mexico, Indonesia, South Korea, and T & uuml;rkiye. The study examined the crisis periods that started with the COVID-19 pandemic and continued with the Russia-Ukraine war, which caused uncertainty in gold and oil prices. Based on this, the study's data set consists of the daily closing prices between March 11th, 2020, and January 31st, 2023. The obtained data were analyzed using the Least Squares (ICC) and panel quantile regression (PQR) methods. There is a significant positive correlation between oil prices and oil volatility index with stock prices for the economies of T & uuml;rkiye, Indonesia, and Mexico, and a significant negative correlation between gold prices and gold volatility index with stock prices for developing countries. There is also a significant positive relationship between gold and oil prices and stock prices for the developed country, South Korea's economy. A significant negative correlation has also been proposed between gold and oil volatility indices and South Korean stock prices. This study provides a novel contribution to the literature by examining the impact of simultaneous global crises namely the COVID-19 pandemic and the Russia-Ukraine war-on the stock market indices of MIST countries through the lens of uncertainty in both gold and oil markets. While most existing studies focus on a single commodity or analyze crises in isolation, this research distinguishes itself by investigating the combined effects of two major global shocks and incorporating both price and volatility-based uncertainty indicators. The findings suggest that policymakers should develop country-specific and differentiated financial stability policies by taking into account the uncertainties in gold and oil markets during crisis periods.
- MakaleAçık Erişim2025Efficiency analysis using the machine learning algorithms: model development and verification
Soydaş, Şafak Sönmez; Kalkan, Yusuf; Çam, Alper Veli; Barut, Abdulkadir
Recently, machine learning (ML) algorithms have been employed intensively in the field of finance as in all sectors. The issues such as financial distress prediction, bank credit risk calculation, etc., have been analyzed using ML algorithms. This study aimed to determine firm performance with the data envelopment analysis (DEA) method, sensitivity analysis, and ML algorithms and analyze the efficiency of companies via artificial neural networks (ANNs), support vector machines (SVMs), and logistic regression (LR) classification algorithms. In the study, first, 10 financial ratios were categorized into two parts, such as output and input, and efficiency scores were determined in MS Excel software. The obtained scores were included in the ML algorithm as a categorical dependent variable. Secondly, the data were extracted and included in the analysis software as 80% training and 20% test data, and the accuracy of ML algorithms was tested. Lastly, a comparative analysis of the estimation and classification algorithms of active and inactive companies was conducted. As a result of the analysis, the best classification prediction was seen as the ANN algorithm. SVM and LR algorithms also made an acceptable level of classification prediction. It was expected that the study would have contributed to the literature in terms of testing the companies whose efficiency scores were determined by the DEA method with ML techniques and determining which technique was more successful.
- MakaleAçık Erişim2025Greening the OECD: Unravelling the Complex Relationship Between Natural Resource Efficiency, Technological Innovation and Population Density on Ecological Footprint
Çabas, Meral; Beser, Nazife Ozge; Ayaydin, Hasan; Barut, Abdulkadir; Magazzino, Cosimo
This paper aims to investigate the relationship among green environmental technologies, resource efficiency, population density and ecological footprint in 38 OECD member countries between 2000 and 2019. The Method of Moments Quantile Regression (MMQREG) and Augmented Mean Group (AMG) estimators are used to analyse this relationship. Based on the results, strong evidence of a negative relationship between green environmental technologies, resource efficiency, population density and ecological footprint emerges, suggesting that these factors contribute to environmental improvement in OECD economies. Overall, the findings contribute to a deeper understanding of the complex dynamics among these variables and provide valuable insights for policymakers and stakeholders striving for sustainable environmental management and policy formulation. In this context, countries should develop standard guidelines and best practices on green technologies and resource efficiency, making it easier for sectors to adapt in these areas.
- MakaleAçık Erişim2025FinTech driven green energy transition foreign direct investment and ecological footprint in BRICST countries
Ayaydin, Hasan; Ergün, Tolga; Barut, Abdulkadir; Erdem, Azad; Pilatin, Abdulmuttalip
The increasing emphasis on climate change and environmental sustainability worldwide has brought about the convergence and increased focus on financial technologies (FinTech) and green energy initiatives. In light of this, the study's objective is to investigate how FinTech moderates the relationship between the ecological footprint (EF) and green energy transition (GTE) in the BRICS-T nations between 1990 and 2021. This study examines how fintech moderated the GTE and EF in the BRICS-T from 1990 to 2021. We applied the Fully Modified Ordinary Least Squares (FMOLS) and used Dynamic Ordinary Least Squares (DOLS) as the main estimators for longitudinal analysis. In contrast, Driscoll-Kraay was used to verify the robustness of the results under cross-sectional dependence and heteroskedasticity. The results reveal that FinTech indirectly hinders EF by facilitating GTE. The outcomes also show that FinTech significantly constrains EF, while GDP and industrialization worsen EF. The results also confirm the important role of GTE and foreign direct investment (FDI) in reducing CO2 emissions in BRICS-T countries. Lastly, the paper offers policymakers useful recommendations for lowering EF in light of these outcomes. The study suggests establishing appropriate policies and strategies that encourage FinTech platforms to invest in green energy projects, including financial technology, promoting energy-efficient and low-carbon foreign direct investment, and encouraging GTE.
- MakaleYalnız künye2024Analyzing the linkage between Islamic financial literacy and Islamic banking services adoption: evidence from Turkey
Pala, Fahrettin; Erdogdu, Aylin; Ali, Muhammad; Alnori, Faisal; Barut, Abdulkadir
PurposeThe purpose of this study is twofold. First, this research explores the level of Islamic financial literacy of customers in the context of Islamic banking. Second, this study examines the determinants of customer adoption of Islamic banking in Turkey. Design/methodology/approachThis study gathered sample data from 409 participants determined using the purposive sampling method. In the study, first, the reflective measurement model is used to examine the reliability, validity and multicollinearity problems of the variables. Then, AMOS structural equation model (SEM) is used to reveal the relationship between Islamic financial literacy and Islamic banking services. Additionally, this study performed both descriptive and inferential analysis to understand customer literacy about Islamic banking and their adoption behavior of Islamic banking. FindingsThe results obtained from descriptive assessment indicate that Turkish customers of Islamic banking possess sufficient literacy about Islamic banking. Moreover, the results from SEM indicate that the adoption of Islamic banking by customers is significantly predicted by the role of Sharia Board management, Islamic banking and purpose of financial institution, religious factor and legitimacy of Islamic financial system. Research limitations/implicationsThis study focuses only on the level of knowledge and perceptions of customers who have accounts in Islamic banks or financial institutions in Turkey. It does not focus on the level of knowledge and perception of Muslims who do not have accounts in Islamic banks and financial institutions. Originality/valuePrevious studies on Islamic banking are mostly studies that investigate customers' perceptions of the Islamic banking system and why individuals prefer Islamic banks. In particular, studies examining the relationship between individuals' Islamic financial literacy level and Islamic banking preferences are limited. This study is considered to be an original study as it investigates the relationship between the Islamic financial literacy level of individuals and their adoption of Islamic banking services in Turkey.
- MakaleAçık Erişim2024A different look at the environmental Kuznets curve from the perspective of environmental deterioration and economic policy uncertainty: evidence from fragile countries
Anwar, Ahsan; Barut, Abdulkadir; Pala, Fahrettin; Kilinc-Ata, Nurcan; Kaya, Emine; Lien, Duong Thi Quynh
Environmental degradation is one of the most significant issues that developing nations confront and needs to be resolved right away in order for them to achieve sustainable development. Government policies are crucial in this situation since emerging nations frequently struggle with the issue of policy ambiguity, which can result in environmental deterioration. In this context, this study investigates how policy uncertainty affects environmental degradation in the five fragile emerging economies known as the Fragile Five—Brazil, India, Indonesia, South Africa, and Turkey. Using data from 1996 to 2019, we estimate a Panel Quantile Regression analysis. The empirical findings indicate that economic policy uncertainty and technology innovation increases the environmental degradation whereas environmental degradation is slowed down by financial development and renewable energy consumption. Empirical evidence also confirms the presence of EKC hypothesis in fragile economies. Based on the findings, we suggest both a policy and an environmental framework for achieving sustainable development in fragile economies. Graphical Abstract: (Figure presented.)
- MakaleAçık Erişim2024Promoting sustainability in developing Countries: A Machine Learning-based approach to understanding the relationship between green investment and environmental degradation
Ahmad Khan, Khatib; Khalid Anser, Muhammad; Pala, Fahrettin; Barut, Abdulkadir; Wasif Zafar, Muhammad
The main objective of this study is to examine the impact of green investment on environmental degradation in developing countries using machine learning-based estimation combined with robustness tests of static and dynamic panel data modeling techniques. The scope of this study covers 30 developing countries for 2009–2019. This study introduces a new index of environmental degradation that uses the entropy method and includes green gas emissions and deforestation. The study addresses trade openness, the quadratic shape of economic growth, and urbanization in the context of the Environmental Kuznets Curve Hypothesis (EKC) and the Ecological Modernization Theory (EMT), in addition to green investment. This study considers the kernel-based regularized least squares (KRLS) approach, the static panel technique Driscoll & Kraay standards error method, and a dynamic panel technique system generalized moment techniques. The empirical findings from the machine learning method show that green investment significantly reduces environmental degradation with a higher coefficient resulting from the static fixed effect estimation. The study also reveals that the main hypotheses, such as EKC and EMT, are confirmed by all estimation techniques. Based on the results, the study recommends that policymakers take pragmatic steps toward green investments and increase the financing of green energy initiatives to combat environmental degradation.
- MakaleAçık Erişim2023Does Intellectual Capital Affect Financial Performance and Non-Performing Loans? Evidence From the Banking Sector in Turkey
Ayaydin, Hasan; Barut, Abdulkadir; Pilatin, Abdulmuttalip
The purpose of this study is to empirically examine the impact of intellectual capital (VAIC) capacity of 21 Turkish banks on financial performance (ROA) and non-performing loans (NPL) from 2004 to 2020. Panel data technique was used for analysis. The study results suggest that banks’ intellectual capital is vital for their profitability, credit risk and competitive advantage. As far as known, this is one of the first empirical researches in Turkey that examines the impact of IC and its components on financial performance and non-performing loans of the Turkish banking sector in the long term.
- MakaleYalnız künye2021Financial Development, Economic Growth and Energy Consumption on Environmental Quality: Case of E-7 Countries
Pala, Fahrettin; Barut, Abdulkadir
The aim of this study is to analyze the effects of financial development, economic growth and energy consumption on environmental quality for the economies of E-7 countries (Turkey, India, China, Brazil, Indonesia, Russia and Mexico) using the data between 1990-2014. For this purpose, carbon dioxide emissions per capita (CO2) as a measure of environmental quality, a measure of financial development, the ratio of loans to the private sector to GDP, a measure of economic growth, an annual increase in economic growth and a measure of energy consumption per capita. per oil consumption variables are used. Panel data analysis method is used in the analysis of the variables. First, Breusch and Pagan (1980), CDlm Pesaran (2004), CD and Pesaran (2004), Ullah and Yagamata (LMadj PUY) (2008) tests are applied to test cross-section independence in variables and models. Since the variables and models contain cross-sectional dependence, the Pesaran (2007) CADF (Crosssectional Augmented Dickey Fuller) test, one of the second generation panel unit root tests that takes into account the crosssectional dependence, is used. After the variables are made stationary, Westerlund (2008), Durbin-H Cointegration test is applied for the long-term relationship. The Extended Mean Group (AMG) estimator is used to determine the long-term correlation coefficients. According to the results of the analysis, it has been determined that financial development increases the environmental quality for the economies of Turkey, Indonesia and Russia. When the economic growth results are examined; It has been determined that economic growth for the economies of India, China, Brazil and Mexico improves environmental quality by reducing carbon emissions. For Turkey and Russia, it has been determined that economic growth reduces environmental quality by increasing carbon emissions.
- MakaleAçık Erişim2021Takipteki kredilerin bankaya özgü, finansal ve makroekonomik belirleyicileri: türkiye örneği
Ayaydin, Hasan; Barut, Abdulkadir; Pilatin, Abdulmuttalip
Bu çalışmada, 2004-2017 döneminde Türkiye’de faaliyette bulunan 21 bankanın yıllık verileri üzerinden takipteki kredilerin belirleyicileri tespit edilmeye çalışmıştır. Çalışmaya bankaya özgü değişkenlerin yanı sıra ülkeye özgü makro finansal ve makroekonomik değişkenler de eklenmiştir. Çalışmada, takipteki kredilerin toplam aktiflere (NPL1) ve takipteki kredilerin brüt toplam kredilere (NPL2) oranı bağımlı değişken olarak belirlenmiştir. Çalışmada bankaların takipteki alacaklarını etkileyen faktörler statik ve dinamik panel veri analizi yöntemleri ile incelenmiştir. Borç vermede uzmanlaşma (BVU) değişkeni modellerin genelinde negatif ve istatistiki olarak anlamlı bulunmuştur. Buna göre, bankalar kredi vermede uzmanlaştıkça takipteki alacaklarını arttırabilecek kredileri daha iyi takip etme potansiyeline sahip olacaklardır. Kapitalizasyon (KAP) değişkeninin tüm modellerde istatistiki olarak anlamlı ve pozitif etkide bulunduğu tespit edilmiştir. Bu bulgu bankaların düşük sermaye ile daha riskli krediler verdiğini göstermekte olup, bu durum takipteki alacakların artmasına neden olmuştur. Panel veri yöntemi ile yapılan analiz sonuçlarına göre bulduğumuz sonuçlar finansal ve ekonomik faktörler belirlenirken politika yapıcılara yardımcı olacaktır.
- MakaleAçık Erişim2021Finansal gelişme ile yabancı yatırımlar arasındaki ilişkide ufrs’nin moderatör etkisi: gelişmekte olan ülkeler üzerine bir analiz
Pala, Fahrettin; Barut, Abdulkadir
Çalışmanın amacı, 34 gelişmekte olan ülke ekonomileri için 2010-2018 yılları arasındaki verileri kullanarak, finansal gelişme ve yabancı yatırımlar arasındaki ilişkide Uluslararası Finansal Raporlama Standartlarının (UFRS) moderatör etkisinin olup olmadığını incelemektir. Bu amaç doğrultusunda veri seti iki kaynaktan elde edilmiştir. Makroekonomik veriler ile doğrudan yabancı yatırımlar Dünya Bankası kalkınma göstergelerinden, finansal gelişme verileri Uluslararası Para Fonu ödemeler dengesi ve finansal gelişim veri kümelerinden elde edilmiştir. UFRS verileri ise UFRS’nin kullanılmasını zorunlu kılan ve/ veya buna izin veren ekonomiler için bir, yerel muhasebe kullanımını zorunlu kılan ekonomiler içinde sıfır değeri verilen bir kukla değişken yazarlar tarafından oluşturulmuştur. Dönem olarak 2018 yılına kadar alınmasının nedeni ise özellikle finansal gelişme verilerinin 2018 yılına kadar olmasıdır. Verilerin analizinde panel veri analizi yöntemi kullanılmıştır. Analiz sonuçları, 9 alt indeksin ortalamasından oluşan finansal gelişme indeksinin ve UFRS standartlarının doğrudan yabancı yatırımlar üzerindeki etkisinin pozitif yönlü olduğu tespit edilmiştir. Diğer yandan finansal gelişmenin alt indeksleri incelendiğinde 4 alt indeksin; finansal kurum indeksi, finansal piyasalara erişim, finansal kurum verimlilik indeksi ve finansal kurumlara erişim ile doğrudan yabancı yatırımlar arasında pozitif ve anlamlı bir ilişki olduğu tespit edilmiştir. Aynı şekilde finansal kurum alt indeksi hariç, diğer tüm indekslerde; finansal gelişme, finansal piyasalar indeksi, finansal piyasa derinlik indeksi, finansal piyasa verimlilik indeksi, finansal piyasalara erişim, finansal kurum derinlik indeksi, finansal kurum verimlilik indeksi ve finansal kurumlara erişim ile UFRS standartlarının doğrudan yabancı yatırımlar üzerindeki etkisinin pozitif yönlü olduğu tespit edilmiştir. Finansal gelişme ve finansal gelişme alt indeksleri ve URFS standartlarının çarpımından oluşan moderatör etkinin ise olmadığı tespit edilmiştir. Diğer bir ifade ile UFRS standartlarının finansal gelişme ve doğrudan yabancı yatırımlar arasındaki ilişkide moderatör etkisinin olmadığı tespit edilmiştir.
- MakaleAçık Erişim2019Finansal gelişme ve enerji tüketimi arasında saklı eş bütünleşme ilişkisi var mıdır
Pala, Fahrettin; Çam, Alper Veli; Ayaydin, Hasan; Barut, Abdulkadir
Enerji, ekonominin vazgeçilmezidir veekonomik büyüme için önemlidir. İnsanoğlununhayatta kalması ve ekonomik büyümesi için enerjitemel bir gereksinimdir ve enerji moderntoplumların temelini oluşturmaktadır. Ekonomikgelişimin can damarı ve sırt kemiğidir. Ticaretinartırılmasında ve büyüme düzeyininyükseltilmesinde önemli rol oynamaktadır.Literatüre göre büyüme düzeyini artırır. Ekonomikliteratürde; ekonomik büyüme, ticaret, enerji vefinansal gelişmeyi içeren dinamik ilişkiler dikkatçekmektedir. Bu bağlamada çalışmanın amacı; E-7ülkelerinde (Brezilya, Çin, Hindistan, Endonezya,Meksika, Rusya ve Türkiye) finansal gelişme, enerjitüketimi ve ekonomik büyüme arasında saklı birilişkinin varlığının 2003-2016 dönemi içinincelenmesidir. Bu amaçla Hatemi- J (2011)tarafından geliştirilen saklı eş-bütünleşme analizi veHatemi- J (2012) Asimetrik nedensellik analizlerikullanılmıştır. Analiz sonuçlarına göre negatifbileşenler arasında saklı bir eş-bütünleşme ilişkisitespit edilmiştir. Diğer yandan ekonomik büyüme vefinansal gelişmeden enerji tüketimine doğru tekyönlü bir nedensellik tespit edilmiştir.
- MakaleAçık Erişim2019The effect of corporate quality on stock market performance at the differences of different development: an empirical analysis
Pala, Fahrettin; Ayaydin, Hasan; Barut, Abdulkadir
The importance of the corporate quality concept has been further heightened by the lack of public and private sector corporate governance policies among the important causes of international crises and corporate scandals. In the related literature it is stated that institutional quality is an integral part of the performance of the stock market in a country. The aim of this study is to investigate the impact of institutional quality on stock market performance, taking into account the economic development levels of countries. For this purpose, data from 26 developed countries and 34 emerging countries for 2002-2015 periods were analyzed by dynamic panel data analysis method. According to empirical analysis result; it can be said that the institutional quality plays an important role in the improvement of the stock market performance of the countries. Findings show that institutional quality and organizational quality components have more influence on stock market performance in developing countries in general. Findings of this study show that policy makers need to pursue a policy agenda to improve the quality of the official institutions and the labor market, especially for developing countries, along with innovation and investments for the development of the financial market.