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.
- 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 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.