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 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.
- 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.
- 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.
- MakaleAçık Erişim2022Social Capital Measurement in Turkiye: Creating an Index by Province
Pilatin, Abdulmuttalip; Ayaydin, Hasan
The aim of the study is to create a social capital index on the basis of 81 provinces covering the years between 2007-2018 in Turkiye. While creating the social capital index, the method of creating the social capital index obtained from 2 networks and 2 norm variables, which was also used in previous studies, was applied. While the number of foundations and associations on a provincial basis was used as network variables, the rate of voting in parliamentary elections and the rate of response to WVS surveys were used as norm variables. In order to perform principal component analysis, the collected data was entered into the SPSS 23 package program, and the relevant analysis was performed. For this purpose, principal component analysis was applied for the years 2007, 2011, and 2018, when parliamentary general elections were held, and the first component that emerged was taken as an indicator of social capital index. Since social capital does not change in a short period of time for countries, regions, and cities, the index values for the years between 2007, 2011 and 2018 were created with the linear interpolation method using the data, as applied in similar studies. Positive ones among the index values created on the basis of provinces indicate a high level of social capital, while negative values indicate a low level of social capital. When the social capital index values of 2007 and 2018 are examined, it is observed that the social capital levels of the provinces have increased over the years, although there has not been much change in the index values on a provincial basis over the years.
- MakaleYalnız künye2022The relationship between banks’ credit quality, credit growth and social capital: evidence from Turkish banking sector
Pilatin, Abdulmuttalip; Ayaydin, Hasan
The aim of this study is to empirically examine the relationship between credit growth, credit quality and social capital of all commercial banks operating in Turkey for a period of twelve years between 2007 and 2018 on the basis of 81 provinces. In order to measure social capital on a provincial basis, the independent variable SC1 was obtained by applying principal component analysis to the variables consisting of 2 network and 2 norm variables. In addition, province-based organ donation rate was used as an alternative social capital variable. Changes in Total Loans (ΔTL), Changes in Real Estate Loans (ΔREL), Changes in Commercial and Industrial Loans (ΔCIL), Changes in Construction Loans (ΔCL), Changes in Non-Performing Loans (ΔNPL), Ratio of Non-Performing Loans to Total Loans (NPL/TL) and Ratio of Non-Performing Loans to Total Assets (NPL/TA) were determined as the dependent variable. The relationship between the level of social capital (SC1) and seven dependent variables on a provincial basis in Turkey was analyzed and measured using panel data techniques. The results of the analysis show that the relationship between the social capital level of the provinces, credit growth and non-performing loans are negative and significant. The results of the study show that the level of social capital is important and decisive in terms of credit growth and credit risk of banks.
- 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.