Sürdürülebilir Kalkınma Amaçları
Yayınlar
- MakaleAçık Erişim2026Differential Associations Between ESG Performance, Firm Value, and Profitability: Evidence From S&P 500 Companies in Energy and Energy-Related Sectors
Akdeniz, Fatih; Güven, Birol; Zuhal, Mustafa
Amid the growing prominence of sustainability considerations in financial decision-making, the question of how environmental, social, and governance (ESG) performance translates into measurable financial outcomes has become particularly salient for industries exposed to intense regulatory pressure and environmental scrutiny, such as the energy sector. Addressing this issue, the paper investigates the relationship between ESG performance and firm-level financial outcomes for a selected sample of 58 S&P 500 companies operating in energy and closely energy-related activities, using historical firm-level data covering 2015–2024. The analysis focuses on two widely used performance indicators, Tobin's Q and ROA, while ESG performance is captured through both a composite score and its environmental, social, and governance sub-dimensions. The empirical models control for firm size, leverage, and sales growth and incorporate firm and year fixed effects with Driscoll–Kraay robust standard errors. The findings indicate that, in the preferred two-way fixed-effects specifications, aggregate ESG performance is negatively associated with both firm value and profitability, although the Tobin's Q association is statistically weak and sensitive to model specification. When the ESG pillars are estimated separately, environmental performance is negatively and significantly associated with both Tobin's Q and ROA, social performance is negatively and significantly associated with ROA but statistically insignificant for Tobin's Q, and governance performance is negatively associated with both outcomes, with weaker statistical evidence for Tobin's Q. In the combined-pillar specifications, the environmental dimension remains negatively and significantly associated with Tobin's Q, while governance is also negatively associated with Tobin's Q and remains weakly negatively associated with ROA. The social dimension is statistically insignificant in both combined-pillar models. Sales growth is positively associated with financial performance, with particularly consistent and statistically significant coefficients across the ROA specifications. Overall, the findings reveal that ESG–financial performance associations are heterogeneous across ESG dimensions and performance measures and suggest that, within the analyzed energy-sector setting, stronger contemporaneous ESG performance does not necessarily translate into higher market valuation or accounting profitability. These results highlight the importance of accounting for firm growth dynamics and sector-specific characteristics when evaluating the financial implications of ESG performance.
- MakaleAçık Erişim2026Climate Change Impacts on Worldwide Cotton Productivity and Agricultural Income: Physiological, Econometric, and Precision Agriculture Perspectives
Zuhal, Mustafa; Erkencioglu, Bedriye Nazli; Tokel, Dilek; Senol, Celal; Demir, Hacer Handan; Ozyigit, Ibrahim Ilker
Climate change is expected to affect all sectors of the global economy, with agriculture being particularly vulnerable due to its dependence on temperature and precipitation. Cotton is especially sensitive to these changes as its productivity relies on suitable thermal conditions, water availability, and stable reproductive development. This study investigates the effects of climate change on cotton productivity and agricultural income in seven major cotton-producing countries, including Australia, Brazil, China, India, Pakistan, Türkiye, and the United States, over the period 1971-2023. Long-run relationships were examined using the Westerlund cointegration test, country-specific effects were estimated with the Augmented Mean Group (AMG) estimator and verified using Common Correlated Effects (CCE) approach, while short-run dynamics were assessed through the Dumitrescu-Hurlin panel causality test. Results reveal significant long-run relationships between climate variables, cotton productivity, and agricultural income, although the magnitude and direction of these effects vary across countries. In contrast, short-run effects appear limited and heterogeneous. To strengthen the interpretation of the econometric findings, the results are compared with experimental evidence on cotton heat stress and physiological responses. Together, the evidence indicates that climate change influences cotton productivity mainly through temperature-sensitive processes such as photosynthesis, reproductive development, and fiber formation, underscoring the need for country-specific adaptation strategies and climate-resilient agricultural policies.
- 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.
- MakaleAçık Erişim2025The relationship between CO2 emissions, renewable energy and economic growth in the US: evidence from symmetric and asymmetric spectral granger causality analysis
Zuhal, Mustafa; Göcen, Serdar
This study analyzes the relationship between renewable energy consumption, CO2 emissions, and economic growth for 1973:M01-2022:M06 in the USA. The study employs Spectral Granger Causality analysis symmetrically and asymmetrically. The symmetric causality test presents a bidirectional causality relationship between CO2 emissions, renewable energy consumption, and economic growth. Regarding asymmetric causality results, there is bidirectional causality between positive and negative shocks of CO2 emissions, renewable energy consumption, and economic growth. The results suggest that renewable energy consumption is essential in increasing sustainable economic growth and environmental quality for the USA.
- MakaleAçık Erişim2024Investigating the validity of the gibrat law at the provincial level in Türkiye: parametric and semiparametric panel data models
Zuhal, Mustafa; Kızılarslan, Şaban
The growth of cities is closely linked to the overall economic growth of nations. Especially in urban planning, predicting and modelling the growth trajectory of cities is crucial for ensuring sustainable economic growth. The growth of cities brings with it many social and economic gains, but it also increases many economic and social demands. The growth of cities is analysed based on geographical foundations, the assumption of increasing returns, and the random growth approach. The growth of cities is usually discussed in terms of three different models. The random growth approach is called Gibrat's law, and this approach allows cities to be analysed empirically. Gibrat’s law is analysed comparatively with parametric analyses as well as nonparametric and semiparametric models. This study aims to examine the validity of Gibrat's law at the provincial level in Türkiye using parametric and semiparametric panel data models. The study utilizes annual data from 2007 to 2019 at the provincial level. The analysis reveals that parametric models provide weak evidence for the validity of Gibrat's law, while semiparametric models provide stronger evidence.
- MakaleAçık Erişim2023Kadın istihdamı ve sektörel büyüme arasındaki ilişki: E-7 ülkelerinde erkek istihdamı ile karşılaştırmalı bir analiz
Zuhal, Mustafa
Kadın istihdamı, ekonomik kalkınmaya ve büyümeye önemli katkılar sunmaktadır. Ancak küreselleşme süreci başta olmak üzere ülkelere özgü sosyo-ekonomik faktörler gibi birçok etken kadınların işgücüne katılımını ve istihdamını önemli ölçüde etkilemektedir. Bu etkiler özellikle gelişmekte olan ülkelerde daha belirgin hale gelmektedir. Bu açıdan bu ülkelerde kadın istihdamı ve sektörel büyüme arasındaki ilişkinin incelenmesi, kadın istihdamının ekonomik katkılarının vurgulanması açısından özel önem taşımaktadır. Bu çalışmada E-7 ülkelerinde kadın istihdamının sektörel büyümeye olan etkilerinin erkek istihdamı ile karşılaştırmalı olarak ele alınması amaçlanmaktadır. Çalışmada E-7 ülkelerine ait 1991-2019 yıllarına ait yıllık veri seti kullanılarak, erkek istihdamı ile karşılaştırmalı olarak eşbütünleşme ve nedensellik analizi yapılmıştır. Analizler sonucunda, tarım, sanayi ve hizmetler sektörü ve kadın istihdamı arasında eşbütünleşmenin olduğu tespit edilmiştir. Aynı zamanda ülkelere özgü katsayılara bakıldığında, ilişkinin yönünün ve boyutunun farklılaştığı görülmüştür. Ayrıca nedensellik analizinde, kadın istihdamı ile tarım ve hizmetler sektöründe çift yönlü nedensellik bulunurken, sanayi sektöründe herhangi bir nedensellik bulunamamıştır. Kadın istihdamı ve sektörel katma değerler arasındaki ilişkinin kısa ve uzun dönemde farklılaştığı görülmekte ve uygulanacak istihdam politikalarının bu durumu göz önünde bulundurması gerekmektedir.
- MakaleAçık Erişim2023Kur Korumalı Mevduat Hesabı Uygulamasının Döviz Kurları Üzerindeki Etkisi: Birim Kök Testleriyle Bir İnceleme
Göcen, Serdar; Zuhal, Mustafa
Sürdürülebilir ekonomik büyümenin gerçekleştirilmesinde finansal istikrarın sağlanması önem taşımaktadır. Ancak gelişmekte olan ülkelerde piyasaların yeterli düzeyde gelişmemiş olması ve gerekli mali ve finansal derinliğin oluşmamış olmasında dolayı sıklıkla finansal istikrarsızlıklar yaşanmaktadır. Gelişmekte olan ülke kategorisinde yer alan Türkiye’de ise, 2018 yılının ortalarından itibaren döviz kurlarında önemli dalgalanmalar yaşanmaktadır. Döviz kurlarında yaşanan istikrarsızlıkların ortadan kaldırabilmesi açısından 21 Aralık 2021 tarihinde Kur Korumalı Mevduat Hesabı uygulamasına geçilmiştir. Bu çalışmada Türkiye’nin özellikle 2018 yılından itibaren yaşamış olduğu döviz kurlarındaki hareketliliğine bağlı olarak döviz kurlarında istikrarın sağlanmasına yönelik uygulanan Kur korumalı mevduat hesabının kurlar üzerindeki etkinliğinin incelenmesi amaçlanmaktadır. Birim kök testleri ile yapılan analizler sonucunda kur korumalı mevduat hesabı uygulamasının Avro ve ABD doları üzerinde uygulamanın yürürlüğü girdiği tarih itibariyle önemli bir kırılmaya yol açtığı anlaşılmaktadır. Aynı zamanda bu uygulamasının döviz kurlarının volalitesinin azaltılmasında etkili olduğu anlaşılmaktadır.
- MakaleAçık Erişim2023Technological Convergence in Emerging Economies: An Investigation with Unit Root Tests
Zuhal, Mustafa
Technological developments play an important role in economic growth and development and form the basis in the convergence of socioeconomic factors between developed and developing countries, especially income. At the same time, developing countries aim to catch up with the leading countries by improving their technological capabilities, and examining the technological convergence between countries, especially developing countries, is essential at this stage. This study aims to examine whether technological convergence occurs in 10 emerging economies. For this purpose, the study analyzes technological convergence over the variables of number of patents, labor productivity, and total factor productivity using Pesaran's (2007) cross-sectionally augmented Dickey-Fuller (CADF) and seemingly unrelated regression augmented Dickey-Fuller (SURADF) unit root tests. According to the results of the analysis, although there is convergence in some countries, it does not confirm in general technological convergence among the countries.
- MakaleYayıncıda açık erişim2023Worldwide cotton production and trade during COVID-19 pandemic: An empirical analysis for a three-year observation
Erkencioglu, Bedriye N.; Zuhal, Mustafa; Tokel, Dilek; Ozyigit, Ibrahim I.
The COVID-19 pandemic has posed a significant impact on agriculture. Due to its importance in world trade and human life, the effects of the pandemic on the cotton economy were evaluated by using the data of important organizations such as the U.S. Department of Agriculture, the World Trade Organization, and International Cotton Advisory Committee in this study. With the Chow test, which measures of structural breaks, the effects of COVID-19 on cotton production and trade were examined. According to the Chow test results, the pandemic had no significant effect on cotton production, exports and imports in the People’s Republic of China and Türkiye, while being highly influential on cotton production and exports in the U.S. and Brazil. Distinctively, in Pakistan, it had a significant impact on cotton production and import. It was observed that although the demand, trade and prices for cotton were descended, the cotton prices started to recover with the increase in demand in the third quarter of 2020. In June 2022, the highest peak in cotton prices was observed. As a conclusion, it is shown that cotton production and trade during the pandemic were affected in all countries except People’s Republic of China and Türkiye. However, the marks of the effects of factors such as decreasing stocks, uncertainties in national economies, high inflation and increase in production costs on the cotton economy will be better understood in the coming years.
- MakaleAçık Erişim2021Türkiye’de Düzey 1 Bölgelerinde Ar-Ge Faaliyetlerine Göre İnovasyon Performanslarının İncelenmesi: Malmquıst Endeksi Uygulaması
Seyhan, Nazlı; Zuhal, Mustafa
İnovasyon, ülkelerin sürdürülebilir büyümesinin sağlanmasında önemli rol oynamaktadır. Evrimci yaklaşım çerçevesinde geliştirilen inovasyon sistemleri, ulusal ve bölgesel inovasyon sistemleri olarak değerlendirilmektedir. Ulusal ve bölgesel inovasyon sistemlerinin performans ve etkinlik analizlerinin yapılması büyük önem taşımaktadır. Özellikle gelişmekte olan ülkelerde teknolojik öğrenme ve yakalama süreçlerinin başarıya ulaşmasında inovasyon performanslarının ölçümü özel önem taşımaktadır. Bu çalışmada Türkiye’de Düzey-1 bölgelerinin inovasyon performanslarının ölçülmesi amaçlanmaktadır. Bu amaç doğrultusunda Türkiye’de 12 istatistiki bölgenin 2013-2019 dönemi için inovasyon performansları Malmquist Endeksi yöntemiyle ölçülmektedir. Bölgelerde inovasyon girdileri olarak Ar-Ge harcamaları, Ar-Ge personeli, çıktı değişkenleri olarak da patent başvuruları ve bölgelerin yüksek teknolojili ürün ihracatı ele alınmaktadır. Analiz sonunda elde edilen bulgulara göre, 2013-2019 döneminde yıllık ortalama faktör verimliliğinin 1’in üzerinde olduğu ve 2019 yılında genel bir performans düşüklüğünün olduğu görülmektedir. Bu dönemde yıllık ortalama faktör verimliliği açısından Ege bölgesinin öne çıkmaktadır.
- MakaleYalnız künye2020Determinants of National Innovation Capacity in Developing Countries: Panel Data Analysis Method
Zuhal, Mustafa
National innovation capacity is defined as the innovation potential of a country, both as an economic and political asset, and is seen as the main source of sustainable economic growth and increase in welfare. Empirical analyzes are conducted to obtain information about the dynamics of national innovation capacity in the economic field. However, it is seen that most of these studies focus on developed countries. In this study, it is aimed to make empirical analysis of determinants of national innovation capacity in developing countries in comparison with developed countries. In most of the studies in the literature, the disadvantages and shortcomings of representing the national innovation capacity only with the number of patents are mentioned and alternative methods are proposed. Based on the propositions in empirical studies and method trials, the national innovation capacity index is calculated as a new output variable representing the national innovation capacity in order to fill the relevant gap in the literature and this variable is used to represent it. In the study, data for the period 1996-2016 are analyzed by panel data method in 18 developing countries and 31 developed countries. It is seen that the effect of national technological ability and infrastructure factors, which are among the determinants of national innovation capacity in developing countries, is weak. In addition, foreign technologies have been found to have a significant impact on the development of technological capabilities in these countries.