Sürdürülebilir Kalkınma Amaçları

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Araştırmacılar(6)

• Abay, Muhterem Çağdaş
• Kalkan, Yusuf
• Konuk, Tuğba
• Özav, Tuğba Betül
• Pala, Fahrettin
• Sancar, Canon

• MakaleAçık Erişim2026/r/gumushane/16355
  Institutional 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.

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• MakaleAçık Erişim2026/r/gumushane/19403
  Value Creation and Market Perception in the Construction Sector: Adjusted EVA and MVA Analysis

  Kalkan, Yusuf

  Purpose – This study aims to assess the financial performance of firms listed in Borsa Istanbul’s Construction and Public Works sector through the calculation of adjusted Economic Value Added (EVA) and Market Value Added (MVA). In this context, the association between the value created by these companies and their market values is examined. Design/methodology/approach – In the study, adjusted EVA and MVA values for the 2022–2024 period were calculated using the financial data of the relevant firms, and the relationships between these indicators and Market Value (MV) were tested through statistical analyses. Results – The results indicate that negative EVA values prevail across the sector, suggesting that most firms have been unable to cover their cost of capital. While a strong relationship was observed between MVA and Market Value (MV) in the first year, a negative and statistically significant relationship was found between EVA and MV for all years. However, no significant relationship was identified between EVA and MVA. Discussion – The findings reveal that investor behavior does not always align with companies’ internal performance indicators. This indicates that relying solely on a single metric in the evaluation of financial performance may be insufficient. On the other hand, the findings of the study show both similarities and differences compared to previous research. These differences may stem from sectoral and regional dynamics as well as variability in investor perceptions. Thus, this study reveals that financial performance indicators can carry different meanings depending on the sectoral context, and that contextual factors should be taken into account when interpreting these indicators.

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• MakaleAçık Erişim2026/r/gumushane/19385
  Analysıs of the relatıonshıp between rısk ındıcators and fınancıal performance ın partıcıpatıon banks: the case of türkiye

  Pala, Fahrettin

  This study examines the impact of risk indicators on financial performance in participation banks operating in Turkey. Participation banks, which operate according to interest-free banking principles, have their own unique risk structure. In this context, the effects of credit risk, liquidity risk, operational risk, leverage risk, and market risk on financial performance indicators were investigated using panel data analysis with data from the 2016–2023 period. The relationship between variables in the analysis was determined using the Driscoll–Kraay (1998) method and the random effects method. The analysis results show that the loan loss ratio (credit risk) and asset volatility (market risk) in participation banks have statistically significant effects on financial performance. Operational risk and leverage risk were found to be significant in some models, while the impact of liquidity risk remained statistically weak in all models. Generally, it has been observed that risk indicators have a heterogeneous and variable impact on financial performance. The study contributes to the literature on participation banking and offers suggestions to policymakers regarding the development of risk management strategies.

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• MakaleYalnız künye2026/r/gumushane/16426
  Financial 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.

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• MakaleYalnız künye2026/r/gumushane/13644
  Cash 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.

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• MakaleYalnız künye2025/r/gumushane/16349
  THE 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.

  İncele
• MakaleAçık Erişim2025/r/gumushane/11564
  Effect of Credit Risk on Financial Performance of Deposit Banks in the BIST Bank Index; [Kredı̇ Rı̇skı̇ nı̇ n BIST Banka Endeksı̇ ndekı̇ Mevduat Bankalarının Fı̇ nansal Performansına Etkı̇sı̇ 2]

  Erdoğdu, Aylin; Pala, Fahrettin

  This study analyses the relationship between credit risk and the financial performance of nine Turkish deposit banks listed on Borsa Istanbul (BIST) from 2010 to 2021. Using panel data, it employs profitability ratios (ROA, ROE, NIM) as performance indicators, and various credit risk metrics (NLTA, NPL, TLTD, CAR) as explanatory variables. GDP growth and inflation are included as control variables. The credit risk rankings identified ICBC Turkey Bank A.Ş. as having the lowest credit risk and Şeker Bank A.Ş. as the highest, using the WASPAS multi-criteria decision-making technique.

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• MakaleYalnız künye2024/r/gumushane/16437
  Analyzing 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.

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• MakaleYalnız künye2024/r/gumushane/19860
  Seçili Risk Ve Belirsizlik Endeksleri İle Sektörel Hisse Senedi Getirileri Arasındaki Asimetrik İlişkinin İncelenmesi: OECD Ülkeleri İçin Ampirik Bir Analiz

  Pala, Fahrettin

  Çalışmanın amacı, ekonomik politika belirsizliği (EPU), jeopolitik risk (GPR) ve piyasa duyarlılığının (VIX) seçilmiş 5 OECD ülkesine (ABD, Fransa, İngiltere, İtalya ve İsveç) ait sektörel hisse senetleri üzerindeki asimetrik etkilerini araştırmaktır. Araştırmanın tasarımı ve metodolojik yaklaşımı parametrik Granger nedensellik testi ve parametrik olmayan kantil tabanlı tekniklere dayanmaktadır. Jeopolitik risk endeksi (GPR), ülke ekonomik politika belirsizliği (EPU) ve Chicago Board Options Exchange'in (CBOE) oynaklık endeksinin (VIX) yanı sıra ekonomik faaliyetin yedi sektörünü (sağlık, finans, teknoloji petrol ve gaz, endüstri, tüketici hizmetleri ve temel tüketim ürünleri) kapsayan aylık verilerini kullanıyoruz. Veri setimiz, Ocak 2012 ile Şubat 2024 tarihleri arasındaki dönemi kapsamaktadır. Verilerin analizinde Granger Nedensellik testi ve Panel Kantil Regresyon analizinden yararlanılmıştır. Bulgularımız beş ana noktandan oluşmaktadır. Bunlardan birincisi, ekonomik politika belirsizliği, jeopolitik risk ve yatırımcı duyarlılığından seçili OECD ülkelerinin sektörel hisse senetlerine doğru nedensellik ilişkisinin olduğu sonucuna varıyoruz. İkincisi ekonomik politika belirsizliği, jeopolitik risk ve yatırımcı duyarlılığının farklı çeyreklikler boyunca seçili OECD ülkelerine ait hisse senedi getirileri üzerinde genel olarak güçlü bir ön görü gücüne sahip olduğu sonucuna varıyoruz. Üçüncüsü seçilmiş OECD ülkelerine ait hisse senedi getirileri üzerinde en yüksek öngörü gücüne sahip değişkenin ekonomik politika belirsizliği (EPU) olduğu sonucuna varıyoruz. Dördüncüsü, özellikle ekonomik politika belirsizliğinin, seçili OECD ülkelerine ait sektörel hisse senedi getirileri üzerindeki etkisinin asimetrik olduğu sonucuna varıyoruz. Yine jeopolitik risk ve piyasa duyarlılığının ise belirli sektörel hisse senedi (teknoloji, petrol ve gaz) getirileri üzerindeki etkisinin asimetrik olduğu sonucuna varıyoruz. Çalışmanın orijinalliği, COVID-19, Rusya-Ukrayna ve İsrail-Filistin çatışmasının da dahil olduğu dünyada yaşanan küresel faktörlerin seçilmiş OECD ülkelerine ait sektörel bazda hisse senedi piyasasını nasıl etkilediğini ortaya koyuyor olmasıdır. Dolayısıyla bulgularımızın değeri, piyasa düzenlemesi ve portföy yönetimi için önemli çıkarımlar sağlamasında yatmaktadır.

  İncele
• MakaleAçık Erişim2024/r/gumushane/14184
  A 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.)

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