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Sürdürülebilir Kalkınma Amaçları

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• MakaleYalnız künye2026Scopus SJRQ1/r/gumushane/13841
  Entropy-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.

  AtıfOpenAlex4

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• MakaleYalnız künye2026Scopus SJRQ1/r/gumushane/13653
  Towards 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.

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  AtıfScopus1·WoS1·OpenAlex1

  İncele
• MakaleAçık Erişim2026Scopus SJRQ1/r/gumushane/13526
  Towards 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.

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  AtıfScopus3·WoS3·OpenAlex4

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• MakaleAçık Erişim2026Scopus SJRQ2/r/gumushane/12213
  Foreign 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.

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  AtıfScopus1·WoS1·OpenAlex1

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• MakaleAçık Erişim2025Scopus SJRQ2/r/gumushane/10578
  Greening 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.

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  AtıfScopus21·WoS20·OpenAlex18

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• MakaleAçık Erişim2025Scopus SJRQ1/r/gumushane/10320
  FinTech 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.

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  AtıfScopus13·WoS12·OpenAlex12

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• MakaleAçık Erişim2025/r/gumushane/19752
  Küresel dinamiklerin etkisinde ana metal sanayi şirketlerinin finansal performansının değerlendirilmesi: crıtıc-gri ilişkisel analiz yaklaşımı

  Ayaydin, Hasan; Öksüz, Onur

  Dünyada 2019 yılından sonra yaşanan COVID-19 pandemisi, politik gerilimler, savaş, enerji fiyatlarının yükselmesi ve yasal düzenlemeler gibi küresel gelişmeler Türk ana metal sanayi şirketlerini finansal performans başta olmak üzere pek çok yönden etkilemiştir. Bu çalışmada küresel dinamiklerin etkisi altında Türk ana metal sanayi şirketlerinin finansal performansının CRITIC-Gri İlişkisel Analiz yöntemleri ile belirlenmesi ve karşılaştırılması amaçlanmıştır. Bu amaç doğrultusunda 2019-2023 yılları arasında BİST Ana Metal Sanayinde faaliyet gösteren 21 şirket, kriter olarak seçilen 12 finansal oran ile değerlendirilmiştir. Çalışma sonucunda faaliyet oranlarının ve aktif karlılık oranının şirketlerin finansal performansı üzerinde oldukça etkili olduğu, analiz döneminde şirket performanslarının sektöre etki eden gelişmeler nedeniyle önemli ölçüde değişkenlik gösterdiği ve 2022 yılında birçok şirketin finansal performansında belirgin pozitif veya negatif değişimler yaşandığı görülmüştür.

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  AtıfOpenAlex1·TR Dizin1

  İncele
• MakaleAçık Erişim2023/r/gumushane/20243
  Does 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.

  AtıfOpenAlex10·TR Dizin4

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• MakaleAçık Erişim2022/r/gumushane/15951
  Social 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.

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  AtıfWoS1·OpenAlex2

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• MakaleYalnız künye2022Scopus SJRQ3/r/gumushane/13046
  The 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.

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  AtıfScopus6·WoS7·OpenAlex12

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