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    Are policy shocks to forest products footprint permanent or temporary? Evidence from 128 countries
    (Taylor & Francis Ltd, 2025) Shahbaz, Muhammad; Akçan, Ahmet Tayfur; Soyyiğit, Semanur; Kılıç, Cüneyt
    Sustainable environmental policies are important for future generations to live in a more livable world. Therefore, the environmental damage of the policies implemented is expected to be minimized. In this way, the effects of environmental shocks can be temporary. Rather than analyzing ecological footprint as a deductive approach, analyzing the smaller components that cause ecological footprint will make a different contribution to the literature. For this reason, forest products footprint analysis affecting ecological footprint was investigated. In order to analyze the permanent or temporary nature of environmental shocks, forest product footprint, which is one of the variables used in the calculation of environmental damage, is used for 128 countries covering the period of 1961-2022. We used three different tests in this study. Firstly, the PANIC unit root test, which developed in 2003, secondly the PANIC with sharp breaks test, which developed in 2009 and finally the PANIC with dummy factor break unit root test, which developed in 2022, is used to calculate the permanent and temporary of shocks. According to results of the PANIC with dummy factor break unit root test with two breaks and without trend effect, environmental shocks have a permanent effect in 110 countries and in the model with trend effect, environmental shocks are permanent in 103 countries. In countries where policy shocks are temporary, permanent structural reforms are needed to prevent deforestation.
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    Factors Affecting the Material Footprint in G7 Countries: Panel Cointegration Approach With Fourier Function
    (Wiley, 2025) Rahman, Mohammad Mafizur; Kılıç, Cüneyt; Akçan, Ahmet Tayfur; Kazak, Hasan
    The material footprint (MFP) is a critical issue due to the pressure on natural resources, environmental degradation, biodiversity loss, and increased greenhouse gas emissions. In the existing literature, the determinants and their impacts on the MFP of G7 countries have not been sufficiently examined. The aim of this study is to analyze the effects of material productivity, energy transition (ET), globalization, economic growth, financial development, and population on the MFP of G7 countries. Using annual data from 1983 to 2021, the panel cointegration technique and the Toda-Yamamoto causality test with Fourier function are applied. The results reveal that there are significant but variable causal relationships between the dependent and independent variables specific to each country. Panel cointegration estimates show that renewable energy, economic growth, financial development, and population have a positive effect on MFP, while material productivity, globalization, and the square of economic growth have a negative effect. These findings support the validity of the Environmental Kuznets Curve (EKC) hypothesis in the context of MFP. Our study provides policy recommendations to help G7 countries achieve a balance between environmental sustainability and economic growth.
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    Profitability determinants in Turkish banking: comparing Islamic and conventional banks under inflation and bond rate effects
    (Emerald Group Publishing Ltd, 2025) Kazak, Hasan; Akçan, Ahmet Tayfur; Kılıç, Cüneyt; Kılıçarslan, Abdullah
    Purpose This study aims to compare the effects of exogenous factors, particularly inflation and bond interest rates, on the profitability of Islamic (participation) and conventional banks in Türkiye. Design/methodology/approach The Fourier function-enhanced Johansen cointegration test was applied to data covering the period 2005/Q1–2023/Q4. The stationarity levels of the variables were determined using the Zivot–Andrews unit root test, followed by a cointegration test, and long-run coefficient estimates were evaluated. Findings The results indicate that inflation positively affects bank profitability in both Islamic and conventional banking sectors, whereas bond interest rates have a negative impact. No significant difference was observed between the two banking models in terms of these effects. Furthermore, contrary to existing literature suggesting a positive relationship between bond interest rates and bank profitability, this study provides empirical evidence of a negative long-run impact. Originality/value This study contributes to the literature by demonstrating the negative effect of bond interest rates on bank profitability, challenging conventional claims. In addition, it highlights the similar sensitivities of Islamic and conventional banks to macroeconomic factors, providing valuable insights for policymakers. The findings have significant implications for both the Turkish banking sector and the global financial system.