SBF-İktisat Bölümü Koleksiyonu

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https://hdl.handle.net/20.500.12428/2508

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Beyond Compliance: How Board-Ownership Structures and Eco-Technology Intensity Drive Circular Economy Performance in MENA Firms
(Wiley, 2025) KaoDui, Li; Kongkuah, Maxwell; Alessa, Noha
As global environmental challenges intensify and resource scarcity deepens, firms in emerging economies face mounting pressure to adopt sustainable and circular business models. In this context, the role of corporate governance in enabling circular economy (CE) transformation has become increasingly critical, yet remains underexplored-particularly in the Middle East and North Africa (MENA) region. This study investigates the impact of board-ownership dynamics on CE performance, with a specific focus on the moderating role of eco-technology intensity among listed manufacturing firms. Grounded in agency theory and the resource-based view, the research proposes an integrated framework that links internal governance attributes and ownership structures with firm-level CE outcomes. Using panel data from 447 firms across MENA countries between 2010 and 2022, the study employs system and difference Generalized Method of Moments (GMM) estimators to address endogeneity and firm-level heterogeneity. The results reveal that gender and age diversity, independent directors, managerial, and institutional ownership significantly enhance CE performance, while CEO duality and foreign ownership undermine it. Family ownership shows no significant effect. Notably, eco-technology intensity strengthens the influence of effective governance while mitigating the drawbacks of weaker structures. Heterogeneity analysis further indicates that the governance-CE relationship varies across regional (Middle East vs. North Africa) and production process contexts. These findings contribute to the theoretical advancement of governance and sustainability literature and offer actionable insights for firms, regulators, and policymakers committed to driving CE transitions in emerging markets.
Unmasking Sustainability Justice Performance to Achieve SDG 16 in MENA: Insights From Heterogeneous Analysis
(Wiley, 2025) KaoDui, Li; Kongkuah, Maxwell; Alessa, Noha
In an era where sustainability is paramount, the role of corporate governance in promoting sustainability justice remains underexplored, particularly in emerging regions such as MENA. This study extends the literature on corporate governance and sustainability by examining the relationship between corporate governance mechanisms and sustainability justice performance (SJP) in MENA firms. Drawing on agency theory and normative ethics (consequentialism), the study hypothesizes that effective governance mitigates agency conflicts and fosters ethical decision-making, thereby enhancing sustainability justice. To test these hypotheses, we analyze a dataset of 727 listed firms in MENA from 2010 to 2022, using robust econometric techniques and instrumental variables to address endogeneity concerns. The findings show that, regarding structural attributes, board independence and board size are positively linked with SJP, whereas the board members' shareholding proportion and CEO duality show negative effects. Concerning diversity attributes, gender diversity has a positive impact on SJP, but foreign nationals negatively affect SJP. Regarding process attributes, board members' remuneration, board meetings, and board tenure all have positive links with SJP. Additionally, there is significant heterogeneity in how corporate governance impacts SJP across industries, ownership types, and dimensions of sustainability. The results are robust after rigorous checks and sensitivity analyses. Policymakers should prioritize reforms that strengthen board independence, promote gender diversity, and encourage more frequent board meetings to improve sustainability justice. Additionally, limiting shareholder power, addressing CEO duality, and aligning executive compensation with sustainability goals will enhance governance and foster long-term positive sustainability outcomes across the MENA region.
A historical and econometric investigation of housing bubbles in OECD countries: insights from the GSADF test and machine learning
(Springer, 2025) Özgür, Önder; Yılancı, Veli
This paper investigates the existence, causes, and predictive markers of housing price bubbles in 18 OECD countries from 1870 to 2020, thus addressing a significant gap in the understanding of housing market dynamics and their implications for global financial stability. Housing bubbles have substantial impact on economic resilience and have his-torically led to severe financial crises. Employing the Generalized Supremum Augmented Dickey-Fuller (GSADF) test, this study identifies multiple bubble episodes in Australia, Denmark, Germany, Japan, Portugal, and the United States. Furthermore, by using an advanced machine learning approach, Extreme Gradient Boosting (XGBoost), this study statistically confirms the significance of interest rates, loan growth, and population growth as key predictors of housing bubbles. The findings indicate that interest rate variables are the predominant predictors, explaining over 60% of bubble dynamics in Australia and Japan, whereas credit growth and demographic factors are more influential in predicting bubbles in Germany, Denmark, and the United States. This study's originality lies in its comprehensive integration of econometric and machine learning methodologies, offer-ing more accurate, data-driven detection and prediction of housing bubbles than previ-ous research. The study's findings underscore the necessity of coordinated monetary and macroprudential policies, along with proactive demographic and credit market manage-ment, to mitigate future bubble-related risks, presenting significant implications for global policymakers and market participants.
Forest product footprint convergence in the Amazon: A panel data analysis of ACTO countries
(Elsevier, 2025) Yılancı, Veli; Kongkuah, Maxwell
This study examines the convergence of forest product footprints (FPF) among seven Amazon Cooperation Treaty Organization (ACTO) countries from 1961 to 2022. The research investigates whether FPF levels are converging or diverging across these nations, which share the Amazon rainforest. Employing a panel unit root test that accounts for smooth and sharp structural breaks, the study identifies both convergence and divergence patterns. Colombia, Ecuador, and Guyana show evidence of convergence, potentially driven by conservation policies and indigenous land management. Conversely, Brazil and Peru demonstrate divergence, likely influenced by extensive agriculture, mining, and international trade in forest products. The findings emphasize the need for coordinated regional policies within ACTO to foster sustainable forest management practices, address divergent national interests, and prioritize environmental conservation in the Amazon.
Bridging energy and sustainability: A game theory and fuzzy decision analytics approach to climate change management
(Academic Press Ltd- Elsevier Science Ltd, 2025) Savaş, Gönül Selin; Menteşe, Sibel; Ayçin, Ejder; Pamucar, Dragan
The world has been facing a very hot-spot global problem called climate change due to the increased atmospheric temperature and some indicators resulting from warming due to fossil fuel consumption to supply the energy demand. Therefore, central governments and non-governmental initiatives have mandated or encouraged energy management practices. The primary objective of this research is to manage the complex decision-making process effectively, which involves multiple stakeholders, particularly governments and non-governmental initiatives, within the challenging context of climate change. The decision-making processes in energy and environmental management are inherently complex due to the involvement of heterogeneous stakeholders (governments and non-government initiatives) with potentially divergent objectives and priorities. Modeling these interdependent strategic interactions in a realistic yet tractable manner poses a significant challenge. We address this challenge by developing a hybrid decision-making framework that combines fuzzy multi-criteria decision-making (MCDM) techniques with two-player, non-zero-sum game theory. The contribution of stakeholders (government and non-governmental initiatives) on energy and environmental management was estimated for the following three criteria determined in this study: (i) increasing environmental management system (EMS) applications, (ii) promoting the circular economy (CE) concept for material and energy flows, and (iii) increasing the proportion of renewable energy (RE) resources to meet the energy demand. The strategies to be applied by both stakeholders were evaluated using fuzzy multi-criteria decision-making (MCDM) analysis according to the evaluations obtained through three experts in the environmental engineering discipline. Subsequent to the Multi-Criteria Decision-Making (MCDM) phase, the game theory methodology was employed, taking into account the Nash equilibrium concept to ascertain optimal strategies for both stakeholders engaged in the simultaneously played game. Furthermore, the sequential game version is examined by utilizing the technique of backward induction. The findings indicate that in all constructed games, government and non-governmental initiatives preferred to increase the use of RE resources or increase public awareness of the materials' life cycle assessment (LCA) or else promote the integration of EMS conception in any process. These results are intended to contribute to both energy and environmental management processes.
Analyzing Türkiye's ecological footprint: the impact of air transportation, renewable energy, and R&D using a non-linear ARDL approach
(Iop Publishing Ltd, 2025) Konat, Gökhan; Yılancı, Veli; Ergün Tatar, Havanur; Han, Ayşegül
This study investigates the complex relationship between air transportation, research and development (R&D) expenditures, renewable energy consumption, economic growth, and the ecological footprint in Türkiye, utilizing annual data from 1990 to 2021. Employing both linear and non-linear Autoregressive Distributed Lag (ARDL) models, the study assesses the validity of the Environmental Kuznets Curve (EKC) hypothesis and explores the short- and long-run dynamics of the ecological footprint. Both the linear and non-linear ARDL models provide support for the EKC hypothesis, suggesting that economic growth may decouple from environmental degradation in the long run. Furthermore, robustness checks corroborate these findings. In the long term, air transportation exhibits asymmetric effects; while its positive components do not have a direct impact, its negative components contribute to environmental degradation in Türkiye. Renewable energy consumption mitigates environmental pressure, whereas the impact of R&D expenditures is not statistically significant. The findings underscore the substantial influence of air transportation on Türkiye’s ecological footprint, highlighting the necessity for sustained efforts toward sustainable practices and technological advancements within the aviation sector. Moreover, the study emphasizes the importance of investments in R&D and renewable energy for achieving environmental sustainability, while also acknowledging their complex and multifaceted impacts. The paper also discusses policy recommendations and future research directions focused on achieving a balance between economic development and environmental protection in Türkiye.
Gender inequality in labor markets: a stochastic convergence study of unemployment gaps in the OECD
(Emerald Group Publishing Ltd, 2025) Yılancı, Veli; Altınsoy, Abdulkadir; Ünlü Bektaş, Adviye Damla
Purpose This study aims to empirically investigate the stochastic convergence of the gender unemployment gap (male minus female unemployment rates) across 30 OECD countries for the period January 2000 to December 2024. It examines the persistence of this gap, framed within the theoretical tension between unemployment hysteresis and the Law of One Rate of Unemployment (LOOUR). Design/methodology/approach The study employs the robust Bahmani-Oskooee, Chang, and Wu (BCW) panel unit root test, which innovatively accounts for both sharp structural breaks and smooth, nonlinear dynamics through Fourier functions, while being robust to cross-sectional dependence. Findings The findings reveal substantial evidence of stochastic convergence for a majority of the panel (25 out of 30 countries), meaning their individual gender unemployment gaps tend to revert towards the OECD average gender unemployment gap. This suggests that for these nations, shocks causing their gender unemployment gap to deviate from the OECD average are largely transitory. Originality/value This research offers a novel methodological perspective by directly examining the dynamic properties of the gender unemployment gap itself as a time series using advanced panel unit root tests. It contributes by empirically testing the LOOUR versus hysteresis debate specifically for gender-differentiated unemployment and provides evidence supporting tailored policy interventions to address both transitory and structural components of these disparities in developed labor markets.
Weak-form efficiency in Islamic equity markets: a multi-frequency analysis incorporating non-linearity and structural breaks
(Emerald Group Publishing Ltd, 2025) Yılancı, Veli; Çetinkaya, Aslı; Mert Sarıtaş, Merve
Purpose This study aims to examine the weak-form market efficiency of Islamic stock indices across 11 countries. It aims to contribute to the Islamic finance literature by applying a rigorous methodological framework designed to overcome limitations identified in previous research. Design/methodology/approach This study uses daily data from the Dow Jones Islamic Market indices. The methodological approach involves an enhanced testing framework. This framework incorporates pretesting for nonlinearity and structural breaks to ensure the appropriate selection of unit root tests and wavelet decomposition to analyze market efficiency across distinct investment horizons (short term, medium term and long term). Findings The empirical results of this study consistently show that the Islamic stock indices under examination deviate from weak-form market efficiency. This inefficiency persists across all tested investment horizons. Furthermore, the evidence reveals complex nonlinear dependencies and persistent violations of the random walk hypothesis within these markets. These findings suggest the potential for exploitable price predictability. Originality/value This study offers a significant contribution to the Islamic finance literature by implementing a methodologically robust framework for assessing market efficiency in Sharia-compliant markets. The use of pretesting for nonlinearity and structural breaks, combined with wavelet decomposition analysis, addresses critical shortcomings in prior studies. The findings highlight the importance of methodological rigor when testing market efficiency hypotheses within ethical investment contexts. They also offer valuable implications for portfolio management, investment strategy formulation and regulatory policy development within the Islamic financial ecosystem.
Testing Real Interest Rate Parity for EU5 Countries: 200 Years of Data, Non-normality, Non-linearity and Breaks
(Prague Univ Economics And Business, 2025) Yılancı, Veli; Özgür, Önder
Purpose: This paper aims to examine the real interest rate parity (RIP) theory for EU5 countries (France, Germany, Italy, Spain and the UK) versus the USA. Design/methodology/approach: Utilizing RALS-FADF and RALS-FKSS unit root tests, this study addresses non-normality, non-linearity and structural breaks in real interest rate differentials. Findings: The results confirm the RIP theory, indicating mean reversion of real interest rate differentials and highlighting impact of financial integration on monetary policy independence and arbitrage opportunities. The study notes that central banks' ability to influence domestic economies through interest rates is limited due to global financial interconnectedness. Originality/value: The paper offers a new test and bases its empirical setup on whether interest rate differentials are non-normally distributed. The test also considers real interest rate non-linearity and the non-normality in the analysis.
Bir Makine Öğrenimi Uygulaması: G7 Ülkelerinde Finansal Kriz Tahminleme
(Economic And Financial Research Assoc - Efad, 2025) Mert Sarıtaş, Merve; Ural, Mert
Bu çalışma, sistemik bankacılık krizlerini tahmin etmede makine öğrenmesi yöntemlerinin etkinliğini, özellikle karmaşık ve doğrusal olmayan örüntüleri yakalama yeteneğiyle öne çıkan XGBoost algoritmasını kullanarak araştırmaktadır. 1870-2020 dönemi için G7 ülkelerine ait finansal ve makroekonomik veriler kullanılarak sistemik bankacılık kriz tahmininde XGBoost tabanlı bir model geliştirilmiştir. Ayrıca, modelin 'kara kutu' doğasını aşarak karar alma süreçlerini derinlemesine anlamlandırmak amacıyla SHAP (SHapley Additive exPlanations) yöntemleri uygulanarak model sonuçları arasındaki nedensel ilişkiler analiz edilmiş, böylece tahmin edici değişkenler ile kriz riski arasındaki nedensel ilişkiler şeffaf bir şekilde analiz edilmiştir. Bulgular, XGBoost'un yüksek tahmin performansı sergileyerek uygulayıcılar ve politika yapıcılar için kriz riskini değerlendirmede yeni olanaklar sunduğunu göstermektedir. Ek olarak SHAP değerleri, tahmin edici değişkenler ile kriz riski arasındaki karmaşık ilişkileri ortaya çıkararak makine öğrenimi modellerinin şeffaflığını ve hesap verebilirliğini önemli ölçüde artırmaktadır. Bu yaklaşım, finansal krizlerin temel ekonomik itici güçlerini belirleme konusunda sağlam ve güvenilir bir analitik altyapı sunarak finansal kriz tahmininde makine öğrenmesi yöntemlerinin potansiyelini vurgulamaktadır.
Renewable Energy and Carbon Intensity: Global Evidence from 184 Countries (2000-2020)
(Mdpi, 2025) Kongkuah, Maxwell; Alessa, Noha
This study investigates how various renewable energy technologies influence national carbon intensity (CO2 emissions per unit of GDP) across 184 countries over the period 2000-2020. In the context of Sustainable Development Goals (SDG 7 and SDG 13) and the post-Paris-Agreement policy landscape, it addresses the gap in understanding technology-specific decarbonization effects and the role of governance. A dynamic panel framework employing the Dynamic Common Correlated Effects (DCCE) estimator accounts for cross-sectional dependence and temporal persistence, while disaggregating total renewables into hydropower, wind, solar, and geothermal generation. Environmental regulation is incorporated as a moderating variable using the World Bank's Regulatory Quality index. Empirical results demonstrate that higher renewable generation is associated with statistically significant reductions in carbon intensity, with hydropower showing the most consistent negative effect across all income groups. Solar and geothermal technologies yield substantial carbon-reducing impacts in lower-middle-income settings once supportive policies are in place. Wind exhibits heterogeneous outcomes: positive or insignificant effects in some high- and upper-middle-income panels prior to 2015, shifting toward neutral or negative after more stringent regulation. Interaction terms reveal that stronger regulatory environments amplify renewable-driven decarbonization, particularly for intermittent sources such as wind and solar. Key contributions include (1) a comprehensive global assessment of four disaggregated renewable technologies; (2) integration of regulatory quality into decarbonization pathways, illustrating post-2015 policy moderations; and (3) methodological advancement through a large-sample DCCE approach that captures unobserved common shocks and heterogeneous country dynamics. These findings inform targeted policy measures-such as prioritizing hydropower where feasible, strengthening regulatory frameworks, and tailoring technology strategies-to accelerate low-carbon energy transitions worldwide.
An Empirical Investigation of Explosive Price Behavior in US State-Level Electricity Markets Across Consumer Segments
(Mdpi, 2025) Mert Sarıtaş, Merve; Konat, Gökhan; Dalyancı, Levent; Yılancı, Veli
This study investigates speculative bubbles in U.S. state-level electricity markets across commercial, industrial, and residential segments. Using monthly data (2005-2025) from the U.S. Energy Information Administration and employing the Generalized Supremum Augmented Dickey-Fuller test, evidence of localized explosive price behavior was observed predominantly in Florida, Hawaii, Pennsylvania, and Oregon, among others. These bubbles, often tied to market disruptions such as fuel price volatility and post-pandemic recovery, were mainly short-lived and region-specific. The findings highlight the need for tailored, state-specific regulatory strategies to address unique market dynamics, ensuring stability amidst the ongoing energy transition.
Carbon Capture and Storage as a Decarbonisation Strategy: Empirical Evidence and Policy Implications for Sustainable Development
(Mdpi, 2025) Kongkuah, Maxwell; Alessa, Noha; Haouas, Ilham
This paper examines the impact of carbon capture and storage (CCS) deployment on national carbon intensity (CI) across 43 countries from 2010 to 2020. Using a dynamic common correlated effects (DCCE) log-log panel, we estimate the elasticity of CI with respect to sectoral CCS facility counts within four income-group panels and the full sample. In the high-income panel, CCS in direct air capture, cement, iron and steel, power and heat, and natural gas processing sectors produces statistically significant CI declines of 0.15%, 0.13%, 0.095%, 0.092%, and 0.087% per 1% increase in facilities, respectively (all p < 0.05). Upper-middle-income countries exhibit strong CI reductions in direct air capture (-0.22%) and cement (-0.21%) but mixed results in other sectors. Lower-middle- and low-income panels show attenuated or positive elasticities-reflecting early-stage CCS adoption and infrastructure barriers. Robustness checks confirm these patterns both before and after the 2015 Paris Agreement and between emerging and developed economy panels. Spatial analysis reveals that the United States and United Kingdom achieved 30-40% CI reductions over the decade, whereas China, India, and Indonesia realized only 10-20% declines (relative to a 2010 baseline), highlighting regional deployment gaps. Drawing on these detailed income-group insights, we propose tailored policy pathways: in high-income settings, expand tax credits and public-private infrastructure partnerships; in upper-middle-income regions, utilize blended finance and technology-transfer programs; and in lower-income contexts, establish pilot CCS hubs with international support and shared storage networks. We further recommend measures to manage CCS's energy and water penalties, implement rigorous monitoring to mitigate leakage risks, and design risk-sharing contracts to address economic uncertainties.
Are Shocks to the Grazing Land Footprint Permanent or Transitory? Evidence from a Machine Learning-Based Unit Root Test
(Mdpi, 2025) Yılancı, Veli; Özgür, Önder; Mert Sarıtaş, Merve
Understanding the dynamic behavior of the grazing land footprint (GLF) is critical for sustainable land management. This study examines the GLF in 92 countries to determine if the series is stationary, a statistical property indicating that shocks have transitory effects, or non-stationary, which implies that shocks have permanent, cumulative impacts (a phenomenon known as persistence). We employ a novel machine learning framework that uses an XGBoost algorithm to synthesize information from multiple conventional tests and time-series characteristics, enhancing analytical robustness. The results reveal significant cross-country heterogeneity. The GLF exhibits stationary behavior in a subset of nations, including China, India, and Norway, suggesting that their ecosystems can absorb shocks. However, for most countries, the GLF is non-stationary, indicating that ecological disruptions have lasting and cumulative impacts. These findings underscore that a one-size-fits-all policy approach is inadequate. Nations with a stationary GLF may find short-term interventions effective, whereas those with non-stationary series require profound structural reforms to mitigate long-term degradation. This highlights the critical role of advanced methodologies in shaping evidence-based environmental policy.
Do uncertainties and risks have an impact on cryptocurrency returns? Evidence from the symmetric and asymmetric fourier quantile causality test
(Univ Chile Dept Economics, 2025) Kılcı, Esra N.; Yılancı, Veli
This paper explores the impact of uncertainties and risks on the returns of cryptocurrencies by considering the two dimensions of uncertainty sourcing from economic policy uncertainty and geopolitical risk. Therefore, we analyze whether there is a causality from the global economic policy uncertainty (GEPU) and geopolitical risk (GPR) to the cryptocurrency returns in the period from 2015:01 through 2023:05. In our analysis, we use the GEPU and GPR indexes as independent variables and the historical values of Bitcoin, Ethereum, Litecoin, Ripple, Monero, and Dash as dependent variables. We employ the Fourier augmented causality test considering the original series, and also the positive and negative components of the series. Our findings reveal that the GPR has predictive power for all cryptocurrencies while GEPU has not predictive power for only Bitcoin. Furthermore, we find evidence of the causality nexus that runs from negative shocks of GEPU to the negative shocks of Litecoin and Ripple, and from the negative shocks of GPR to the negative shocks of Litecoin and Monero indicating when there are significant decreases at the GEPU, these values can be used to predict the decreases of Litecoin and Ripple. Similarly, we can also imply it for the causality relationship from GPR to Litecoin and Monero. When we consider there might be a causal relationship not only between shocks of the same type but also between different types of shocks we find that there is unidirectional causality from negative shocks of GEPU to the positive shocks of Dash, Ethereum, and Monero at the high return phase, and from positive shocks of GEPU to the negative shocks of Ethereum, and from positive shocks of GPR to the negative components of Bitcoin, Ethereum, and Ripple at the bearish market conditions.
A Revisit of Tourism and Growth Nexus in the Provinces of China based on Bootstrap Panel Causality Test with a Fourier Function
(Inst Economic Forecasting, 2024) Chang, Tsangyao; Yılancı, Veli; Wang, Mei-Chih; Min, Jennifer
In this study, we collect annual data for 30 regions in China using tourism receipts and gross domestic product over the period of 1980-2020. Empirical results from Bootstrap Toda-Yamamoto Granger Causality test with a Fourier function, which consider both cross-sectional dependence and multiple smooth breaks, support the evidence of feedback hypothesis in most of the regions except for Jilin that we find the validity of tourism-led-growth hypothesis, Shanxi, and Qinghai where we find the supportive evidence of growth-led-tourism hypothesis, and for Gansu, Ningxia, and Xinjiang where we find the strong evidence of neutrality hypothesis. These results further show the importance of incorporating cross-sectional dependence and smooth breaks in testing the Granger causality. Our empirical results have important policy implications for the regional governments in China conducting tourism policy to sustain its regional economic growth.
Saving the Environment in Emerging Markets: The Synergistic Roles of Corporate Ownership Structure, Financing Strategy, and Innovation Capacity
(Wiley, 2025) Ning, Wu; Saeed, Ummar Faruk; Kongkuah, Maxwell
As global environmental challenges intensify and stakeholder pressure mounts, the imperative for companies, particularly in emerging markets, to adopt sustainable practices has become increasingly critical. Addressing a gap in the literature, this study examines the impact of ownership structure (OS) and financing strategy (FS) on environmental footprint disclosure (EFD) among energy sector firms in the Middle East and North Africa (MENA) region, while also considering the moderating role of innovation capacity. Drawing on the resource-based view, signaling, and stakeholder theories, this study analyzes panel data from 384 firms spanning 2010 to 2023. To address potential endogeneity issues, the study employs the difference GMM modeling to mititgate endogeneity issues. Additionally, the MMQR approach is applied to capture heterogeneous effects across varying levels of EFD practices. The findings reveal that concentrated and state ownership significantly enhance EFD, while managerial ownership exerts a negative influence. Firms relying on equity financing demonstrate higher EFD levels compared to those relying on debt. Moreover, innovation capacity not only directly impacts EFD but also amplifies the influence of OS and FS on EFD. Notably, the findings remain robust after employing various econometric techniques, including DiD, 2SLS, DCCE, and PSM. These results suggest that encouraging concentrated and state ownership, alongside equity financing, can drive improved environmental transparency within MENA firms. This study underscores the strategic role of innovation in strengthening EFD, offering valuable guidance for policymakers and industry leaders on ownership and financing decisions to foster sustainable development and enhance environmental responsibility.
The Strategic Role of Circular Economy Innovations and Stakeholder Engagement in Advancing Responsible Production and Consumption
(Wiley, 2025) KaoDui, Li; Kongkuah, Maxwell
As the urgency of global sustainability goals intensifies, achieving responsible production and consumption (RPC) has become a critical priority, especially in emerging markets where economic growth must be balanced with environmental stewardship. Businesses play a pivotal role in advancing sustainability, and understanding how governance practices influence RPC is essential for aligning corporate strategies with global objectives. This study investigates how circular economy innovations and stakeholder engagement moderate the link between indigenous directors and RPC. Using secondary data from 439 manufacturing firms across MENA countries between 2012 and 2022, we employed the method of moments quantile regression (MMQR) and fixed effects estimations, addressing endogeneity through GMM modeling and propensity score matching techniques. Our findings demonstrate that indigenous directors significantly enhance RPC across all quantiles. Additionally, circular economy innovations not only advance RPC but also amplify the positive effects of indigenous directors on sustainable practices. Stakeholder engagement further strengthens this relationship, particularly in higher quantiles, underscoring the importance of inclusive governance for achieving sustainability goals. These insights provide actionable implications for business leaders and policymakers, particularly in the MENA region, by emphasizing the strategic integration of Indigenous leadership and circular economy innovations into corporate governance. This study offers a framework for aligning business strategies with global sustainability objectives, notably SDG 12 while also contributing to the literature on strategic management and sustainability. By highlighting the role of Indigenous leadership in driving sustainable practices, this research provides valuable guidance for firms and policymakers seeking to advance environmental sustainability in emerging market economies.
Investigation of the role of technological innovation in reducing carbon dioxide damage in Turkey with Fourier tests: Testing the Kuznets curve hypothesis
(Springer, 2025) Coşkun, Muhammet Fatih; Konat, Gökhan; Yılancı, Veli
Rising global environmental concerns have intensified the need to understand the relationship between technological innovation, economic growth, and environmental degradation, particularly in rapidly industrializing economies. This study examines these relationships in Turkiye within the framework of the Environmental Kuznets Curve (EKC) hypothesis. Using annual data from 1984 to 2019, we employ Fourier-based econometric techniques, including unit root tests, cointegration analysis, and causality testing, to account for potential structural breaks and nonlinearities. Our findings reveal that while technological innovation currently contributes to increased carbon dioxide emissions, with a 1% increase in innovation leading to a 0.061% rise in environmental degradation, there exists an inverted U-shaped relationship between economic growth and environmental degradation, supporting the EKC hypothesis for Turkiye. Causality tests indicate unidirectional relationships flowing from environmental degradation to both technological innovation and economic growth. These results suggest that Turkiye requires strategic policy interventions focusing on green technologies and sustainable innovation to transition toward environmental sustainability while maintaining economic growth.
Decoupling economic growth and carbon emissions: a time-varying analysis of the environmental kuznets curve hypothesis in France (1890-2019)
(Springer, 2025) Sağlam, Muhlis Selman; Yılancı, Veli; Kongkuah, Maxwell
Global concerns regarding climate change and the necessity for sustainable economic pathways have sharpened the focus on the Environmental Kuznets Curve (EKC) hypothesis. For France, grasping the long-term dynamics between economic expansion, energy usage, and technological advancement is vital for creating effective low-carbon strategies. To explore this, we utilize an extensive dataset spanning 1890-2019 and employ sophisticated econometric methods. These include unit root tests incorporating Fourier functions, a cointegration test adept at handling both smooth and abrupt structural breaks, the Fourier Toda-Yamamoto causality procedure, and partial wavelet coherency analysis. Our goal is to rigorously probe the enduring connections among carbon dioxide (CO2) emissions, energy consumption, economic freedom, and total factor productivity. The empirical analysis confirms a stable cointegrating link between these variables. Notably, both energy consumption and economic freedom show a significant positive correlation with CO2 emissions. Evidence supporting the EKC hypothesis-specifically, an inverted U-shaped relationship between economic growth and emissions-appears only during distinct historical periods. Furthermore, time-varying coefficient estimates and causality tests reveal evolving dynamics influenced by structural transformations, economic occurrences, and technological progress. These outcomes suggest that decoupling economic growth from environmental harm in France hinges on policies that bolster energy efficiency, carefully integrate economic freedom with strong environmental rules, and actively promote green technological innovation.

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