Exploring the relationship between ecological footprint and economic and environmental indicators: Evidence from developing eight (D-8) countries

Meltem Altın; Yusuf Bahadır Kavas; Batuhan Medetoğlu; Sumeyra Uzun; Arif Saldanlı; Fatih Günay

doi:10.58308/bemarej.1923486

EN TR

Exploring the relationship between ecological footprint and economic and environmental indicators: Evidence from developing eight (D-8) countries

Abstract

This research targets sheds light on the dynamic nexus between the ecological footprint of D-8 member states, including Türkiye, Iran, Pakistan, Bangladesh, Indonesia, Malaysia, Egypt, and Nigeria, economic growth (GDP), carbon dioxide emissions, the proportion of renewable energy consumption, and the level of the Financial Development Index by using panel data between 1990 and 2021. The Swamy S test and the Breusch-Pagan LM assumption tests were applied, besides the Seemingly Unrelated Regression (SUR) model, in order to derive country-specific estimates. The VIFs, the Pesaran CD test for cross-sectional dependency, the second-generation panel unit root test (CIPS), and the panel cointegration test of Westerlund reinforce the methodology, and to reinforce robustness, the CCE Mean Group estimator is employed for each individual country’s SUR estimates. While GDP growth and financial development led to increased environmental pressures in economies like Türkiye and Malaysia, the proportion of renewable energy consumption decreased the ecological footprint of most economies, except in Nigeria, where it increased the ecological footprint. It was found that GDP growth contributed to the ecological footprint of Indonesia and Egypt, while renewable energies helped to decrease it for both of these countries. CO₂ emissions, GDP growth, and the proportion of the share of renewable energy in consumption helped explain the environmental pressures on Bangladesh. However, CO₂ emissions and GDP contributed more to the ecological footprint of Bangladesh, whereas CO₂ emissions contributed to fewer ecological pressures in Iran; it was also revealed that an efficient energy transition policy could explain it. Our results revealed that some policies toward sustainability and green finance may need to be tailored at the nation-state level due to the variety of economic structures. In conclusion, the study suggests the need for the D-8 member countries to adopt specific sustainability and green-finance policy mixes.

Keywords

Ecological Footprint, GDP Growth, Carbon Dioxide Emissions, Renewable Energy Consumption, Financial Development Index, D-8 Countries

Supporting Institution

The authors declared that this study has received no financial support.

Ethical Statement

The authors declare that ethical rules and scientific citation principles were complied with throughout the preparation process of this study.

Ekolojik ayak izi ile ekonomik ve çevresel göstergeler arasındaki ilişkinin incelenmesi: Gelişen Sekiz (D-8) Ülkelerinden kanıtlar

Abstract

Bu araştırma, 1990-2021 yılları arasındaki panel verilerini kullanarak, Türkiye, İran, Pakistan, Bangladeş, Endonezya, Malezya, Mısır ve Nijerya'yı içeren D-8 üye ülkelerinin ekolojik ayak izi, ekonomik büyüme (GSYİH), karbondioksit emisyonları, yenilenebilir enerji tüketim oranı ve Finansal Gelişme Endeksi düzeyi arasındaki dinamik ilişkiye ışık tutmayı amaçlamaktadır. Ülkeye özgü tahminler elde etmek için, Görünüşte İlişkisiz Regresyon (SUR) modelinin yanı sıra Swamy S testi ve Breusch-Pagan LM varsayım testleri uygulanmıştır. VIF'ler, kesitsel bağımlılık için Pesaran CD testi, ikinci nesil panel birim kök testi (CIPS) ve Westerlund'un panel eşbütünleşme testi metodolojiyi güçlendirmekte ve sağlamlığı artırmak için her bir ülkenin SUR tahminleri için CCE Ortalama Grup tahmincisi kullanılmaktadır. Türkiye ve Malezya gibi ekonomilerde GSYİH büyümesi ve finansal kalkınma çevresel baskıları artırırken, yenilenebilir enerji tüketiminin oranı, Nijerya hariç çoğu ekonominin ekolojik ayak izini azalttı; Nijerya'da ise ekolojik ayak izini artırdı. Endonezya ve Mısır'da GSYİH büyümesinin ekolojik ayak izine katkıda bulunduğu, yenilenebilir enerjilerin ise bu iki ülke için de ekolojik ayak izini azaltmaya yardımcı olduğu tespit edildi. Bangladeş'te ise CO₂ emisyonları, GSYİH büyümesi ve tüketimdeki yenilenebilir enerji payı çevresel baskıları açıklamaya yardımcı oldu. Bununla birlikte, Bangladeş'te CO₂ emisyonları ve GSYİH ekolojik ayak izine daha fazla katkıda bulunurken, İran'da CO₂ emisyonları daha az ekolojik baskıya neden oldu; ayrıca verimli bir enerji geçiş politikasının bunu açıklayabileceği de ortaya çıktı. Sonuçlarımız, sürdürülebilirlik ve yeşil finansman politikalarının, ekonomik yapıların çeşitliliği nedeniyle ulus devlet düzeyinde uyarlanması gerekebileceğini ortaya koydu. Sonuç olarak, çalışma D-8 üye ülkelerinin belirli sürdürülebilirlik ve yeşil finansman politika karışımlarını benimsemeleri gerektiğini öne sürmektedir.

Keywords

Ekolojik Ayak İzi, Ekonomik Büyüme, Karbondioksit Emisyonları, D-8 Ülkeleri, Yenilenebilir Enerji Tüketimi, Finansal Gelişme Endeksi

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Details

Primary Language

English

Subjects

Business Administration

Journal Section

Research Article

Authors

Meltem Altın
0000-0001-6673-3627
Türkiye

Yusuf Bahadır Kavas
0000-0002-4838-7318
Türkiye

Batuhan Medetoğlu
0000-0002-8400-1232
Türkiye

Sumeyra Uzun
0000-0003-4627-320X
Türkiye

Arif Saldanlı
0000-0001-9990-9510
Türkiye

Fatih Günay ^*
0000-0003-0892-514X
Türkiye

Publication Date

July 23, 2026

Submission Date

April 5, 2026

Acceptance Date

July 16, 2026

Published in Issue

Year 2026 Volume: 9 Number: 2

DOI

https://doi.org/10.58308/bemarej.1923486

IZ

https://izlik.org/JA94LK97EJ

APA

Altın, M., Kavas, Y. B., Medetoğlu, B., Uzun, S., Saldanlı, A., & Günay, F. (2026). Exploring the relationship between ecological footprint and economic and environmental indicators: Evidence from developing eight (D-8) countries. Business Economics and Management Research Journal, 9(2), 118-138. https://doi.org/10.58308/bemarej.1923486

AMA

1.Altın M, Kavas YB, Medetoğlu B, Uzun S, Saldanlı A, Günay F. Exploring the relationship between ecological footprint and economic and environmental indicators: Evidence from developing eight (D-8) countries. BEMAREJ. 2026;9(2):118-138. doi:10.58308/bemarej.1923486

Chicago

Altın, Meltem, Yusuf Bahadır Kavas, Batuhan Medetoğlu, Sumeyra Uzun, Arif Saldanlı, and Fatih Günay. 2026. “Exploring the Relationship Between Ecological Footprint and Economic and Environmental Indicators: Evidence from Developing Eight (D-8) Countries”. Business Economics and Management Research Journal 9 (2): 118-38. https://doi.org/10.58308/bemarej.1923486.

EndNote

Altın M, Kavas YB, Medetoğlu B, Uzun S, Saldanlı A, Günay F (July 1, 2026) Exploring the relationship between ecological footprint and economic and environmental indicators: Evidence from developing eight (D-8) countries. Business Economics and Management Research Journal 9 2 118–138.

IEEE

[1]M. Altın, Y. B. Kavas, B. Medetoğlu, S. Uzun, A. Saldanlı, and F. Günay, “Exploring the relationship between ecological footprint and economic and environmental indicators: Evidence from developing eight (D-8) countries”, BEMAREJ, vol. 9, no. 2, pp. 118–138, July 2026, doi: 10.58308/bemarej.1923486.

ISNAD

Altın, Meltem - Kavas, Yusuf Bahadır - Medetoğlu, Batuhan - Uzun, Sumeyra - Saldanlı, Arif - Günay, Fatih. “Exploring the Relationship Between Ecological Footprint and Economic and Environmental Indicators: Evidence from Developing Eight (D-8) Countries”. Business Economics and Management Research Journal 9/2 (July 1, 2026): 118-138. https://doi.org/10.58308/bemarej.1923486.

JAMA

1.Altın M, Kavas YB, Medetoğlu B, Uzun S, Saldanlı A, Günay F. Exploring the relationship between ecological footprint and economic and environmental indicators: Evidence from developing eight (D-8) countries. BEMAREJ. 2026;9:118–138.

MLA

Altın, Meltem, et al. “Exploring the Relationship Between Ecological Footprint and Economic and Environmental Indicators: Evidence from Developing Eight (D-8) Countries”. Business Economics and Management Research Journal, vol. 9, no. 2, July 2026, pp. 118-3, doi:10.58308/bemarej.1923486.

Vancouver

1.Meltem Altın, Yusuf Bahadır Kavas, Batuhan Medetoğlu, Sumeyra Uzun, Arif Saldanlı, Fatih Günay. Exploring the relationship between ecological footprint and economic and environmental indicators: Evidence from developing eight (D-8) countries. BEMAREJ. 2026 Jul. 1;9(2):118-3. doi:10.58308/bemarej.1923486

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Exploring the relationship between ecological footprint and economic and environmental indicators: Evidence from developing eight (D-8) countries

Exploring the relationship between ecological footprint and economic and environmental indicators: Evidence from developing eight (D-8) countries

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Ekolojik ayak izi ile ekonomik ve çevresel göstergeler arasındaki ilişkinin incelenmesi: Gelişen Sekiz (D-8) Ülkelerinden kanıtlar

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