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EKONOMİK BÜYÜME, DOĞAL KAYNAK RANTI VE YENİLENEBİLİR ENERJİ TÜKETİMİNİN YÜK KAPASİTESİ FAKTÖRÜ ÜZERİNE ETKİLERİ: SEÇİLMİŞ ASYA ÜLKELERİ ÜZERİNE PANEL AMPİRİK ANALİZİ

Year 2025, Volume: 5 Issue: 2, 206 - 222, 21.10.2025
https://doi.org/10.71284/jpepfm.202526

Abstract

Çalışma, ekonomik büyüme, doğal kaynak rantı ve yenilenebilir enerji tüketimi gibi faktörlerin, ekonomilerde daha yüksek çevresel sürdürülebilirliği gösteren yük kapasitesi faktörünü artırmaya katkıda bulunup bulunmadığını incelemeyi amaçlamaktadır. Çalışma, 1990-2021 dönemi için veri topladı. Ampirik çalışmalar için çalışma, panel kesit bağımlılık test teknikleri, panel eğim homojenlik test teknikleri, panel ikincil birim kök test teknikleri, eş bütünleşme test teknikleri, panel kantil uzun dönem tahmin test teknikleri ve panel nedensellik teknikleri dahil olmak üzere çeşitli panel ekonometrik yöntemler uyguladı. Genel sonuçlar, ekonomik büyüme, doğal kaynak rantı ve yenilenebilir enerji tüketiminin, yük kapasitesi faktörünü artırarak hem ekonomik hem de çevresel sürdürülebilirliği sağlayabilen çevre dostu faktörler olduğunu göstermiştir. Çalışma ayrıca gelişmiş ülkelerin, panel grubundaki gelişmekte olan ülkelere çevresel ve ekonomik sürdürülebilirliği sağlamada yardımcı olabileceğini de ortaya koymuştur. Ayrıca, panel nedensellik testi tekniklerinden elde edilen sonuçlar, ekonomik büyümeden yük kapasitesi faktörüne ve yük kapasitesi faktöründen doğal kaynak rantına doğru tek yönlü nedensellik ilişkisini, yük kapasitesi faktörü ile yenilenebilir enerji tüketimi arasında ise çift yönlü nedensellik ilişkisini ortaya koymuştur. Çalışma, mevcut çalışmadan elde edilen genel bulguların bir sonucuyla son bulmaktadır.

References

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  • Ben-Salha, O., Dachraoui, H., & Sebri, M. (2021). Natural resource rents and economic growth in the top resource-abundant countries: A PMG estimation. Resources Policy, 74. https://doi.org/10.1016/j.resourpol.2018.07.005
  • Du, J., Yang, X., Long, D., & Xin, Y. (2024). Modelling the influence of natural resources and social globalization on load capacity factor: New insights from the ASEAN countries. Resources Policy, 91. https://doi.org/10.1016/j.resourpol.2024.104816 Dumitrescu, E. I., & Hurlin, C. (2012). Testing for Granger non-causality in heterogeneous panels. Economic Modelling, 29(4), 1450–1460. https://doi.org/10.1016/j.econmod.2012.02.014
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  • Hammami, S., Bachegour, H., Samour, A., Dimnwobi, S. K., & Mati, S. (2025). Technological innovation, industrialization, natural resources and ecological quality: evidence from the load capacity factor. Discover Sustainability, 6(1). https://doi.org/10.1007/s43621-025-01074-3
  • Hashem Pesaran, M., & Yamagata, T. (2008). Testing slope homogeneity in large panels. Journal of Econometrics, 142(1), 50–93. https://doi.org/10.1016/j.jeconom.2007.05.010
  • Jin, Y., Zhou, B., Zhang, P., & Li, T. (2024). How education expenditures, natural resources, and GDP interact with load capacity factor in the presence of trade diversity index under COVID-19 perception: Evidence from G-7 nations. Resources Policy, 88. https://doi.org/10.1016/j.resourpol.2023.104532
  • Khan, Z., Badeeb, R. A., & Nawaz, K. (2022). Natural resources and economic performance: Evaluating the role of political risk and renewable energy consumption. Resources Policy, 78. https://doi.org/10.1016/j.resourpol.2022.102890
  • Khan, Z., Hossain, M. R., Badeeb, R. A., & Zhang, C. (2023). Aggregate and disaggregate impact of natural resources on economic performance: Role of green growth and human capital. Resources Policy, 80. https://doi.org/10.1016/j.resourpol.2022.103103
  • Kish, K., & Miller, E. (2025). Broadening ecological footprint and biocapacity research: A co-developed research agenda with Canadian stakeholders. In Ecological Economics (Vol. 227). Elsevier B.V. https://doi.org/10.1016/j.ecolecon.2024.108403
  • Li, Z., Doğan, B., Ghosh, S., Chen, W. M., & Lorente, D. B. (2024). Economic complexity, natural resources and economic progress in the era of sustainable development: Findings in the context of resource deployment challenges. Resources Policy, 88. https://doi.org/10.1016/j.resourpol.2023.104504
  • Liu, H., & Chen, D. (2024). Asymmetrical impact of natural resources and the digital economy on green growth in the top five Asian knowledge-based economies. Resources Policy, 88. https://doi.org/10.1016/j.resourpol.2023.104525
  • Liu, H., Saleem, M. M., Al-Faryan, M. A. S., Khan, I., & Zafar, M. W. (2022). Impact of governance and globalization on natural resources volatility: The role of financial development in the Middle East North Africa countries. Resources Policy, 78. https://doi.org/10.1016/j.resourpol.2022.102881
  • Machado, J.A.F.; Santos Silva, J.M.C. Quantiles via Moments. J. Econom. 2019, 213, 145–173. https://doi.org/10.1016/j.jeconom.2019.04.009
  • Musah, M., Ahakwa, I., Asongu, S. A., Owusu-Akomeah, M., & Ampong, G. O. A. (2024). Unlocking the COP28 climate agenda in G10 economies: Do environmental taxes and environmentally-related technologies matter in the natural resource-load capacity factor connection? Sustainable Futures, 8. https://doi.org/10.1016/j.sftr.2024.100341
  • Ni, Z., Yang, J., & Razzaq, A. (2022). How do natural resources, digitalization, and institutional governance contribute to ecological sustainability through load capacity factors in highly resource-consuming economies? Resources Policy, 79. https://doi.org/10.1016/j.resourpol.2022.103068
  • Niccolucci, V., Tiezzi, E., Pulselli, F. M., & Capineri, C. (2012). Biocapacity vs Ecological Footprint of world regions: A geopolitical interpretation. Ecological Indicators, 16, 23–30. https://doi.org/10.1016/j.ecolind.2011.09.002
  • Özkan, O., Saleem, F., & Sharif, A. (2024). Evaluating the impact of technological innovation and energy efficiency on load capacity factor: empirical analysis of India. Environmental Science and Pollution Research International, 31(4), 5610–5624. https://doi.org/10.1007/s11356-023-31233-w
  • Paraschiv, S., & Paraschiv, L. S. (2020). Trends of carbon dioxide (CO2) emissions from fossil fuels combustion (coal, gas and oil) in the EU member states from 1960 to 2018. Energy Reports, 6, 237–242. https://doi.org/10.1016/j.egyr.2020.11.116
  • Pata, U. K., & Karlilar Pata, S. (2024). Determining the effectiveness of the forest load capacity factor in assisting decarbonization in India. Forest Policy and Economics, 166. https://doi.org/10.1016/j.forpol.2024.103281
  • Pençe, İ., Çeşmeli, M. Ş., Kumaş, K., Akyüz, A., Tuncer, A. D., & Güngör, A. (2024). Study of biocapacity areas to reduce ecological footprint deficits: A case study of Turkey. Science of the Total Environment, 932. https://doi.org/10.1016/j.scitotenv.2024.173018
  • Pesaran, M. H. (2007). A simple panel unit root test in the presence of cross-section dependence. Journal of Applied Econometrics, 22(2), 265–312. https://doi.org/10.1002/jae.951
  • Powell, D. (2022). Quantile regression with nonadditive fixed effects. Empirical Economics, 63(5), 2675–2691. https://doi.org/10.1007/s00181-022-02216-6
  • Roy, A. (2024). Impacts of economic development, globalization, and gross capital formation on natural resources rents: Evidence from India. Resources Policy, 97. https://doi.org/10.1016/j.resourpol.2024.105259
  • Sun, C., Khan, A., & Cai, W. (2024). The response of energy aid and natural resources consumption in load capacity factor of the Asia Pacific emerging countries. Energy Policy, 190. https://doi.org/10.1016/j.enpol.2024.114150
  • Sun, Y., Usman, M., Radulescu, M., Korkut Pata, U., & Balsalobre-Lorente, D. (2024). New insights from the STIPART model on how environmental-related technologies, natural resources and the use of the renewable energy influence load capacity factor. Gondwana Research, 129, 398–411. https://doi.org/10.1016/j.gr.2023.05.018
  • Świąder, M., Lin, D., Szewrański, S., Kazak, J. K., Iha, K., van Hoof, J., Belčáková, I., & Altiok, S. (2020). The application of ecological footprint and biocapacity for environmental carrying capacity assessment: A new approach for European cities. Environmental Science and Policy, 105, 56–74. https://doi.org/10.1016/j.envsci.2019.12.010
  • Wang, Q., Sun, J., Li, R., & Korkut Pata, U. (2024). Linking trade openness to load capacity factor: The threshold effects of natural resource rent and corruption control. Gondwana Research, 129, 371–380. https://doi.org/10.1016/j.gr.2023.05.016
  • Westerlund, J. (2007). Testing for error correction in panel data. Oxford Bulletin of Economics and Statistics, 69(6), 709–748. https://doi.org/10.1111/j.1468-0084.2007.00477.x
  • Yang, M., Magazzino, C., Awosusi, A. A., & Abdulloev, N. (2024). Determinants of Load capacity factor in BRICS countries: A panel data analysis. Natural Resources Forum, 48(2), 525–548. https://doi.org/10.1111/1477-8947.12331
  • Yu, J., Khattak, S. I., & Ahmad, M. (2025). Enhancing sustainable development through digital economy and natural resource management in one belt one road countries. Technology in Society, 81. https://doi.org/10.1016/j.techsoc.2025.102812
  • Yu, Y. (2023). Role of Natural resources rent on economic growth: Fresh empirical insight from selected developing economies. Resources Policy, 81. https://doi.org/10.1016/j.resourpol.2023.103326
  • Yuan, F., & Zhang, P. (2024). Are natural resources, sustainable growth and entrepreneurship matter endogenous growth theory? The strategic role of technical progress. Resources Policy, 96. https://doi.org/10.1016/j.resourpol.2024.105189

THE EFFECTS OF ECONOMIC GROWTH, NATURAL RESOURCE RENT AND RENEWABLE ENERGY CONSUMPTİON ON THE LOAD CAPACITY FACTOR: A PANEL EMPIRICAL ANALYSIS ON SELECTED ASIAN COUNTRIES

Year 2025, Volume: 5 Issue: 2, 206 - 222, 21.10.2025
https://doi.org/10.71284/jpepfm.202526

Abstract

The study intends to examine whether the factors including economic growth, natural resource rent and renewable energy consumption can contribute to enhance the load capacity factor which indicates the higher environmental sustainability in the economies. The study collected data for the period between 1990-2021. For empirical studies, the study applied several panel econometric methods including panel cross-sectional dependence test techniques, panel slope homogeneity test techniques, panel secondary unit-root test techniques, cointegration test techniques, panel quantile long-run estimation test techniques and panel causality techniques. The overall results indicated that economic growth, natural resource rent and renewable energy consumption are all environmentally friendly factors that can ensure both economic and environmental sustainability by enhancing the load capacity factor. The study also revealed that developed countries can help developing countries in the panel group to ensure environmental and economic sustainability. Furthermore, the results obtained from panel causality test techniques indicated the unidirectional causality relationship from economic growth to the load capacity factor and from the load capacity factor to natural resource rent, while the study indicates the bidirectional causality relationship between the load capacity factor and renewable energy consumption. The study ends with a conclusion of the overall findings obtained from the current study.

References

  • Akadiri, S. Saint, Ozkan, O., & Alola, A. A. (2025). Investigating the determinants of load capacity factor in Nigeria: An asymmetric quantile approach on urbanization, economic growth, FDI, and resource dependency. Resources Policy, 104. https://doi.org/10.1016/j.resourpol.2025.105586
  • Awosusi, A. A., Adebayo, T. S., Kirikkaleli, D., Rjoub, H., & Altuntaş, M. (2024). Evaluating the determinants of load capacity factor in Japan: The impact of economic complexity and trade globalization. Natural Resources Forum, 48(3), 743–762. https://doi.org/10.1111/1477-8947.12334
  • Baltagi, B. H., Feng, Q., & Kao, C. (2012). A Lagrange Multiplier test for cross-sectional dependence in a fixed effects panel data model. Journal of Econometrics, 170(1), 164–177. https://doi.org/10.1016/j.jeconom.2012.04.004
  • Ben-Salha, O., Dachraoui, H., & Sebri, M. (2021). Natural resource rents and economic growth in the top resource-abundant countries: A PMG estimation. Resources Policy, 74. https://doi.org/10.1016/j.resourpol.2018.07.005
  • Du, J., Yang, X., Long, D., & Xin, Y. (2024). Modelling the influence of natural resources and social globalization on load capacity factor: New insights from the ASEAN countries. Resources Policy, 91. https://doi.org/10.1016/j.resourpol.2024.104816 Dumitrescu, E. I., & Hurlin, C. (2012). Testing for Granger non-causality in heterogeneous panels. Economic Modelling, 29(4), 1450–1460. https://doi.org/10.1016/j.econmod.2012.02.014
  • Erdogan, S., Pata, U. K., & Kartal, M. T. (2024). The effectiveness of geopolitical risk, load capacity factor, and urbanization on natural resource rent: Evidence from top ten oil supplier countries. Resources Policy, 96. https://doi.org/10.1016/j.resourpol.2024.105224
  • Hammami, S., Bachegour, H., Samour, A., Dimnwobi, S. K., & Mati, S. (2025). Technological innovation, industrialization, natural resources and ecological quality: evidence from the load capacity factor. Discover Sustainability, 6(1). https://doi.org/10.1007/s43621-025-01074-3
  • Hashem Pesaran, M., & Yamagata, T. (2008). Testing slope homogeneity in large panels. Journal of Econometrics, 142(1), 50–93. https://doi.org/10.1016/j.jeconom.2007.05.010
  • Jin, Y., Zhou, B., Zhang, P., & Li, T. (2024). How education expenditures, natural resources, and GDP interact with load capacity factor in the presence of trade diversity index under COVID-19 perception: Evidence from G-7 nations. Resources Policy, 88. https://doi.org/10.1016/j.resourpol.2023.104532
  • Khan, Z., Badeeb, R. A., & Nawaz, K. (2022). Natural resources and economic performance: Evaluating the role of political risk and renewable energy consumption. Resources Policy, 78. https://doi.org/10.1016/j.resourpol.2022.102890
  • Khan, Z., Hossain, M. R., Badeeb, R. A., & Zhang, C. (2023). Aggregate and disaggregate impact of natural resources on economic performance: Role of green growth and human capital. Resources Policy, 80. https://doi.org/10.1016/j.resourpol.2022.103103
  • Kish, K., & Miller, E. (2025). Broadening ecological footprint and biocapacity research: A co-developed research agenda with Canadian stakeholders. In Ecological Economics (Vol. 227). Elsevier B.V. https://doi.org/10.1016/j.ecolecon.2024.108403
  • Li, Z., Doğan, B., Ghosh, S., Chen, W. M., & Lorente, D. B. (2024). Economic complexity, natural resources and economic progress in the era of sustainable development: Findings in the context of resource deployment challenges. Resources Policy, 88. https://doi.org/10.1016/j.resourpol.2023.104504
  • Liu, H., & Chen, D. (2024). Asymmetrical impact of natural resources and the digital economy on green growth in the top five Asian knowledge-based economies. Resources Policy, 88. https://doi.org/10.1016/j.resourpol.2023.104525
  • Liu, H., Saleem, M. M., Al-Faryan, M. A. S., Khan, I., & Zafar, M. W. (2022). Impact of governance and globalization on natural resources volatility: The role of financial development in the Middle East North Africa countries. Resources Policy, 78. https://doi.org/10.1016/j.resourpol.2022.102881
  • Machado, J.A.F.; Santos Silva, J.M.C. Quantiles via Moments. J. Econom. 2019, 213, 145–173. https://doi.org/10.1016/j.jeconom.2019.04.009
  • Musah, M., Ahakwa, I., Asongu, S. A., Owusu-Akomeah, M., & Ampong, G. O. A. (2024). Unlocking the COP28 climate agenda in G10 economies: Do environmental taxes and environmentally-related technologies matter in the natural resource-load capacity factor connection? Sustainable Futures, 8. https://doi.org/10.1016/j.sftr.2024.100341
  • Ni, Z., Yang, J., & Razzaq, A. (2022). How do natural resources, digitalization, and institutional governance contribute to ecological sustainability through load capacity factors in highly resource-consuming economies? Resources Policy, 79. https://doi.org/10.1016/j.resourpol.2022.103068
  • Niccolucci, V., Tiezzi, E., Pulselli, F. M., & Capineri, C. (2012). Biocapacity vs Ecological Footprint of world regions: A geopolitical interpretation. Ecological Indicators, 16, 23–30. https://doi.org/10.1016/j.ecolind.2011.09.002
  • Özkan, O., Saleem, F., & Sharif, A. (2024). Evaluating the impact of technological innovation and energy efficiency on load capacity factor: empirical analysis of India. Environmental Science and Pollution Research International, 31(4), 5610–5624. https://doi.org/10.1007/s11356-023-31233-w
  • Paraschiv, S., & Paraschiv, L. S. (2020). Trends of carbon dioxide (CO2) emissions from fossil fuels combustion (coal, gas and oil) in the EU member states from 1960 to 2018. Energy Reports, 6, 237–242. https://doi.org/10.1016/j.egyr.2020.11.116
  • Pata, U. K., & Karlilar Pata, S. (2024). Determining the effectiveness of the forest load capacity factor in assisting decarbonization in India. Forest Policy and Economics, 166. https://doi.org/10.1016/j.forpol.2024.103281
  • Pençe, İ., Çeşmeli, M. Ş., Kumaş, K., Akyüz, A., Tuncer, A. D., & Güngör, A. (2024). Study of biocapacity areas to reduce ecological footprint deficits: A case study of Turkey. Science of the Total Environment, 932. https://doi.org/10.1016/j.scitotenv.2024.173018
  • Pesaran, M. H. (2007). A simple panel unit root test in the presence of cross-section dependence. Journal of Applied Econometrics, 22(2), 265–312. https://doi.org/10.1002/jae.951
  • Powell, D. (2022). Quantile regression with nonadditive fixed effects. Empirical Economics, 63(5), 2675–2691. https://doi.org/10.1007/s00181-022-02216-6
  • Roy, A. (2024). Impacts of economic development, globalization, and gross capital formation on natural resources rents: Evidence from India. Resources Policy, 97. https://doi.org/10.1016/j.resourpol.2024.105259
  • Sun, C., Khan, A., & Cai, W. (2024). The response of energy aid and natural resources consumption in load capacity factor of the Asia Pacific emerging countries. Energy Policy, 190. https://doi.org/10.1016/j.enpol.2024.114150
  • Sun, Y., Usman, M., Radulescu, M., Korkut Pata, U., & Balsalobre-Lorente, D. (2024). New insights from the STIPART model on how environmental-related technologies, natural resources and the use of the renewable energy influence load capacity factor. Gondwana Research, 129, 398–411. https://doi.org/10.1016/j.gr.2023.05.018
  • Świąder, M., Lin, D., Szewrański, S., Kazak, J. K., Iha, K., van Hoof, J., Belčáková, I., & Altiok, S. (2020). The application of ecological footprint and biocapacity for environmental carrying capacity assessment: A new approach for European cities. Environmental Science and Policy, 105, 56–74. https://doi.org/10.1016/j.envsci.2019.12.010
  • Wang, Q., Sun, J., Li, R., & Korkut Pata, U. (2024). Linking trade openness to load capacity factor: The threshold effects of natural resource rent and corruption control. Gondwana Research, 129, 371–380. https://doi.org/10.1016/j.gr.2023.05.016
  • Westerlund, J. (2007). Testing for error correction in panel data. Oxford Bulletin of Economics and Statistics, 69(6), 709–748. https://doi.org/10.1111/j.1468-0084.2007.00477.x
  • Yang, M., Magazzino, C., Awosusi, A. A., & Abdulloev, N. (2024). Determinants of Load capacity factor in BRICS countries: A panel data analysis. Natural Resources Forum, 48(2), 525–548. https://doi.org/10.1111/1477-8947.12331
  • Yu, J., Khattak, S. I., & Ahmad, M. (2025). Enhancing sustainable development through digital economy and natural resource management in one belt one road countries. Technology in Society, 81. https://doi.org/10.1016/j.techsoc.2025.102812
  • Yu, Y. (2023). Role of Natural resources rent on economic growth: Fresh empirical insight from selected developing economies. Resources Policy, 81. https://doi.org/10.1016/j.resourpol.2023.103326
  • Yuan, F., & Zhang, P. (2024). Are natural resources, sustainable growth and entrepreneurship matter endogenous growth theory? The strategic role of technical progress. Resources Policy, 96. https://doi.org/10.1016/j.resourpol.2024.105189
There are 35 citations in total.

Details

Primary Language English
Subjects Panel Data Analysis, Environmental Economy, Natural Resources Economy, Green Economy
Journal Section Research Articles
Authors

Mohammad Nadimur Rahman 0000-0001-5301-1107

Early Pub Date October 18, 2025
Publication Date October 21, 2025
Submission Date September 23, 2025
Acceptance Date October 18, 2025
Published in Issue Year 2025 Volume: 5 Issue: 2

Cite

APA Rahman, M. N. (2025). THE EFFECTS OF ECONOMIC GROWTH, NATURAL RESOURCE RENT AND RENEWABLE ENERGY CONSUMPTİON ON THE LOAD CAPACITY FACTOR: A PANEL EMPIRICAL ANALYSIS ON SELECTED ASIAN COUNTRIES. Journal of Public Economy and Public Financıal Management, 5(2), 206-222. https://doi.org/10.71284/jpepfm.202526