FİNANSAL PİYASALARIN YEŞİL BÜYÜME ÜZERİNDEKİ ETKİSİ: TÜRKİYE ÖRNEKLEMİNDE AMPİRİK BULGULAR

Bertaç Şakir Şahin

doi:10.54452/jrb.1435208

Research Article

THE IMPACT OF FINANCIAL MARKETS ON GREEN GROWTH: EMPIRICAL FINDINGS IN TÜRKİYE SAMPLE

Year 2025, Volume: 10 Issue: 1, 147 - 165, 23.06.2025

Bertaç Şakir Şahin

https://doi.org/10.54452/jrb.1435208

Abstract

The concept of green growth focuses on the compatibility between sustainability efforts and economic growth. This study analyzes the impact of FDI, financial development and R&D expenditures on green growth in Turkey during the period 1990-2021. The study applies ARDL bounds test and Toda Yamamoto causality test. According to the ARDL bounds test, foreign direct investments, domescit credit provided by banks to the private sector and stock market return have a significant and positive effect on green growth. The Toda Yamamoto causality test also supports the results of the ARDL bounds test. There is a Granger causality relationship from foreign direct investments, domestic credit provided by banks to the private sector and stock market return to green growth.

Keywords

Green Growth , Sustainability , Financial Development , financial markets and institutions

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FİNANSAL PİYASALARIN YEŞİL BÜYÜME ÜZERİNDEKİ ETKİSİ: TÜRKİYE ÖRNEKLEMİNDE AMPİRİK BULGULAR

Year 2025, Volume: 10 Issue: 1, 147 - 165, 23.06.2025

Bertaç Şakir Şahin

https://doi.org/10.54452/jrb.1435208

Abstract

Yeşil büyüme kavramı sürdürülebilirlik çabaları ve ekonomik büyüme arasındaki uyuma odaklanır. Bu çalışma Türkiye’de 1990- 2021 döneminde doğrudan yabancı yatırımlar, finansal gelişme ve ar-ge harcamalarının yeşil büyüme üzerindeki etkisini ele alır. Çalışma kapsamında ARDL sınır testi ve Toda Yamamoto nedensellik testi uygulanmıştır. ARDL sınır testine göre doğrudan yabancı yatırımlar, krediler ve borsa getirisinin yeşil büyüme üzerinde anlamlı ve pozitif bir etkisi mevcuttur. Toda Yamamoto nedensellik testi de ARDL sınır testinin sonuçlarını desteklemektedir. Doğrudan yabancı yatırımlar, bankalar tarafından özel sektöre sağlanan krediler ve borsa getirisinden yeşil büyümeye doğru Granger nedensellik ilişkisi vardır.

Keywords

Yeşil Büyüme , Sürdürülebilirlik , Finansal Gelişme , finansal piyasalar ve kurumlar

References

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Abu-Qdais, H. A., Shatnawi, N., & Al-Shahrabi, R. (2023). Modeling the Impact of Fees and Circular Economy Options on the Financial Sustainability of the Solid Waste Management System in Jordan. Resources, 12(3), 32.
Açcı, Y., Akarsu, G. ve Cafrı, R. (2023). “Döngüsel Ekonomi ve Yeşil Büyüme Çerçevesinde Sürdürülebilir Kalkınma Göstergelerinin Ekonomik Büyüme Üzerine Etkisi: Seçilmiş AB Ülkelerinden Ampirik Kanıtlar”, Verimlilik Dergisi, Döngüsel Ekonomi ve Sürdürülebilirlik Özel Sayısı, 53-67.
Akyol, M., & Emrullah, M. E. T. E. (2022). Çevresel inovasyon, ekonomik büyüme ve doğrudan yabancı yatırımların yenilenebilir enerji tüketimi üzerine etkisi. Pamukkale Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, (48), 393-406.
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Ateş, S. A., & Ateş, M. (2015). Sosyo-ekolojik dönüşüm karşısında Türkiye: Bir alternatif olarak yeşil büyüme. Siyaset, Ekonomi ve Yönetim Araştırmaları Dergisi, 3(4), 69-94.
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Baloch, M. A., Zhang, J., Iqbal, K., & Iqbal, Z. (2019). The effect of financial development on the ecological footprint in BRI countries: evidence from panel data estimation. Environmental Science and Pollution Research, 26(6), 6199-6208.
Bayrak, M. R. (2012). Sürdürülebilir kalkınma için Türkiye’de düşük karbon ekonomisi ve kyoto protokolü’nün finansman kaynakları/low carbon economy and financial sources of the kyoto protocol for sustainable development ın Turkey. Journal of History Culture and Art Research, 1(4), 266-279.
Cao, J., Law, S. H., Samad, A. R. B. A., Mohamad, W. N. B. W., Wang, J., & Yang, X. (2021). Impact of financial development and technological innovation on the volatility of green growth—evidence from China. Environmental Science and Pollution Research, 28, 48053-48069.
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Chen, R., Ramzan, M., Hafeez, M., & Ullah, S. (2023a). Green innovation-green growth nexus in BRICS: Does financial globalization matter? Journal of Innovation & Knowledge, 8(1), 100286.
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Desalegn, G., & Tangl, A. (2022). Enhancing green finance for inclusive green growth: A systematic approach. Sustainability, 14(12), 7416.
Duasa, J. (2007). Malaysian foreign direct investment and growth: does stability matter?. Journal of Economic Cooperation Among Islamic Countries, 28(2), 83-98.
Gülmez, A. (2015). Türkiye’de dış finansman kaynakları ekonomik büyüme ilişkisi: ARDL sinir testi yaklaşımı. Ekonomik ve Sosyal Araştırmalar Dergisi, 11(2), 139-152.
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Hickel, J., & Kallis, G. (2020). Is green growth possible?. New Political Economy, 25(4), 469-486.
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Kararach, G., Nhamo, G., Mubila, M., Nhamo, S., Nhemachena, C., & Babu, S. (2018). Reflections on the green growth ındex for developing countries: A focus of selected African countries. Development Policy Review, 36, 432-454.
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Kim, S. E., Kim, H., & Chae, Y. (2014). A new approach to measuring green growth: Application to the OECD and Korea. Futures, 63, 37-48.
Kutan A. M., Paramati S.R., Ummalla M., Zakari A. (2018) Financing renewable energy projects in major emerging market economies: evidence in the perspective of sustainable economic development. Emerg Mark Financ Trade, 54(8),1761–1777.
Lee, J. W. (2020). Green finance and sustainable development goals: The case of China. Lee, Jung Wan (2020). Green Finance and Sustainable Development Goals: The Case of China. Journal of Asian Finance Economics and Business, 7(7), 577–586.
Naimoğlu, M. (2022). Yenilenebilir enerji kullanımının yeşil büyüme üzerindeki etkisi: Yükselen ekonomiler örneği. Akdeniz İİBF Dergisi, 22(2), 1-13.
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Primary Language	Turkish
Subjects	Business Administration, Business Systems in Context (Other)
Journal Section	Articles
Authors	Bertaç Şakir Şahin 0000-0003-0414-5402
Publication Date	June 23, 2025
Submission Date	February 11, 2024
Acceptance Date	March 17, 2025
Published in Issue	Year 2025 Volume: 10 Issue: 1

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APA	Şahin, B. Ş. (2025). FİNANSAL PİYASALARIN YEŞİL BÜYÜME ÜZERİNDEKİ ETKİSİ: TÜRKİYE ÖRNEKLEMİNDE AMPİRİK BULGULAR. Journal of Research in Business, 10(1), 147-165. https://doi.org/10.54452/jrb.1435208

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