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GİRİŞİM SERMAYESİ YATIRIMLARI İLE ÇEVRESEL TEKNOLOJİK GELİŞME ARASINDAKİ İLİŞKİ: OECD ÜLKELERİ ÜZERİNDEN KANITLAR

Year 2023, Volume: 16 Issue: 1, 79 - 84, 01.02.2023
https://doi.org/10.17261/Pressacademia.2023.1668

Abstract

Amaç- Küresel düzeyde yaşanan iklim değişikliği ve buna bağlı çevresel bozulmalar, ülkelerin sürdürülebilir büyüme ve kalkınma hedeflerine ulaşmasını büyük ölçüde engelleyebilmektedir. Bunun üstesinden gelmek isteyen ulus devletler son yıllarda çevresel teknolojiye daha fazla ağırlık vererek çevreden kaynaklanan karbon emisyonlarını azaltacak girişim sermayesi yatırım politikaları geliştirerek yeşil büyümeye odaklanmaktadır. Ülkeler tarafından çevresel teknoloji ile ilgili yapılan yatırımların finansman türleri arasında girişim sermayesinin olduğu görülmektedir. Buna ilave olarak, çevresel teknoloji alanında fırsat arayan yatırımcılar arasında girişim sermayesinin kullanımı dikkat çekmektedir. Bu bağlamda çalışmanın amacı, girişim sermayesi yatırımlarının çevresel teknoloji inovasyonları üzerindeki etkisini analiz etmektir.
Yöntem- OECD ülkelerine ait 2007-2019 dönem aralığını kapsayan ve yıllık verilerin test edildiği çalışmada panel veri analiz yöntemi kullanılmıştır. Araştırma modelinde bağımlı değişken olarak ülkelere ait çevresel teknolojiyle ilgili patent sayısı kullanılmıştır. Modeldeki bağımsız değişkenler ise girişim sermayesi yatırım tutarı, doğrudan yabancı sermaye yatırımları, gayri safi yurtiçi hasıla ve çevre kirliliğini temsilen karbon emisyonudur. Analiz kapsamında ilk olarak panel veri analizine ilişkin normallik, otokorelasyon, çoklu doğrusal bağlantı ve değişen varyans varsayımları test edilmiştir. Daha sonra Hausman testi yapılarak sabit etkiler ve tesadüfi etkiler modelleri arasında uygun tahmin modeline yönelik karar verilmiştir.
Bulgular- Ekonometrik analiz sonucunda çevresel teknoloji göstergesi ile girişim sermayesi yatırımları ve gayri safi yurtiçi hasıla değişkenleri arasında istatistiksel olarak pozitif yönlü ve anlamlı ilişki tespit edilmiştir. Öte yandan, çevre kirliliği göstergesi ve doğrudan yabancı sermaye yatırımları ile çevresel teknolojik gelişme değişkenleri arasında istatistiksel olarak negatif yönlü ve anlamlı ilişki saptanmıştır.
Sonuç- Elde edilen sonuçlar, ülkelerin çevresel teknolojik gelişimi üzerinde girişim sermayesi yatırımlarının önemli olduğunu ve çevresel teknolojik gelişime katkı sağladığına ilişkin kanıtlar sunmaktadır. Ayrıca ülkelerin çevresel teknolojik gelişim düzeyi azaldıkça karbon emisyon düzeyinde bir artış olacağına işaret etmektedir. Dolayısıyla çevresel teknolojik gelişimi destekleyici girişim sermayesi yatırımlarının teşvik edilmesi önerilebilir. Öte yandan doğrudan yabancı sermaye yatırımlarındaki bir artış çevresel teknolojik gelişme düzeyini olumsuz yönde etkilemektedir. Buna gerekçe olarak, ülkeler tarafından yabancı sermaye yatırımlarının çevresel teknolojik gelişmeye katkı sağlayan alanlara veya sektörlere yeterince kanalize edilemediği söylenebilir.

References

  • Ali, N., Phoungthong, K., Techato, K., Ali, W., Abbas, S., Dhanraj, J. A., & Khan, A. (2022). FDI, Green innovation and environmental quality nexus: New insights from BRICS economies. Sustainability, 14(4), 2181.
  • Bendig, D., Kleine-Stegemann, L., Schulz, C., & Eckardt, D. (2022). The effect of green startup investments on incumbents’ green innovation output. Journal of Cleaner Production, 376, 134316.
  • Bertoni, F., & Tykvová, T. (2015). Does governmental venture capital spur invention and innovation? Evidence from young European biotech companies. Research Policy, 44(4), 925-935.
  • Dai, L., Mu, X., Lee, C. C., & Liu, W. (2021). The impact of outward foreign direct investment on green innovation: the threshold effect of environmental regulation. Environmental Science and Pollution Research, 28(26), 34868-34884.
  • Dong, W., Li, Y., Lv, X., & Yu, C. (2021). How does venture capital spur the innovation of environmentally friendly firms? Evidence from China. Energy Economics, 103, 105582.
  • Faria, A. P., & Barbosa, N. (2014). Does venture capital really foster innovation?. Economics Letters, 122(2), 129-131.
  • Halila, F., & Rundquist, J. (2011). The development and market success of eco‐innovations: A comparative study of eco‐innovations and “other” innovations in Sweden. European Journal of Innovation Management, 14(3), 278-302.
  • Li, H., & Lu, J. (2023). Temperature change and industrial green innovation: Cost increasing or responsibility forcing?. Journal of Environmental Management, 325, 116492.
  • Liu, C., Ni, C., Sharma, P., Jain, V., Chawla, C., Shabbir, M. S., & Tabash, M. I. (2022). Does green environmental innovation really matter for carbon-free economy? Nexus among green technological innovation, green international trade, and green power generation. Environmental Science and Pollution Research, 29, 67504–67512.
  • OECD. (2010). Eco-Innovation in Industry: Enabling Green Growth, OECD Publishing, Paris.
  • Pradhan, R. P., Arvin, M. B., Nair, M., & Bennett, S. E. (2020). Sustainable economic growth in the European Union: The role of ICT, venture capital, and innovation. Review of Financial Economics, 38(1), 34-62.
  • Sarıkovanlık, V., Koy, A., Akkaya, M., Yıldırım, H. H., & Kantar, L. (2019). Finans Biliminde Ekonometri Uygulamaları, Seçkin Yayıncılık, Ankara.
  • Sun, W., Zhao, Y., & Sun, L. (2020). Big data analytics for venture capital application: towards innovation performance improvement. International Journal of Information Management, 50, 557-565.
  • Yang, S., Feng, D., Lu, J., & Wang, C. (2022). The effect of venture capital on green innovation: Is environmental regulation an institutional guarantee?. Journal of Environmental Management, 318, 115641.
  • Yu, C. H., Wu, X., Zhang, D., Chen, S., & Zhao, J. (2021). Demand for green finance: Resolving financing constraints on green innovation in China. Energy Policy, 153, 112255.
  • Zamir, A., & Mujahid, N. (2022). Nexus among green energy consumption, foreign direct investment, green innovation technology, and environmental pollution on economic growth. Environmental Science and Pollution Research, 26, 76501–76513.

THE NEXUS BETWEEN VENTURE CAPITAL INVESTMENTS AND ENVIRONMENTAL INNOVATION: EVIDENCE FROM OECD COUNTRIES

Year 2023, Volume: 16 Issue: 1, 79 - 84, 01.02.2023
https://doi.org/10.17261/Pressacademia.2023.1668

Abstract

Purpose- Globally, climate change and related environmental degradation can greatly prevent countries from achieving their sustainable growth and development goals. In recent years, nation states have focused on green growth by developing venture capital investment policies that will reduce carbon emissions by giving more importance to environmental technology to overcome this. It is seen that venture capital is among the financing types of investments made by countries regarding environmental technology. In addition, the use of venture capital draws attention among investors seeking opportunities in the field of environmental technology. In this context, the aim of the study is to analyze the effect of venture capital investments on environmental technology innovations.
Methodology- The panel data analysis method was used in the study, in which annual data covering the period of 2007-2019 for OECD countries were tested. In the research model, the number of patents related to environmental technology belonging to the countries was used as the dependent variable. The independent variables in the model are venture capital investment amount, foreign direct investment, gross domestic product and carbon emission representing environmental pollution. Within the scope of the analysis, first of all, normality, autocorrelation, multicollinearity and heteroscedasticity assumptions related to panel data analysis were tested. Then, Hausman test was performed and a decision was made regarding the appropriate estimation model between fixed effects and random effects models.
Findings- As a result of the econometric analysis, a statistically positive and significant relationship was found between the environmental technology indicator and the variables of venture capital investments and gross domestic product. On the other hand, a statistically negative and significant relationship was found between the environmental pollution indicator and foreign direct investment and the environmental technological innovation variable.
Conclusion- The results obtained provide evidence that venture capital investments are important on the environmental technological innovation of countries and contribute to environmental innovation. It also indicates that there will be an increase in the level of carbon emissions as the level of environmental technological innovation of countries decreases. Therefore, it can be recommended to encourage venture capital investments that support environmental technological innovation. On the other hand, an increase in foreign direct investment negatively affects the level of environmental technological innovation. As a reason for this, it can be said that foreign capital investments by countries cannot be sufficiently channeled into areas or sectors that contribute to environmental technological innovation.

References

  • Ali, N., Phoungthong, K., Techato, K., Ali, W., Abbas, S., Dhanraj, J. A., & Khan, A. (2022). FDI, Green innovation and environmental quality nexus: New insights from BRICS economies. Sustainability, 14(4), 2181.
  • Bendig, D., Kleine-Stegemann, L., Schulz, C., & Eckardt, D. (2022). The effect of green startup investments on incumbents’ green innovation output. Journal of Cleaner Production, 376, 134316.
  • Bertoni, F., & Tykvová, T. (2015). Does governmental venture capital spur invention and innovation? Evidence from young European biotech companies. Research Policy, 44(4), 925-935.
  • Dai, L., Mu, X., Lee, C. C., & Liu, W. (2021). The impact of outward foreign direct investment on green innovation: the threshold effect of environmental regulation. Environmental Science and Pollution Research, 28(26), 34868-34884.
  • Dong, W., Li, Y., Lv, X., & Yu, C. (2021). How does venture capital spur the innovation of environmentally friendly firms? Evidence from China. Energy Economics, 103, 105582.
  • Faria, A. P., & Barbosa, N. (2014). Does venture capital really foster innovation?. Economics Letters, 122(2), 129-131.
  • Halila, F., & Rundquist, J. (2011). The development and market success of eco‐innovations: A comparative study of eco‐innovations and “other” innovations in Sweden. European Journal of Innovation Management, 14(3), 278-302.
  • Li, H., & Lu, J. (2023). Temperature change and industrial green innovation: Cost increasing or responsibility forcing?. Journal of Environmental Management, 325, 116492.
  • Liu, C., Ni, C., Sharma, P., Jain, V., Chawla, C., Shabbir, M. S., & Tabash, M. I. (2022). Does green environmental innovation really matter for carbon-free economy? Nexus among green technological innovation, green international trade, and green power generation. Environmental Science and Pollution Research, 29, 67504–67512.
  • OECD. (2010). Eco-Innovation in Industry: Enabling Green Growth, OECD Publishing, Paris.
  • Pradhan, R. P., Arvin, M. B., Nair, M., & Bennett, S. E. (2020). Sustainable economic growth in the European Union: The role of ICT, venture capital, and innovation. Review of Financial Economics, 38(1), 34-62.
  • Sarıkovanlık, V., Koy, A., Akkaya, M., Yıldırım, H. H., & Kantar, L. (2019). Finans Biliminde Ekonometri Uygulamaları, Seçkin Yayıncılık, Ankara.
  • Sun, W., Zhao, Y., & Sun, L. (2020). Big data analytics for venture capital application: towards innovation performance improvement. International Journal of Information Management, 50, 557-565.
  • Yang, S., Feng, D., Lu, J., & Wang, C. (2022). The effect of venture capital on green innovation: Is environmental regulation an institutional guarantee?. Journal of Environmental Management, 318, 115641.
  • Yu, C. H., Wu, X., Zhang, D., Chen, S., & Zhao, J. (2021). Demand for green finance: Resolving financing constraints on green innovation in China. Energy Policy, 153, 112255.
  • Zamir, A., & Mujahid, N. (2022). Nexus among green energy consumption, foreign direct investment, green innovation technology, and environmental pollution on economic growth. Environmental Science and Pollution Research, 26, 76501–76513.
There are 16 citations in total.

Details

Primary Language Turkish
Subjects Finance, Business Administration
Journal Section Articles
Authors

Yusuf Guneysu This is me 0000-0002-6809-1995

Tolga Ergun This is me 0000-0001-9650-4542

Publication Date February 1, 2023
Published in Issue Year 2023 Volume: 16 Issue: 1

Cite

APA Guneysu, Y., & Ergun, T. (2023). GİRİŞİM SERMAYESİ YATIRIMLARI İLE ÇEVRESEL TEKNOLOJİK GELİŞME ARASINDAKİ İLİŞKİ: OECD ÜLKELERİ ÜZERİNDEN KANITLAR. PressAcademia Procedia, 16(1), 79-84. https://doi.org/10.17261/Pressacademia.2023.1668
AMA Guneysu Y, Ergun T. GİRİŞİM SERMAYESİ YATIRIMLARI İLE ÇEVRESEL TEKNOLOJİK GELİŞME ARASINDAKİ İLİŞKİ: OECD ÜLKELERİ ÜZERİNDEN KANITLAR. PAP. February 2023;16(1):79-84. doi:10.17261/Pressacademia.2023.1668
Chicago Guneysu, Yusuf, and Tolga Ergun. “GİRİŞİM SERMAYESİ YATIRIMLARI İLE ÇEVRESEL TEKNOLOJİK GELİŞME ARASINDAKİ İLİŞKİ: OECD ÜLKELERİ ÜZERİNDEN KANITLAR”. PressAcademia Procedia 16, no. 1 (February 2023): 79-84. https://doi.org/10.17261/Pressacademia.2023.1668.
EndNote Guneysu Y, Ergun T (February 1, 2023) GİRİŞİM SERMAYESİ YATIRIMLARI İLE ÇEVRESEL TEKNOLOJİK GELİŞME ARASINDAKİ İLİŞKİ: OECD ÜLKELERİ ÜZERİNDEN KANITLAR. PressAcademia Procedia 16 1 79–84.
IEEE Y. Guneysu and T. Ergun, “GİRİŞİM SERMAYESİ YATIRIMLARI İLE ÇEVRESEL TEKNOLOJİK GELİŞME ARASINDAKİ İLİŞKİ: OECD ÜLKELERİ ÜZERİNDEN KANITLAR”, PAP, vol. 16, no. 1, pp. 79–84, 2023, doi: 10.17261/Pressacademia.2023.1668.
ISNAD Guneysu, Yusuf - Ergun, Tolga. “GİRİŞİM SERMAYESİ YATIRIMLARI İLE ÇEVRESEL TEKNOLOJİK GELİŞME ARASINDAKİ İLİŞKİ: OECD ÜLKELERİ ÜZERİNDEN KANITLAR”. PressAcademia Procedia 16/1 (February 2023), 79-84. https://doi.org/10.17261/Pressacademia.2023.1668.
JAMA Guneysu Y, Ergun T. GİRİŞİM SERMAYESİ YATIRIMLARI İLE ÇEVRESEL TEKNOLOJİK GELİŞME ARASINDAKİ İLİŞKİ: OECD ÜLKELERİ ÜZERİNDEN KANITLAR. PAP. 2023;16:79–84.
MLA Guneysu, Yusuf and Tolga Ergun. “GİRİŞİM SERMAYESİ YATIRIMLARI İLE ÇEVRESEL TEKNOLOJİK GELİŞME ARASINDAKİ İLİŞKİ: OECD ÜLKELERİ ÜZERİNDEN KANITLAR”. PressAcademia Procedia, vol. 16, no. 1, 2023, pp. 79-84, doi:10.17261/Pressacademia.2023.1668.
Vancouver Guneysu Y, Ergun T. GİRİŞİM SERMAYESİ YATIRIMLARI İLE ÇEVRESEL TEKNOLOJİK GELİŞME ARASINDAKİ İLİŞKİ: OECD ÜLKELERİ ÜZERİNDEN KANITLAR. PAP. 2023;16(1):79-84.

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