Araştırma Makalesi
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Effects of Ecological Footprint and Financial Development on Foreign Direct Investments in MSCI Countries

Yıl 2025, Cilt: 15 Sayı: 4, 1085 - 1123, 29.12.2025

Burak Büyükoğlu , İbrahim Ekşi , Süleyman Serdar Karaca

Öz

This study investigates the impact of environmental pressures and financial development on foreign direct investment (FDI) in MSCI countries. Using annual data for 1997–2018, FDI is employed as the dependent variable, while financial development, ecological footprint and GDP are included as key explanatory and control variables. Relationships among the variables are examined through the Panel Granger Causality Test and estimated using the Augmented Mean Group (AMG) estimator. At the panel level, a significant relationship is found only between GDP and FDI. Country-level results reveal that financial development is significantly associated with FDI in 10 MSCI countries, while ecological footprint is significantly related to FDI in 5 MSCI countries. Overall, the findings highlight that investment-attracting capacity depends on country-specific financial and environmental conditions.

Anahtar Kelimeler

Foreign Direct Investment Financial Development Ecological Footprint MSCI Countries Augmented Average Group Estimator

Kaynakça

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  • Allen, F., Otchere, I., & Senbet, L. W. (2011). African financial systems: A review. Review of Development Finance, 1(2), 79-113. Retrieved from: https://www.sciencedirect.com/science/article/pii/S1879933711000042
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  • Baloch, M. A., Zhang, J., Iqbal, K., Igbal, Z. (2019). The effect of financial development on ecological footprint in BRI countries: Evidence from panel data estimation. Environmental Science and Pollution Research, 26, 6199-6208. doi:10.1007/s11356-018-3992-9
  • Baltagi, B. H. (2005). Econometric analysis of panel data (3rd ed.). John Wiley & Sons.
  • Chishti, M. Z. (2023). Exploring the dynamic link between fdi, remittances, and ecological footprint in Pakistan: Evidence from partial and multiple wavelet based-analysis. Research in Globalization, 2. doi:10.1016/j.resglo.2023.100068
  • Chowdhury, M. A. F., Shanto, P. A., Ahmed, A., & Rumana, R. H. (2020). Does foreign direct ınvestments ımpair the ecological footprint? New evidence from the panel quantile regression. Environmental Science and Pollution Research, 28(14372-14385). doi:10.1007/s11356-020-11518-0
  • Chudik, A., Pesaran, M. H., & Tosetti, E. (2011). Weak and strong cross-sectional dependence and estimation of large panels. Econometrics Journal, 14(1), 47–80. https://doi.org/10.1111/j.1368-423X.2010.00286.x
  • Costanza, R. (2000). The dynamics of the ecological footprint concept, Ecological Economics 32 341–345. Retrieved from: https://www.robertcostanza.com/wp-content/uploads/2017/02/2000_J_Costanza_EcoFootprint.pdf
  • Demirtaş C. (2014). Finansal gelişme, doğrudan yabancı yatırımlar ve ekonomik büyüme ilişkisinin incelenmesi: Türkiye örneği, yayınlanmamış yüksek lisans tezi, Aksaray Üniversitesi Sosyal Bilimler Enstitüsü, Aksaray. Erişim Adresi: https://acikerisim.aksaray.edu.tr/xmlui/bitstream/handle/20.500.12451/2117/demirtas-cuma-2014.pdf?sequence=1&isAllowed=y
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  • İnternet Kaynakları
  • Global Foot Print. (2023). https://www.footprintnetwork.org/faq/#:~:text=The%20Ecological%20Footprint%20of%20a,to%20sequester%20carbon%20dioxide%20emissions.
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MSCI ÜLKELERİNDE EKOLOJİK AYAK İZİ VE FİNANSAL GELİŞMENİN DOĞRUDAN YABANCI YATIRIMLARA ETKİLERİ

Yıl 2025, Cilt: 15 Sayı: 4, 1085 - 1123, 29.12.2025

Burak Büyükoğlu , İbrahim Ekşi , Süleyman Serdar Karaca

Öz

Çalışma, çevresel baskılar ve finansal gelişmenin doğrudan yabancı yatırımlar (DYY) üzerindeki etkisini MSCI ülkeleri örnekleminde incelemektedir. 1997–2018 dönemine ait yıllık verilerle, DYY bağımlı; finansal gelişme, ekolojik ayak izi ve GSYH ise bağımsız ve kontrol değişkenleri olarak modele dahil edilmiştir. Değişkenler arasındaki ilişkiler Panel Granger nedensellik testi ve Artırılmış Ortalama Grup (AMG) tahmincisiyle analiz edilmiştir. Panel düzeyinde yalnızca GSYH ile DYY arasında anlamlı bir ilişki bulunmuştur. Ülke bazında ise 10 ülkede finansal gelişme ile DYY arasında, 5 ülkede ekolojik ayak izi ile DYY arasında anlamlı ilişkiler tespit edilmiştir. Bulgular, finansal derinleşme ve çevresel performansın yatırım çekme kapasitesinin ülkelere göre farklılaştığını göstermektedir.

Anahtar Kelimeler

Doğrudan Yabancı Yatırım Finansal Gelişim Ekolojik Ayak İzi MSCI Ülkeleri Arttırılmış Ortalama Grup Tahmincisi (AMG)

Kaynakça

  • Alfaro, L., Chanda, A., Kalemli-Ozcan, S., & Sayek, S. (2004). FDI and economic growth: The role of local financial markets. Journal of International Economics, 64(1), 89–112. https://doi.org/10.1016/S0022-1996(03)00081-3
  • Allen, F., Otchere, I., & Senbet, L. W. (2011). African financial systems: A review. Review of Development Finance, 1(2), 79-113. Retrieved from: https://www.sciencedirect.com/science/article/pii/S1879933711000042
  • Arora, R. U. (2012). Financial inclusion and human capital in developing Asia: The Australian connection. Third World Quarterly, 33(1), 177-197. Retrieved from: https://www.tandfonline.com/doi/pdf/10.1080/01436597.2012.627256?casa_token=KhZD0vXr_v4AAAAA:tt4tSDZTwGDikxuK6hYgLpN23PUsJKRIAbEYCdbgdn47_hSfNQTDTU_r70tOJDFKf_Msqug4mgEaWw
  • Anyanwu, J. C. (2011). Determinants of foreign direct investment inflows to Africa, 1980-2007 (pp. 1-32). Abidjan: African Development Bank Group. Retrieved from: https://core.ac.uk/download/pdf/6474811.pdf
  • Bakkal, H. (2022). Ekonomik büyüme, doğrudan yabancı sermaye yatırımları, finansal gelişme ve ekolojik ayak izi arasındaki ilişki: ABD ve Çin üzerine bir analiz. Anadolu Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 23(3), 366-386. doi: 10.53443/anadoluibfd.1139809
  • Baloch, M. A., Zhang, J., Iqbal, K., Igbal, Z. (2019). The effect of financial development on ecological footprint in BRI countries: Evidence from panel data estimation. Environmental Science and Pollution Research, 26, 6199-6208. doi:10.1007/s11356-018-3992-9
  • Baltagi, B. H. (2005). Econometric analysis of panel data (3rd ed.). John Wiley & Sons.
  • Chishti, M. Z. (2023). Exploring the dynamic link between fdi, remittances, and ecological footprint in Pakistan: Evidence from partial and multiple wavelet based-analysis. Research in Globalization, 2. doi:10.1016/j.resglo.2023.100068
  • Chowdhury, M. A. F., Shanto, P. A., Ahmed, A., & Rumana, R. H. (2020). Does foreign direct ınvestments ımpair the ecological footprint? New evidence from the panel quantile regression. Environmental Science and Pollution Research, 28(14372-14385). doi:10.1007/s11356-020-11518-0
  • Chudik, A., Pesaran, M. H., & Tosetti, E. (2011). Weak and strong cross-sectional dependence and estimation of large panels. Econometrics Journal, 14(1), 47–80. https://doi.org/10.1111/j.1368-423X.2010.00286.x
  • Costanza, R. (2000). The dynamics of the ecological footprint concept, Ecological Economics 32 341–345. Retrieved from: https://www.robertcostanza.com/wp-content/uploads/2017/02/2000_J_Costanza_EcoFootprint.pdf
  • Demirtaş C. (2014). Finansal gelişme, doğrudan yabancı yatırımlar ve ekonomik büyüme ilişkisinin incelenmesi: Türkiye örneği, yayınlanmamış yüksek lisans tezi, Aksaray Üniversitesi Sosyal Bilimler Enstitüsü, Aksaray. Erişim Adresi: https://acikerisim.aksaray.edu.tr/xmlui/bitstream/handle/20.500.12451/2117/demirtas-cuma-2014.pdf?sequence=1&isAllowed=y
  • Dhrifi, A. (2015). Financial development and foreign direct ınvestment: evidence from emerging markets. Theoretical and Applied Economics, 22(4), 55–66. https://www.ectap.ro/articol.php?id=1130
  • Doytch, N. (2020). The impact of foreign direct ınvestment on the ecological footprints of nations. Environmental and Sustainability Indicators, 8. Doi: 0.1016/j.indic.2020.100085
  • 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
  • Dunning, J. H. (1993). Multinational enterprises and the global economy. Addison-Wesley.
  • Eberhardt, M. (2012). Estimating panel time-series models with heterogeneous slopes. The Stata Journal, 12(1), 61-71. Retrieved from: https://journals.sagepub.com/doi/pdf/10.1177/1536867X1201200105
  • Eberhardt, M., & Bond, S. (2009). Cross-Section dependence in nonstationary panel models: A novel estimator. retrieved from: https://mpra.ub.uni-muenchen.de/17692/1/MPRA_paper_17692.pdf
  • Eberhardt, M., & Teal, F. (2011). Econometrics for grumblers: a new look at the literature an cross‐country growth empirics. Journal of Economic Surveys, 25(1), 109-155. Retrieved from: https://onlinelibrary.wiley.com/doi/pdf/10.1111/j.1467-6419.2010.00624.x?casa_token=r7UyQFu8Is4AAAAA:g92xIcSSQ__UrnD8KS28x-2xmdbQW-NfQKHCw9tW1ODnpzhWFO7jIoiAh7M5jYNar43bpEK6ikHMo_Y
  • Furmoly, H. Y., Dönmez Atbaşı, F. T. D. (2015). Doğrudan yabancı yatırımların ekonomik büyümeye etkileri: hindistan ekonomisi üzerine ampirik bir inceleme (doctoral dissertation, Ankara üniversitesi sosyal bilimler enstitüsü iktisat anabilim dalı). retrieved from: https://dergiler.ankara.edu.tr/xmlui;/handle/20.500.12575/32210
  • Gholizadeh Keykanloo, M., Hosseini, S., Emami Jazeh, K., & Askari, A. (2020). The effect of financial development on foreign direct investment. Iranian Economic Review, 24(4), 885-906. Doi: 10.22059/IER.2020.78823
  • Goodland, R. (1991). Environmentally sustainable economic development: building on bruntland. Retrieved from: https://snia.mop.gob.cl/repositoriodga/bitstream/handle/20.500.13000/4129/MED4740.pdf?sequence=1
  • Gujarati, D. N., & Porter, D. (2009). Basic econometrics, Mc Graw-Hill International Edition. Retrieved from: https://www.cbpbu.ac.in/userfiles/file/2020/STUDY_MAT/ECO/1.pdf
  • Gülmez, A., Özdilek, E., Türkseven, D. N. (2021). The effects of economic growth, trade openness and energy consumption on ecological footprint: panel cointegration analysis for G7 countries, Econder, 5 (2): 329/342. Doi: 10.35342/econder.969114
  • Hermes, N., & Lensink, R. (2003). Foreign direct investment, financial development and economic growth. The Journal of Development Studies, 40(1), 142–163. https://doi.org/10.1080/00220380412331293707
  • Holtz-Eakin, D., Newey, W., & Rosen, H. S. (1988). Estimating vector autoregressions with panel data. Econometrica, 56(6), 1371–1395. https://doi.org/10.2307/1913103
  • Im, K. S., Pesaran, M. H. ve Shin, Y. (2003) Testing for unit roots heterogeneous panels, Journal of Econometrics, 115 (1), 53-74. Retrieved from: https://www.sciencedirect.com/science/article/pii/S0304407603000927?casa_token=-6AohkEb-AcAAAAA:mGqgKWUVMt7JGMfiHPHdOvVlw70mVnOs0L8HdIFppuTrEXvTXtCFsJZBqoAXhIYeNYg8YCw-7w
  • Javorcik, B. S. (2004). Does foreign direct investment increase the productivity of domestic firms? In search of spillovers through backward linkages. American Economic Review, 94(3), 605-627. https://doi.org/10.1257/0002828041464555
  • Karhan, G., & Akbulut, V. (2019). Evidence for the relationship between financial development, financial stability and foreign direct investments. İşletme Araştırmaları Dergisi, 11(1), 227-238. Erişim Adresi: https://isarder.org/index.php/isarder/article/download/754/739
  • Kılınç, E. C. (2020). Doğrudan yabancı sermaye girişlerinin finansal gelişme ve ticari açıklık ile olan ilişkisi: E7 ülkeleri örneği, Aksaray Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 12(2), 45-54. Erişim Adresi: https://dergipark.org.tr/en/download/article-file/1152212
  • Kitzes, J. Vd. (2009). A Research agenda for ımproving national ecological footprint accounts, Ecological Economics, Vol:68, Issue:7, 1991-2007. Retrieved from: https://www.sciencedirect.com/science/article/pii/S092180090800298X?casa_token=2jWNmJzrLhIAAAAA:faB-JsL8zCUSgVhq7fhuzC-zBIpj-g-S_6RR3oqtY-8lbEt796MrBTW1I2gxj14Rq-r5JFRrbA
  • Levine, R. (2005). Finance and growth: theory and evidence. In P. Aghion & S. Durlauf (Eds.), Handbook of Economic Growth (Vol. 1, pp. 865–934). Elsevier. https://doi.org/10.1016/S1574-0684(05)01012-9
  • Liu, H., & Kim, H. (2018). Ecological footprint, foreign direct ınvestment, and gross domestic production: evidence of belt & road ınitiative countries, Sustainability, 10(10), 3527. Doi: 10.3390/su10103527
  • Majeed, M. T., & Mazhar, M. (2019). Financial development and ecological footprint: A global panel data analysis. Pakistan Journal of Commerce and Social Sciences (PJCSS), 13(2), 487-514. Retrieved from: https://www.econstor.eu/bitstream/10419/201002/1/4347.pdf
  • Mızık, E.T., Avdan, Z.Y. (2020). Sürdürülebilirliğin temel taşı ekolojik ayak izi, Artvin Çoruh Üniversitesi Doğal Afetler ve Çevre Dergisi, 6, (2), 451-467. Doi: 10.21324/dacd.630825
  • Moffatt, I. (2000). Ecological footprint and sustainable development, Ecological Economics, 32 359–362. Retrieved from: https://staff.washington.edu/jhannah/geog270aut07/readings/population/Moffatt%20-%20Ecolog%20Footprint%20and%20Sustain%20Dev.pdf
  • Murshed, M., Rahman, M. A., Alam, M. S., Ahmad, P., & Dagar, V. (2023). Can intra-regional trade, renewable energy use, foreign direct investments, and economic growth mitigate the ecological footprint? evidence from south Asia. Energy Sources, Part B: Economics, Planning, and Policy. Doi: 10.1080/15567249.2022.2038730
  • Özkan, O., Çoban, M.N. (2022). Türkiye’de finansal gelişmenin ekolojik ayak izi üzerindeki etkisi: yeni dinamik ardl simülasyon yaklaşımından ampirik kanıtlar, Anemon Muş Alparslan Üniversitesi Sosyal Bilimler Dergisi, 10(3) 1293-1309. Doi: 10.18506/anemon.1124658
  • Özsoy, C. E., & Dinç, A. (2016). Sürdürülebilir kalkınma ve ekolojik ayak izi, Finans Politik & Ekonomik Yorumlar, 53(619), 35-55. Retrieved from: https://dergipark.org.tr/en/download/article-file/787918
  • Pesaran, M.H. (2004). General diagnostic tests for cross section dependence in panels, CESifo Working Paper Series, No. 1229. Retrieved from: https://www.econstor.eu/bitstream/10419/18868/1/cesifo1_wp1229.pdf
  • Pesaran, M. H. (2007). A simple unit root test in the presence of cross-section dependence, Journal of Applied Econometrics, 22 (2), 265-312. Retrieved from: https://onlinelibrary.wiley.com/doi/pdf/10.1002/jae.951?casa_token=TFn68N91GjcAAAAA:in8--wiL1sYHMpWBoIXjDorpPHGM2JYhdQhtK393L6iY7IjhJc2T-r8NXZ4EN0U5LKOAzCbha1vcrhA
  • Pesaran, M. H., & Yamagata, T. (2008). Testing slope homogeneity in large panels. Journal of econometrics, 142(1), 50-93. Doi: 0.1016/j.jeconom.2007.05.010
  • Sahay, R., Čihák, M., N'Diaye, P., & Barajas, A. (2015). rethinking financial deepening: stability and growth in emerging markets, Revista de Economía Institucional, 17(33), 73-107. Retrieved from: http://www.scielo.org.co/pdf/rei/v17n33/v17n33a04.pdf
  • Saqib, N., Ozturk, I., Usman, M., Sharif, A., & Razzaq, A. (2023). Pollution haven or halo? How European countries leverage FDI, energy, and human capital to alleviate their ecological footprint. Gondwana Research, 116, 136-148. Doi: 10.1016/j.gr.2022.12.018
  • Shahbaz, M., Sinha, A., Raghutla, C., & Vo, X. V. (2022). Decomposing scale and technique effects of financial development and foreign direct ınvestment on renewable energy consumption. Energy, 238, 121758. Doi: 10.1016/j.energy.2021.121758
  • Soumare, I., & Tchana, F. T. (2011). Causality between FDI and financial market development: evidence from emerging markets (MPRA Paper No. 31328). Munich Personal Repec Archive (MPRA). Doi: 10.1093/wber/lhv015
  • Sun, Y., Al-Tal, R. M., Siddik, A. B., Khand, S., Murshedd, M., & Alvarado, R. (2023). The non-linearity between financial development and carbon footprints: the environmental roles of technological ınnovation, renewable energy, and foreign direct investment. Economic Research-Ekonomska Istrazivanja. Doi: 10.1080/1331677X.2023.2174153
  • Tabash, M. I., Farooq, U., El Refae, G. A., & Belarbi, A. (2023). Tackling the ecological footprints of foreign direct investment and energy dependency through governance: Empirical evidence from GCC region. Quality & Quantity, 57(5), 4435-4454. Doi: 10.1007/s11135-022-01534-2
  • Wheeler, D., & Mody, A. (1992). International investment location decisions: The case of U.S. firms. Journal of International Economics, 33(1–2), 57–76. https://doi.org/10.1016/0022-1996(92)90050-T
  • Wooldridge, J. M. (2013). Introductory econometrics: a modern. Approach, Fifth Edition South-Western, Cengage Learning, Mason, Ohio, 95-98.
  • Yasmeen, R., Zhaohui, C., Shah, W. U. H., Kamal, A. K., Khan, A. (2022). exploring the role of biomass energy consumption, ecological footprint through FDI and technological innovation in B&R economies: A simultaneous equation approach, Energy. Doi: 10.1016/j.energy.2021.122703
  • Yerdelen Tatoğlu, F. (2020). Panel veri ekonometrisi, 5. Baskı, İstanbul: Beta Yayıncılık, s.7-180. Erişim Adresi: https://avesis.istanbul.edu.tr/yayin/e247b65b-fa30-40a4-a3ce-0dc350f49bbd/panel-veri-ekonometrisi-5-baski-2020
  • Zafar, M. W., Zaidi, S. A. H., Khan, N. R., Mirza, F. M., Hou, F., & Kirmani, S. A. A. (2020). The impact of natural resources, human capital, and foreign direct ınvestment on the ecological footprint: The case of the United States. Resources Policy, 68. Doi: 10.1016/j.resourpol.2020.101778
  • İnternet Kaynakları
  • Global Foot Print. (2023). https://www.footprintnetwork.org/faq/#:~:text=The%20Ecological%20Footprint%20of%20a,to%20sequester%20carbon%20dioxide%20emissions.
  • IMF Working Paper. (2016). https://www.imf.org/external/pubs/ft/wp/2016/wp1673.pdf
Toplam 56 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular Uluslararası Finans, Çevre Ekonomisi, Finansal Ekonomi, Finans ve Yatırım (Diğer)
Bölüm Araştırma Makalesi
Yazarlar

Burak Büyükoğlu 0000-0002-1174-3112

İbrahim Ekşi

Süleyman Serdar Karaca 0000-0002-5424-5359

Gönderilme Tarihi 4 Ekim 2024
Kabul Tarihi 10 Eylül 2025
Yayımlanma Tarihi 29 Aralık 2025
Yayımlandığı Sayı Yıl 2025 Cilt: 15 Sayı: 4

Kaynak Göster

APA Büyükoğlu, B., Ekşi, İ., & Karaca, S. S. (2025). MSCI ÜLKELERİNDE EKOLOJİK AYAK İZİ VE FİNANSAL GELİŞMENİN DOĞRUDAN YABANCI YATIRIMLARA ETKİLERİ. Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 15(4), 1085-1123. https://doi.org/10.18074/ckuiibfd.1561395
AMA Büyükoğlu B, Ekşi İ, Karaca SS. MSCI ÜLKELERİNDE EKOLOJİK AYAK İZİ VE FİNANSAL GELİŞMENİN DOĞRUDAN YABANCI YATIRIMLARA ETKİLERİ. Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. Aralık 2025;15(4):1085-1123. doi:10.18074/ckuiibfd.1561395
Chicago Büyükoğlu, Burak, İbrahim Ekşi, ve Süleyman Serdar Karaca. “MSCI ÜLKELERİNDE EKOLOJİK AYAK İZİ VE FİNANSAL GELİŞMENİN DOĞRUDAN YABANCI YATIRIMLARA ETKİLERİ”. Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 15, sy. 4 (Aralık 2025): 1085-1123. https://doi.org/10.18074/ckuiibfd.1561395.
EndNote Büyükoğlu B, Ekşi İ, Karaca SS (01 Aralık 2025) MSCI ÜLKELERİNDE EKOLOJİK AYAK İZİ VE FİNANSAL GELİŞMENİN DOĞRUDAN YABANCI YATIRIMLARA ETKİLERİ. Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 15 4 1085–1123.
IEEE B. Büyükoğlu, İ. Ekşi, ve S. S. Karaca, “MSCI ÜLKELERİNDE EKOLOJİK AYAK İZİ VE FİNANSAL GELİŞMENİN DOĞRUDAN YABANCI YATIRIMLARA ETKİLERİ”, Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, c. 15, sy. 4, ss. 1085–1123, 2025, doi: 10.18074/ckuiibfd.1561395.
ISNAD Büyükoğlu, Burak vd. “MSCI ÜLKELERİNDE EKOLOJİK AYAK İZİ VE FİNANSAL GELİŞMENİN DOĞRUDAN YABANCI YATIRIMLARA ETKİLERİ”. Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 15/4 (Aralık2025), 1085-1123. https://doi.org/10.18074/ckuiibfd.1561395.
JAMA Büyükoğlu B, Ekşi İ, Karaca SS. MSCI ÜLKELERİNDE EKOLOJİK AYAK İZİ VE FİNANSAL GELİŞMENİN DOĞRUDAN YABANCI YATIRIMLARA ETKİLERİ. Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 2025;15:1085–1123.
MLA Büyükoğlu, Burak vd. “MSCI ÜLKELERİNDE EKOLOJİK AYAK İZİ VE FİNANSAL GELİŞMENİN DOĞRUDAN YABANCI YATIRIMLARA ETKİLERİ”. Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, c. 15, sy. 4, 2025, ss. 1085-23, doi:10.18074/ckuiibfd.1561395.
Vancouver Büyükoğlu B, Ekşi İ, Karaca SS. MSCI ÜLKELERİNDE EKOLOJİK AYAK İZİ VE FİNANSAL GELİŞMENİN DOĞRUDAN YABANCI YATIRIMLARA ETKİLERİ. Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 2025;15(4):1085-123.