GREEN FINANCE AND RENEWABLE ENERGY IN SUSTAINABLE TOURISM: A REGIONAL PANEL DATA APPROACH

Öz

The aim of this study is to empirically examine the relationships between renewable energy and sustainable tourism development in Türkiye. Using a balanced panel data set covering the period 2010-2022 and obtained from 12 NUTS-1 regions, the analysis was conducted on a total of 156 observations. To enhance methodological robustness in panel data modeling, Pesaran (2021) cross-sectional dependence test and Pesaran-Yamagata (2008) slope homogeneity test were first applied, followed by second-generation tests (CIPS unit root and Westerlund cointegration tests) based on their results. Given the detection of cross-sectional dependence and slope heterogeneity, System GMM (Generalized Method of Moments) method was employed for dynamic panel data modeling, with per capita GDP and carbon emissions included as control variables. The analyses conducted using R software reveal that a 1% increase in renewable energy capacity leads to a 0.15% increase in tourism revenue (elasticity coefficient: 0.15, p<0.01), while a 1% increase in visitor numbers results in a 0.42% increase in tourism revenue (elasticity coefficient: 0.42, p<0.01). Dumitrescu-Hurlin panel Granger causality tests confirm the existence of strong bidirectional causality relationships between the variables. Regional heterogeneity analyses demonstrate that the renewable energy effect is approximately three times stronger in developed tourism regions compared to less developed regions. Robustness checks (PMG, MG estimators) and sub-period analyses support the consistency of the main findings. The findings show that renewable energy investments increase the competitiveness of the tourism sector and contribute to environmental sustainability by reducing carbon emissions. The results provide concrete policy recommendations emphasizing the necessity of regionally differentiated policy design in line with Türkiye's 2053 Net Zero Emission target and sustainable development goals.

Anahtar Kelimeler

• Sustainable tourism
• green financing
• renewable energy
• panel data analysis
• System GMM

SÜRDÜRÜLEBİLİR TURİZMDE YEŞİL FİNANSMAN VE YENİLENEBİLİR ENERJİ: BÖLGESEL PANEL VERİ YAKLAŞIMI

Öz

Bu çalışmanın amacı, Türkiye'de yenilenebilir enerji ve sürdürülebilir turizm gelişimi arasındaki ilişkileri ampirik olarak incelemektir. 2010-2022 dönemini kapsayan ve 12 NUTS-1 bölgesinden elde edilen dengeli panel veri seti kullanılarak, toplam 156 gözlem üzerinden analiz gerçekleştirilmiştir. Panel veri modellemesinde metodolojik sağlamlığı artırmak amacıyla, öncelikle Pesaran (2021) kesit bağımlılığı testi ve Pesaran-Yamagata (2008) eğim homojenliği testi uygulanmış, ardından bu testlerin sonuçlarına göre ikinci nesil testler (CIPS birim kök ve Westerlund eşbütünleşme testleri) kullanılmıştır. Kesit bağımlılığı ve eğim heterojenliğinin tespit edilmesi nedeniyle, dinamik panel veri modellemesinde System GMM (Generalized Method of Moments) yöntemi tercih edilmiş, kişi başı GSYİH ve karbon emisyonları kontrol değişkenleri olarak modele dahil edilmiştir. R yazılımı kullanılarak gerçekleştirilen analizler, yenilenebilir enerji kapasitesindeki %1'lik artışın turizm gelirinde %0.15'lik artışa yol açtığını (elastikiyet katsayısı: 0.15, p<0.01), ziyaretçi sayısındaki %1'lik artışın ise turizm gelirinde %0.42'lik artışa neden olduğunu (elastikiyet katsayısı: 0.42, p<0.01) ortaya koymaktadır. Dumitrescu-Hurlin panel Granger nedensellik testleri, değişkenler arasında güçlü çift yönlü nedensellik ilişkilerinin varlığını doğrulamaktadır. Bölgesel heterojenlik analizleri, yenilenebilir enerji etkisinin gelişmiş turizm bölgelerinde az gelişmiş bölgelere kıyasla yaklaşık üç kat daha güçlü olduğunu göstermektedir. Sağlamlık testleri (PMG, MG estimatörleri) ve alt dönem analizleri, ana bulguların tutarlılığını desteklemektedir. Bulgular, yenilenebilir enerji yatırımlarının turizm sektörünün rekabet gücünü artırdığını ve karbon emisyonlarını azaltarak çevresel sürdürülebilirliğe katkı sağladığını göstermektedir. Araştırma sonuçları, Türkiye'nin 2053 Net Sıfır Emisyon hedefi ve sürdürülebilir kalkınma amaçları doğrultusunda, bölgesel farklılaştırılmış politika tasarımının gerekliliğini vurgulayan somut öneriler sunmaktadır.

Anahtar Kelimeler

• Sürdürülebilir turizm
• yeşil finansman
• yenilenebilir enerji
• panel veri analizi
• System GMM

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