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Yenilenebilir Enerji Tüketimi ve Piyasa Kapitalizasyonu ile Karbon Emisyonu Arasındaki İlişki: G20 Ülkeleri Örneği”

Yıl 2024, Cilt: 32 Sayı: 59, 91 - 104, 31.01.2024
https://doi.org/10.17233/sosyoekonomi.2024.01.04

Öz

Karbon emisyonlarının, ülkelerin ekonomik büyümelerini ve finansal gelişimlerini etkileyip etkilemediği araştırma sorusu literatürde tartışılmaktadır. Buna dayanarak bu çalışmanın amacı, finansal gelişmişlik göstergelerinden olan piyasa kapitalizasyonları ve yenilenebilir enerji tüketimi ile karbon emisyonu (CO2) ilişkisini incelemektir. G20 ülkelerinin 1992-2018 dönemleri arasındaki karbon emisyonu, yenilenebilir enerji tüketimi, piyasa kapitalizasyonu, sabit sermaye yatırımları ve gayrisafi yurtiçi hâsıla göstergeleri ile kurulan model panel veri eşbütünleşme analizi ve panel nedensellik analizi ile test edilmiştir. Ampirik analizler sonucunda yenilenebilir enerji tüketimi, piyasa kapitalizasyonu ile karbon emisyonu arasında istatistiksel olarak anlamlı ve negatif yönde bir ilişkinin olduğu, ayrıca piyasa kapitalizasyonu ile karbon emisyonu arasında çift yönlü nedensellik ilişkisi olduğuna ulaşılmıştır. Sonuçlar, enerjinin etkin kullanılması ile finansal sistemde yaşanacak olan gelişmelerin sürdürülebilir kalkınma politikalarına katkı sağlayacağı yönündedir.

Kaynakça

  • Alam, A. et al. (2015), “Does financial development contribute to SAARC’s energy demand? From energy crisis to energy reforms”, Renewable and Sustainable Energy Reviews, 41, 818-829.
  • Alam, M.S. et al. (2021), “The impacts of R&D investment and stock markets on clean-energy consumption and CO2 emissions in OECD economies”, International Journal of Finance and Economics, 26(4), 4979-4992.
  • Apergis, N. & M.C.K. Lau (2015), “Structural breaks and electricity prices: Further evidence on the role of climate policy uncertainties in the Australian electricity market”, Energy Economics, 52, 176-182.
  • Ashwin Kumar, N.C. et al. (2016), “ESG factors and risk-adjusted performance: a new quantitative model”, Journal of Sustainable Finance and Investment, 6(4), 292-300.
  • Bekaert, G. et al. (2001), “Emerging equity markets and economic development”, Journal of Development Economics, 66(2), 465-504.
  • Bhat, M.Y. et al. (2022), “Domino-effect of energy consumption and economic growth on environmental quality: role of green energy in G20 countries”, Management of Environmental Quality: An International Journal, 33(3), 756-775.
  • Bhattacharya, M. et al. (2016), “The effect of renewable energy consumption on economic growth: Evidence from top 38 countries”, Applied Energy, 162, 733-741.
  • BloombergNEF, (2021), New Energy Outlook 2022, <https://about.bnef.com/new-energy-outlook/>, 09.02.2021.
  • Breuer, J.B. et al. (2001), “Misleading inferences from panel unit-root tests with an illustration from purchasing power parity”, Review of International Economics, 9(3), 482-493.
  • Breusch, T.S. & A.R. Pagan (1980), “The Lagrange Multiplier Test and its Applications to Model Specification in Econometrics”, The Review of Economic Studies, 47(1), 239-253.
  • Dasgupta, S. et al. (2001), “Pollution and capital markets in developing countries”, Journal of Environmental Economics and Management, 42(3), 310-335.
  • De Haas, R. & A.A. Popov (2019), “Finance and Carbon Emissions”, SSRN Electronic Journal, 2318.
  • Dumitrescu, E.I. & C. Hurlin (2012), “Testing for Granger non-causality in heterogeneous panels”, Economic Modelling, 29(4), 1450-1460.
  • Gengenbach, C. et al. (2016), “Error Correction Testing in Panels with Common Stochastic Trends”, Journal of Applied Econometrics, 31, 982-1004.
  • Grileiro, J. (2019), Exploiting an Investment Opportunity Based on ESG Score, Católica-Lisbon School of Business & Economics.
  • Gurley, J.G. & E.S. Shaw (1955), “Financial Aspects of Economic Development”, The American Economic Review, 45(4), 515-538.
  • Kong, Y. et al. (2022), “Peaking Global and G20 Countries’ CO2 Emissions under the Shared Socio-Economic Pathways”, International Journal of Environmental Research and Public Health, 19(17), 11076.
  • Li, Z. et al. (2020), Analysis of Stock Market Development and CO2 Emissions on OECD Countries via an Empirical Model”, Clean - Soil, Air, Water, 48(4), 1-12.
  • Mahmoodi, M. & N. Dahmardeh (2022), “Environmental Kuznets Curve Hypothesis With Considering Ecological Footprint and Governance Quality: Evidence From Emerging Countries”, Frontiers in Environmental Science, 10(March), 1-11.
  • Minier, J. (2009), “Opening a stock exchange”, Journal of Development Economics, 90(1), 135-143.
  • Nazlioglu, S. et al. (2011), “Nuclear energy consumption and economic growth in OECD countries: Cross-sectionally dependent heterogeneous panel causality analysis”, Energy Policy, 39(10), 6615-6621.
  • Paramati, S.R. et al. (2017), “The effects of stock market growth and renewable energy use on CO2 emissions: Evidence from G20 countries”, Energy Economics, 66, 360-371.
  • Pedroni, P. (2001), “Purchasing power parity tests in cointegrated panels”, Review of Economics and Statistics, 83(4), 727-731.
  • Pesaran, M.H. & T. Yamagata (2008), “Testing slope homogeneity in large panels”, Journal of Econometrics, 142(1), 50-93.
  • Pesaran, M.H. (2004), “General Diagnostic Tests for Cross Section Dependence in Panels”, SSRN Electronic Journal, 1240.
  • 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.
  • Pesaran, M.H. et al. (2008), “A bias-adjusted LM test of error cross-section independence”, Econometrics Journal, 11(1), 105-127.
  • Roberts, D. et al. (2019), IPCC, 2018: Global Warming of 1.5°C.
  • Sadorsky, P. (2010a), “The impact of financial development on energy consumption in emerging economies”, Energy Policy, 38(5), 2528-2535.
  • Sadorsky, P. (2010b), “The impact of financial development on energy consumption in emerging economies”, Energy Policy, 38(5), 2528-2535.
  • Solomon, S. et al. (2009), “Irreversible climate change due to carbon dioxide emissions”, Proceedings of the National Academy of Sciences of the United States of America, 106(6), 1704-1709.
  • Wang, Q. & Z. Dong (2021), “Does financial development promote renewable energy? Evidence of G20 economies”, Environmental Science and Pollution Research, 28(45), 64461-64474.
  • Xu, Z. (2000), “Financial development, investment, and economic growth”, Economic Inquiry, 38(2), 331-344.
  • Yerdelen-Tatoğlu, F. (2018), Panel Time Series Analysis, Beta Publishing.
  • Yuping, L. et al. (2021), “Determinants of carbon emissions in Argentina: The roles of renewable energy consumption and globalization”, Energy Reports, 7, 4747-4760.
  • Zafar, M.W. et al. (2019), “The role of stock market and banking sector development, and renewable energy consumption in carbon emissions: Insights from G-7 and N-11 countries”, Resources Policy, 62, 427-436.
  • Zeqiraj, V. et al. (2020), “Stock market development and low-carbon economy: The role of innovation and renewable energy”, Energy Economics, 91, 104908.
  • Zeren, F. & M. Koc (2014), “The nexus between energy consumption and financial development with asymmetric causality test: New evidence from newly Industrialized countries”, International Journal of Energy Economics and Policy, 4(1), 83-91.

The Relationship Between Renewable Energy Consumption and Stock Market Capitalisation and Carbon Emissions: Insights from G20 Countries

Yıl 2024, Cilt: 32 Sayı: 59, 91 - 104, 31.01.2024
https://doi.org/10.17233/sosyoekonomi.2024.01.04

Öz

The research question of whether carbon emissions affect the economic growth and financial development of countries is discussed in the literature. Based on this, this study examines the relationship between carbon emissions (CO2) market capitalisation and renewable energy consumption, which are financial development indicators. The model established with the carbon emissions, renewable energy consumption, market value, fixed capital investments and gross domestic product indicators of the G20 countries between 1992 and 2018 was tested with panel data cointegration analysis and panel causality analysis. As a result of the empirical analysis, it has been found that there is a statistically significant and negative relationship between renewable energy consumption, market capitalisation and carbon emissions, and there is a bidirectional causality relationship between market capitalisation and carbon emissions. The results are that the effective use of energy and the developments in the financial system will contribute to sustainable development policies.

Kaynakça

  • Alam, A. et al. (2015), “Does financial development contribute to SAARC’s energy demand? From energy crisis to energy reforms”, Renewable and Sustainable Energy Reviews, 41, 818-829.
  • Alam, M.S. et al. (2021), “The impacts of R&D investment and stock markets on clean-energy consumption and CO2 emissions in OECD economies”, International Journal of Finance and Economics, 26(4), 4979-4992.
  • Apergis, N. & M.C.K. Lau (2015), “Structural breaks and electricity prices: Further evidence on the role of climate policy uncertainties in the Australian electricity market”, Energy Economics, 52, 176-182.
  • Ashwin Kumar, N.C. et al. (2016), “ESG factors and risk-adjusted performance: a new quantitative model”, Journal of Sustainable Finance and Investment, 6(4), 292-300.
  • Bekaert, G. et al. (2001), “Emerging equity markets and economic development”, Journal of Development Economics, 66(2), 465-504.
  • Bhat, M.Y. et al. (2022), “Domino-effect of energy consumption and economic growth on environmental quality: role of green energy in G20 countries”, Management of Environmental Quality: An International Journal, 33(3), 756-775.
  • Bhattacharya, M. et al. (2016), “The effect of renewable energy consumption on economic growth: Evidence from top 38 countries”, Applied Energy, 162, 733-741.
  • BloombergNEF, (2021), New Energy Outlook 2022, <https://about.bnef.com/new-energy-outlook/>, 09.02.2021.
  • Breuer, J.B. et al. (2001), “Misleading inferences from panel unit-root tests with an illustration from purchasing power parity”, Review of International Economics, 9(3), 482-493.
  • Breusch, T.S. & A.R. Pagan (1980), “The Lagrange Multiplier Test and its Applications to Model Specification in Econometrics”, The Review of Economic Studies, 47(1), 239-253.
  • Dasgupta, S. et al. (2001), “Pollution and capital markets in developing countries”, Journal of Environmental Economics and Management, 42(3), 310-335.
  • De Haas, R. & A.A. Popov (2019), “Finance and Carbon Emissions”, SSRN Electronic Journal, 2318.
  • Dumitrescu, E.I. & C. Hurlin (2012), “Testing for Granger non-causality in heterogeneous panels”, Economic Modelling, 29(4), 1450-1460.
  • Gengenbach, C. et al. (2016), “Error Correction Testing in Panels with Common Stochastic Trends”, Journal of Applied Econometrics, 31, 982-1004.
  • Grileiro, J. (2019), Exploiting an Investment Opportunity Based on ESG Score, Católica-Lisbon School of Business & Economics.
  • Gurley, J.G. & E.S. Shaw (1955), “Financial Aspects of Economic Development”, The American Economic Review, 45(4), 515-538.
  • Kong, Y. et al. (2022), “Peaking Global and G20 Countries’ CO2 Emissions under the Shared Socio-Economic Pathways”, International Journal of Environmental Research and Public Health, 19(17), 11076.
  • Li, Z. et al. (2020), Analysis of Stock Market Development and CO2 Emissions on OECD Countries via an Empirical Model”, Clean - Soil, Air, Water, 48(4), 1-12.
  • Mahmoodi, M. & N. Dahmardeh (2022), “Environmental Kuznets Curve Hypothesis With Considering Ecological Footprint and Governance Quality: Evidence From Emerging Countries”, Frontiers in Environmental Science, 10(March), 1-11.
  • Minier, J. (2009), “Opening a stock exchange”, Journal of Development Economics, 90(1), 135-143.
  • Nazlioglu, S. et al. (2011), “Nuclear energy consumption and economic growth in OECD countries: Cross-sectionally dependent heterogeneous panel causality analysis”, Energy Policy, 39(10), 6615-6621.
  • Paramati, S.R. et al. (2017), “The effects of stock market growth and renewable energy use on CO2 emissions: Evidence from G20 countries”, Energy Economics, 66, 360-371.
  • Pedroni, P. (2001), “Purchasing power parity tests in cointegrated panels”, Review of Economics and Statistics, 83(4), 727-731.
  • Pesaran, M.H. & T. Yamagata (2008), “Testing slope homogeneity in large panels”, Journal of Econometrics, 142(1), 50-93.
  • Pesaran, M.H. (2004), “General Diagnostic Tests for Cross Section Dependence in Panels”, SSRN Electronic Journal, 1240.
  • 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.
  • Pesaran, M.H. et al. (2008), “A bias-adjusted LM test of error cross-section independence”, Econometrics Journal, 11(1), 105-127.
  • Roberts, D. et al. (2019), IPCC, 2018: Global Warming of 1.5°C.
  • Sadorsky, P. (2010a), “The impact of financial development on energy consumption in emerging economies”, Energy Policy, 38(5), 2528-2535.
  • Sadorsky, P. (2010b), “The impact of financial development on energy consumption in emerging economies”, Energy Policy, 38(5), 2528-2535.
  • Solomon, S. et al. (2009), “Irreversible climate change due to carbon dioxide emissions”, Proceedings of the National Academy of Sciences of the United States of America, 106(6), 1704-1709.
  • Wang, Q. & Z. Dong (2021), “Does financial development promote renewable energy? Evidence of G20 economies”, Environmental Science and Pollution Research, 28(45), 64461-64474.
  • Xu, Z. (2000), “Financial development, investment, and economic growth”, Economic Inquiry, 38(2), 331-344.
  • Yerdelen-Tatoğlu, F. (2018), Panel Time Series Analysis, Beta Publishing.
  • Yuping, L. et al. (2021), “Determinants of carbon emissions in Argentina: The roles of renewable energy consumption and globalization”, Energy Reports, 7, 4747-4760.
  • Zafar, M.W. et al. (2019), “The role of stock market and banking sector development, and renewable energy consumption in carbon emissions: Insights from G-7 and N-11 countries”, Resources Policy, 62, 427-436.
  • Zeqiraj, V. et al. (2020), “Stock market development and low-carbon economy: The role of innovation and renewable energy”, Energy Economics, 91, 104908.
  • Zeren, F. & M. Koc (2014), “The nexus between energy consumption and financial development with asymmetric causality test: New evidence from newly Industrialized countries”, International Journal of Energy Economics and Policy, 4(1), 83-91.
Toplam 38 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular Ekonomi
Bölüm Makaleler
Yazarlar

Yücel Ayrıçay 0000-0001-5148-391X

Meltem Kılıç 0000-0001-8978-9076

Seren Aydıngülü Sakalsız 0000-0001-7452-311X

Erken Görünüm Tarihi 26 Ocak 2024
Yayımlanma Tarihi 31 Ocak 2024
Gönderilme Tarihi 1 Aralık 2022
Yayımlandığı Sayı Yıl 2024 Cilt: 32 Sayı: 59

Kaynak Göster

APA Ayrıçay, Y., Kılıç, M., & Aydıngülü Sakalsız, S. (2024). The Relationship Between Renewable Energy Consumption and Stock Market Capitalisation and Carbon Emissions: Insights from G20 Countries. Sosyoekonomi, 32(59), 91-104. https://doi.org/10.17233/sosyoekonomi.2024.01.04
AMA Ayrıçay Y, Kılıç M, Aydıngülü Sakalsız S. The Relationship Between Renewable Energy Consumption and Stock Market Capitalisation and Carbon Emissions: Insights from G20 Countries. Sosyoekonomi. Ocak 2024;32(59):91-104. doi:10.17233/sosyoekonomi.2024.01.04
Chicago Ayrıçay, Yücel, Meltem Kılıç, ve Seren Aydıngülü Sakalsız. “The Relationship Between Renewable Energy Consumption and Stock Market Capitalisation and Carbon Emissions: Insights from G20 Countries”. Sosyoekonomi 32, sy. 59 (Ocak 2024): 91-104. https://doi.org/10.17233/sosyoekonomi.2024.01.04.
EndNote Ayrıçay Y, Kılıç M, Aydıngülü Sakalsız S (01 Ocak 2024) The Relationship Between Renewable Energy Consumption and Stock Market Capitalisation and Carbon Emissions: Insights from G20 Countries. Sosyoekonomi 32 59 91–104.
IEEE Y. Ayrıçay, M. Kılıç, ve S. Aydıngülü Sakalsız, “The Relationship Between Renewable Energy Consumption and Stock Market Capitalisation and Carbon Emissions: Insights from G20 Countries”, Sosyoekonomi, c. 32, sy. 59, ss. 91–104, 2024, doi: 10.17233/sosyoekonomi.2024.01.04.
ISNAD Ayrıçay, Yücel vd. “The Relationship Between Renewable Energy Consumption and Stock Market Capitalisation and Carbon Emissions: Insights from G20 Countries”. Sosyoekonomi 32/59 (Ocak 2024), 91-104. https://doi.org/10.17233/sosyoekonomi.2024.01.04.
JAMA Ayrıçay Y, Kılıç M, Aydıngülü Sakalsız S. The Relationship Between Renewable Energy Consumption and Stock Market Capitalisation and Carbon Emissions: Insights from G20 Countries. Sosyoekonomi. 2024;32:91–104.
MLA Ayrıçay, Yücel vd. “The Relationship Between Renewable Energy Consumption and Stock Market Capitalisation and Carbon Emissions: Insights from G20 Countries”. Sosyoekonomi, c. 32, sy. 59, 2024, ss. 91-104, doi:10.17233/sosyoekonomi.2024.01.04.
Vancouver Ayrıçay Y, Kılıç M, Aydıngülü Sakalsız S. The Relationship Between Renewable Energy Consumption and Stock Market Capitalisation and Carbon Emissions: Insights from G20 Countries. Sosyoekonomi. 2024;32(59):91-104.