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Journals / Muhasebe ve Finansman Dergisi / 2026 / Sayı: 109

The Causal Relationship Between Green Bonds, Environmental Performance, and Green Growth: An Empirical Study of Developed Countries

Yeşil Tahviller, Çevresel Performans ve Yeşil Büyüme Arasındaki Nedensellik İlişkisi: Gelişmiş Ülkeler Üzerine Ampirik Bir Çalışma

Cem Sehil(MUĞLA SITKI KOÇMAN ÜNİVERSİTESİ)0009-0007-5621-9588
Yusuf Tepeli(MUĞLA SITKI KOÇMAN ÜNİVERSİTESİ, İKTİSADİ VE İDARİ BİLİMLER FAKÜLTESİ)0000-0003-0413-4869
Pages
113–134
Publication Date
2026-01-02
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AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

The results indicate a unidirectional causal relationship running from green growth to the issuance of green bonds, with no evidence of causality in the reverse direction.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:This study investigates the causal relationship between green bonds -an essential component of green financial instruments- green growth, and environmental performance indicators in developed countries.
📊
Key Findings & Data:Data from the period 2014–2022 were analyzed using the Dumitrescu-Hurlin Panel Causality Test, based on a sample of 189 observations.
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Conclusion & Impact:The results indicate a unidirectional causal relationship running from green growth to the issuance of green bonds, with no evidence of causality in the reverse direction.
🔬Design:Araştırma Makalesi
📍Scope:2014–2022 Verileri
⚙️Variables:Yeşil Finansman · Çevresel Harcamalar · Yeşil Büyüme

Abstract

This study investigates the causal relationship between green bonds -an essential component of green financial instruments- green growth, and environmental performance indicators in developed countries. Data from the period 2014–2022 were analyzed using the Dumitrescu-Hurlin Panel Causality Test, based on a sample of 189 observations. Green bonds are financial instruments issued to fund environmentally sustainable projects, with the aim of fostering sustainable development. The analysis explores the nature of the relationship (whether causal, bidirectional, or unidirectional) between green bond issuance and national environmental performance indicators. The results indicate a unidirectional causal relationship running from green growth to the issuance of green bonds, with no evidence of causality in the reverse direction. Furthermore, a bidirectional causality was found between environmental protection expenditures and green bond issuance. These findings underscore the importance of financial instruments in advancing green growth and environmental sustainability objectives, suggesting that green finance could play a pivotal role in shaping future environmental policies.

Özet

Bu çalışmada, yeşil finansman araçlarının önemli bir bileşeni olan yeşil tahviller, gelişmiş ülkelerdeki yeşil büyüme ve çevresel göstergeler arasındaki nedensellik ilişkisi incelenmiştir. 2014-2022 dönemine ait verilerin analizinde, Dumitrescu-Hurlin Panel Nedensellik Analizi kullanılmış ve toplamda 189 gözlemden yararlanılmıştır. Yeşil tahviller, çevre dostu projeleri finanse etme amaçlı çıkarılan finansman araçları olup, sürdürülebilir kalkınmayı teşvik etmeyi hedefler. Araştırmada, yeşil tahvil ihraçlarının ülkelerin çevresel performans göstergeleriyle nasıl bir ilişki içinde olduğu (nedensellik çift veya tek yönlü) analiz edilmiştir. Elde edilen bulgulara göre, yeşil büyümeden yeşil tahvil ihracına doğru nedensellik ilişkisi varken tersi durumda nedenselliğin olmadığı görülmektedir. Çevre koruma harcamaları ile yeşil tahvil ihracı arasındaki incelemelerde ise, çift yönlü bir nedensellik tespit edilmiştir. Bu sonuçlar, yeşil büyüme ve çevresel sürdürülebilirlik hedefleri doğrultusunda finansman araçlarının önemini vurgulamakta olup, yeşil finansmanın gelecekteki çevre politikalarına önemli katkılarda bulunabileceğine işaret etmektedir.

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Cite This Article

Sehil, C., Tepeli, Y. (2026). The Causal Relationship Between Green Bonds, Environmental Performance, and Green Growth: An Empirical Study of Developed Countries. Muhasebe ve Finansman Dergisi, Sayı: 109, 113–134. https://doi.org/10.25095/mufad.1598836

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