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Journals / Kafkas Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi / 2025 / Cilt: 16 Sayı: 32

FROM GREEN GOALS TO GREY RISKS: HOW ESGUI SHAPES FINANCE AND GROWTH

YEŞİL HEDEFLERDEN GRİ RİSKLERE: ESGUI FİNANS VE BÜYÜMEYİ NASIL ŞEKİLLENDİRİYOR

Hakan Yıldırım(MERSİN ÜNİVERSİTESİ)0000-0002-3173-0247
Murat Tekbaş(AFYON KOCATEPE ÜNİVERSİTESİ, AFYON MESLEK YÜKSEKOKULU)0000-0003-2589-2482
Ali Emin İslamoğlu(KİLİS 7 ARALIK ÜNİVERSİTESİ, MESLEK YÜKSEKOKULU)0000-0001-5105-7371
Mesut Doğan(BILECIK SEYH EDEBALI UNIVERSITY)0000-0001-6879-1361
Pages
1043–1065
Publication Date
2025-12-30
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AI Summary & Key Takeaways

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

The results indicate that ESGUI negatively affects both economic growth and financial development at the panel level.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:The main aim of this study is to examine the impact of the ESG-based Sustainability Uncertainty Index (ESGUI), developed by Ongan, Gocer, and Işık (2025), on economic growth and financial development.
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Key Findings & Data:The sample includes developed economies—Germany, France, Japan, the United Kingdom, and the United States—using monthly data from November 2002 to December 2022.
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Conclusion & Impact:The results indicate that ESGUI negatively affects both economic growth and financial development at the panel level.
🔬Design:Araştırma Makalesi
📍Scope:2025 Verileri
⚙️Variables:ESGUI · finansal gelişme · ekonomik büyüme

Abstract

The main aim of this study is to examine the impact of the ESG-based Sustainability Uncertainty Index (ESGUI), developed by Ongan, Gocer, and Işık (2025), on economic growth and financial development. The sample includes developed economies—Germany, France, Japan, the United Kingdom, and the United States—using monthly data from November 2002 to December 2022. The analysis applies panel FMOLS and DOLS methods. The results indicate that ESGUI negatively affects both economic growth and financial development at the panel level. Furthermore, country-specific findings reveal heterogeneity, showing that the direction and magnitude of the effects differ across countries. These findings underscore that sustainability-related uncertainties represent a critical risk factor that should be considered by investors, policymakers, and financial institutions.

Özet

Bu çalışmanın temel amacı, Ongan, Göçer ve Işık (2025) tarafından geliştirilen ESG tabanlı Sürdürülebilirlik Belirsizliği Endeksi’nin (ESGUI) ekonomik büyüme ve finansal gelişme üzerindeki etkilerini incelemektir. Örneklem, Kasım 2002’den Aralık 2022’ye kadar olan aylık verileri kullanarak Almanya, Fransa, Japonya, Birleşik Krallık ve Amerika Birleşik Devletleri gibi gelişmiş ekonomileri kapsamaktadır. Analizler, panel FMOLS ve DOLS yöntemleriyle gerçekleştirilmiştir. Bulgular, ESGUI’nin hem ekonomik büyüme hem de finansal gelişme üzerinde panel düzeyinde olumsuz etkiler yarattığını göstermektedir. Ayrıca, ülke bazındaki sonuçlar heterojenlik göstermekte ve etkilerin yönü ile büyüklüğünün ülkeden ülkeye farklılık gösterdiğini ortaya koymaktadır. Bu bulgular, sürdürülebilirlikle ilgili belirsizliklerin yatırımcılar, politika yapıcılar ve finansal kurumlar tarafından dikkate alınması gereken önemli bir risk faktörü olduğunu vurgulamaktadır.

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Cite This Article

Yıldırım, H., Tekbaş, M., İslamoğlu, A. E., Doğan, M. (2025). FROM GREEN GOALS TO GREY RISKS: HOW ESGUI SHAPES FINANCE AND GROWTH. Kafkas Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, Cilt: 16 Sayı: 32, 1043–1065. https://doi.org/10.36543/kauiibfd.2025.038

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