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Journals / Nevşehir Hacı Bektaş Veli Üniversitesi SBE Dergisi / 2026 / Cilt: 16 Sayı: 3

The impact of financial development, green growth and environmental taxes on environmental sustainability

Finansal gelişme, yeşil büyüme ve çevre vergilerinin çevresel sürdürülebilirlik üzerindeki etkisi

Adalet Hazar(BAŞKENT ÜNİVERSİTESİ)0000-0002-1483-8360
Mesut Doğan(BİLECİK ŞEYH EDEBALİ ÜNİVERSİTESİ)0000-0001-6879-1361
Şenol Babuşcu(BAŞKENT ÜNİVERSİTESİ)0000-0003-2870-6358
Bade Ekim Kocaman(Başkent Üniversitesi)0000-0002-8967-3935
Asuman Erben Yavuz(BAŞKENT ÜNİVERSİTESİ)0000-0002-1934-5055
Sevdie Alshiqi0000-0002-1110-3078
Pages
1050–1069
Publication Date
2026-09-26
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AI Summary & Key Takeaways

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

The findings indicate that green growth and environmental taxes reduce carbon emissions and the ecological footprint, whereas financial development and economic growth increase environmental degradation.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:The aim of this study is to examine the effects of financial development, green growth, and environmental taxes on the environmental sustainability of the nine countries with the highest ecological footprints.
📊
Key Findings & Data:The findings indicate that green growth and environmental taxes reduce carbon emissions and the ecological footprint, whereas financial development and economic growth increase environmental degradation.
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Conclusion & Impact:The study highlights the importance of aligning fiscal policies, renewable energy strategies, and financial regulations with sustainability objectives and provides policy-oriented implications for economies with high ecological footprints.
🔬Design:Araştırma Makalesi
📍Scope:Comprehensive Sample
⚙️Variables:Çevre Vergileri · Yeşil Büyüme · Finansal Gelişme

Abstract

The aim of this study is to examine the effects of financial development, green growth, and environmental taxes on the environmental sustainability of the nine countries with the highest ecological footprints. Environmental sustainability is measured by carbon emissions and the ecological footprint. Financial development is measured by the financial development index calculated by the IMF, while green growth is measured by the share of renewable energy in total energy consumption, environmental taxes by their share in GDP, and economic growth by GDP per capita. The empirical analysis employs panel-corrected standard errors, together with cointegration and causality tests. The findings indicate that green growth and environmental taxes reduce carbon emissions and the ecological footprint, whereas financial development and economic growth increase environmental degradation. The causality results reveal the existence of unidirectional causal effects running from environmental taxes, green growth, economic growth, and financial development to the indicators of environmental sustainability. The study highlights the importance of aligning fiscal policies, renewable energy strategies, and financial regulations with sustainability objectives and provides policy-oriented implications for economies with high ecological footprints.

Özet

Çalışmanın amacı, finansal gelişme, yeşil büyüme ve çevre vergilerinin en yüksek ekolojik ayak izine sahip dokuz ülkenin çevresel sürdürülebilirlik üzerindeki etkilerini incelemektedir. Çevresel sürdürülebilirlik, karbon emisyonları ve ekolojik ayak izi ile ölçülmüştür. Finansal gelişme IMF tarafından hesaplanan finansal gelişmişlik endeksi ile yeşil büyüme toplam enerji tüketimi içinde yenilenebilir enerjinin payı ile çevre vergileri GSYİH içindeki payı ile ve ekonomik büyüme kişi başına düşen GSYİH ile ölçülmüştür. Ampirik analizde Panel Düzeltilmiş Standart Hatalar yönteminin yanı sıra, eşbütünleşme ve nedensellik testleri uygulanmıştır. Bulgular, yeşil büyüme ve çevre vergilerinin karbon emisyonlarını ve ekolojik ayak izini azalttığını, buna karşılık finansal gelişmenin ve ekonomik büyümenin çevresel bozulmayı artırdığını göstermektedir. Nedensellik sonuçları, çevre vergileri, yeşil büyüme, ekonomik büyüme ve finansal gelişmeden çevresel sürdürülebilirlik göstergelerine doğru tek yönlü etkiler olduğunu ortaya koymaktadır. Çalışma, maliye politikalarının, yenilenebilir enerji stratejilerinin ve finansal düzenlemelerin sürdürülebilirlik hedefleriyle uyumlu hâle getirilmesinin önemini vurgulamakta ve yüksek ekolojik ayak izine sahip ekonomiler için politika odaklı çıkarımlar sunmaktadır.

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Cite This Article

Hazar, A., Doğan, M., Babuşcu, Ş., Kocaman, B. E., Yavuz, A. E., Alshiqi, S. (2026). The impact of financial development, green growth and environmental taxes on environmental sustainability. Nevşehir Hacı Bektaş Veli Üniversitesi SBE Dergisi, Cilt: 16 Sayı: 3, 1050–1069. https://doi.org/10.30783/nevsosbilen.1927833

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