The ecological pressure of humanity on the planet measured by ecological footprint has been enlarging, which upsurges environmental threats. At this point, green innovation emerges as an optimal solution to sustainable development which brings together economic growth and environmental protection. This paper explores the nexus between green innovation and ecological footprint for the case of the top 20 green innovator countries. As a comprehensive environmental sustainability indicator, the ecological footprint is employed to observe the environmental impacts of green innovation. We apply cross-sectional dependence tests, panel unit root tests and panel cointegration tests covering the period of 1993-2016. The results show that economic growth is the primary reason for environmental degradation while urbanization does not have a statistically significant effect. Renewable energy consumption has a moderating influence on ecological footprint. More importantly, environment-related technologies have a statistically significant effect on ecological footprint. Specifically, a 1% increase in environment-related technologies leads to a 0.129% decrease in ecological footprint. The findings of the study clearly demonstrate that it is possible to achieve economic growth while protecting the environment. The results of the study are expected to be motivating for countries' transition toward green innovation in that sustainable development can be achieved if countries invest in green innovation.
One of the most important goals of developing nations is to achieve rapid economic growth. There is a consensus in the literature of economics that a welldeveloped financial sector will accelerate economic growth. However, few studies have examined the link between participation banks and economic growth. To contribute to the literature, this study aims to analyze the relationship between participation banks and economic growth for the case of Turkey. To reach this purpose, we established a neoclassical growth model by employing gross domestic product, total credits given by participation banks, gross fixed capital formation and the number of employed persons using time series data covering the period of 2005Q4-2020Q2. We conducted a battery of unit root tests, co-integration, and causality tests. The results reveal that there is a long run stable relationship among the variables. As for the long-run estimators, a 1% increase in gross fixed capital formation, employment and credits given by participation banks will lead to 0.715%, 0.422% and 0.021% increase in economic growth in Turkey. These findings suggest that participation banks, as well as capital and labor, have a statistically significant impact on the economic growth of Turkey. The causality test results show that there is a oneway causal relationship from participation banks' funds to economic growth both in the short and long run but not vice versa. Two important policy implications emerge from this study. Firstly, participation banks may play an essential role in bringing idle funds to the banking system in Turkey. Therefore, participation banks should be seen as complementary to conventional banks rather than a substitute. Secondly, participation banks should diversify their products by introducing new financial products and services to unleash their untapped potential.
Bu çalışmanın temel amacı, firmaların sahip olduğu teknoloji yoğunluğu ve büyüme hızı
gibi dinamiklerin inovasyon ve büyüme ilişkisinde oynadığı rolün tespit edilmesidir. Ayrıca, firma
büyüklüğü ve firma yaşı gibi değişkenlerin büyüme üzerinde yaratacağı etkiler de dikkate alınarak,
sürdürülebilir büyüme açısından en uygun firma yapısının hangisi olacağının belirlenmesi
amaçlanmaktadır. Bu amaç doğrultusunda inovasyon ve büyüme arasındaki ilişki, AB Endüstriyel ArGe Yatırım Skorbordu veri tabanında yer alan, dünya genelindeki en yüksek 2500 Ar-Ge yatırımcısı
firma arasından seçilen 302 firmanın, 2005-2016 dönemini kapsayan verileri üzerine panel kantil
regresyon ve sistem-genelleştirilmiş momentler metodu (GMM) tahmincisi kullanılarak ampirik
olarak test edilmiştir. Analizde inovasyon göstergesi olarak veri zarflama analiziyle her bir örneklem
ve yıl için hesaplanan inovasyon etkinliği skorları kullanılmıştır. Analiz sonuçlarına göre, nispeten
daha küçük ölçekli, genç, hızlı büyüyen ve yenilikçi “süperstar” firmalar tarafından gerçekleştirilecek
inovasyonun firma büyümesi üzerindeki etkisinin diğerlerine kıyasla çok daha büyük olacağı
sonucuna varılmaktadır.
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