“…In terms of method content, it was used for both models because the dependent variables do not have lagged values; it solves the endogeneity problem, it captures country-specific, unobserved heterogeneities, the variables can show dynamic effects depending on the period, the country crosssection (n) is higher than the time cross-section (t), and it does not take into account the stationarity and cross-section dependence of the series. Because if fixed/random effects methods were used instead of dynamic panel analysis, the results would be inconsistent since the dependent variables are associated with the error term (Coşkun & Kök, 2011;Béjaoui & Bouzgarrou, 2014;Büyükoğlu et al, 2022). Thus, the GMM model initiated by Blundell and Bond (1998) is much more effective than similar panel data models.…”