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Do financial regulations matters for sustainable green economy: evidence from Turkey.

Authors
  • Odugbesan, Jamiu Adetola1
  • Rjoub, Husam2
  • Ifediora, Chuka Uzoma3
  • Iloka, Chiemelie Benneth4
  • 1 Department of Business Administration, Faculty of Economics and Administrative Sciences, Cyprus International University, North Cyprus, 10, Mersin, Turkey. [email protected] , (Cyprus)
  • 2 Department of Accounting and Finance, Faculty of Economics and Administrative Sciences, Cyprus International University, North Cyprus, 10, Mersin, Turkey. , (Cyprus)
  • 3 Marketing Department, University of Nigeria, Enugu Campus (UNEC), Enugu, Nigeria. , (Niger)
  • 4 Department of Marketing, Faculty of Management Sciences, Enugu State University of Science and Technology, Enugu, Nigeria. , (Niger)
Type
Published Article
Journal
Environmental Science and Pollution Research
Publisher
Springer-Verlag
Publication Date
Oct 01, 2021
Volume
28
Issue
40
Pages
56642–56657
Identifiers
DOI: 10.1007/s11356-021-14645-4
PMID: 34061269
Source
Medline
Keywords
Language
English
License
Unknown

Abstract

The attention of scholars and policymakers on the achievement of sustainable green economy has been on increase; however, the topic has not been exhaustively investigated. This study empirically investigates the implications of financial regulations on sustainable green economy in Turkey utilizing a time series data spanning from 1996 to 2019. This study employed Perron and Lee-Strazicich unit root test in the presence of structural break point for examining the stationarity properties of the series and FMOLS, CCR, and ARDL for estimating the long and short-run effect of the financial regulations on carbon productivity. Our study demonstrates that rule of law, economic freedom, and inflation have a significant long-run relationship with carbon productivity as confirmed by FMOLS and CCR, while rule of law, regulatory quality economic freedom, and inflation were confirmed by ARDL to have long-run causal relationship with carbon productivity. In addition, our study found that control of corruption, government effectiveness, rule of law, regulatory quality economic freedom, and inflation have a short-run causal effect on carbon productivity. Finally, this study concludes that financial regulations is significant for achieving sustainable green economy in Turkey and as such should be accorded adequate attention by the policy makers. © 2021. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.

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