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Theoretical and Applied Economics
No. 4 / 2023 (637), Winter

Analysis of the asymmetric relationship between stock markets and environmental quality: an analysis on Turkey

Mustafa UYSAL
Artvin Coruh University, Artvin, Turkey
Mustafa ÇAYIR
Artvin Coruh University, Artvin, Turkey

Abstract. The aim of this study is to reveal the impact of stock market-based financial development on environmental quality in Turkey. In this context, the variables of Carbon (CO2) emissions, Ecological footprint, and load capacity factor are used as indicators of environmental quality, while the Borsa Istanbul 100 main index, along with the Financial and Industrial main sub-indexes, serve as indicators of stock market-based financial development. The analysis covers the period from 1991 to 2021, and the data consists of annual observations. Non-linear ARDL (Autoregressive Distributed Lag) method, which takes into account asymmetric effects, is employed as the econometric approach in the analysis. According to the findings of the study, the developments in the stock markets represented by the Borsa Istanbul 100, Financial, and Industrial indexes asymmetrically and significantly influence environmental quality in Turkey in both the short and long term.

Keywords: load capacity factor, nonlinear ARDL, stock market development, environmental quality, Turkey.

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