Browsing by Author "Depren, Serpil Kilic"

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Analysis of disaggregated level energy use income geopolitical risk energy transition and energy price impact on decarbonization of main sectors in BRICS countries by marginal analysis
(SAGE Publications Inc., 2025) Mustafa Tevfik Kartal; Dilvin Taşkın; Serpil Kılıç Depren; Piotr F. Borowski; Mert Sarioglu; Taskin, Dilvin; Sarioglu, Mert; Kılıç Depren, Serpil; Depren, Serpil Kilic; Kartal, Mustafa Tevfik; Borowski, Piotr F.
This study analyzes the impact of critical factors (i.e. energy consumption (EC) income (GDP) geopolitical risk (GPR) energy transition and energy prices). In doing this the study focuses on Brazil Russia India China and South Africa (BRICS) countries which are the leading emerging countries considers carbon dioxide (CO2) emissions industry power and transport sectors uses yearly data from 2000 to 2022 and performs a kernel-based regularized least squares (KRLS) approach to uncover the marginal impact of the factors. The outcomes demonstrate that (a) the impacts of the factors on sectoral CO2emissions vary marginally across economic sectors factors used and levels of the variables, (b) the statistical significance of the factors considered differentiate which implies that some factors are much more critical than others across countries and sectors, (c) for industry sector CO2emissions Brazil can benefit from the marginal decreasing impact of gas and renewable EC GDP and GPR whereas it is valid in Russia (South Africa) for gas (GPR and energy prices) impact, (d) for power sector CO2emissions Brazil can use nuclear EC energy transition and energy prices whereas nuclear and renewable EC as well as GDP and GPR (renewable EC and GPR) is beneficial for Russia (South Africa), (e) for transport sector CO2emissions GPR (renewable EC) can be relied on in Brazil (Russia), and (f) the KRLS approach has a superior prediction capacity reaching 99.8%. Overall the study empirically shows the varying marginal impacts of the factors on the decarbonization of the sectors. © 2025 Elsevier B.V. All rights reserved.
Citation - WoS: 20
Citation - Scopus: 20
Dynamic relationship between green bonds- energy prices- geopolitical risk- and disaggregated level CO2 emissions: evidence from the globe by novel WLMC approach
(SPRINGER, 2024) Mustafa Tevfik Kartal; Dilvin Taskin; Serpil Kilic Depren; Taskin, Dilvin; Kılıç Depren, Serpil; Depren, Serpil Kilic; Kartal, Mustafa Tevfik
This research analyzes the dynamic relationship between green bonds energy prices geopolitical risk and CO2 emissions. In doing so the study examines the global scale at disaggregated (i.e. sectoral) level applies a novel time and frequency-based approach (i.e. wavelet local multiple correlation-WLMC) and uses high-frequency daily data between 1st January 2020 and 28th April 2023. In doing so the study considers the potential differences among sectors. So aggregated and disaggregated level CO2 emissions on sectoral bases are investigated. Hence the study comprehensively uncovers the effect of the aforementioned indicators on global CO2 emissions. The results reveal that on CO2 emissions (i) the most influential factor is the geopolitical risk (2020/1-2021/5) green bonds (2021/5-2021/7) energy prices (2021/7-2023/1) and green bonds (2023/1-2023/4), (ii) the effects of the influential factors are much weaker (stronger) at lower (higher) frequencies, (iii) the effect of the influential factors change based on times and frequencies, (iv) however the effects of the influential factors on CO2 emissions do not differ at aggregated or disaggregated levels. Overall the results present novel insights for time and frequency-varying effects as well as both aggregated and disaggregated level analyses of global CO(2 )emissions.
Citation - WoS: 2
Citation - Scopus: 1
Effect of AI-Related Patents, Energy Transition, Environmental Policy Stringency, Income, and Energy Consumption Sub-Types on the Environmental Sustainability: Evidence from China by KRLS Approach
(Academic Press Ltd- Elsevier Science Ltd, 2025) Taşkın, Dilvin; Kim, Eonsoo; Mukhtarov, Shahriyar; Kirikkaleli, Derviş; Kılıç Depren, Serpil; Park, Jinsu; Depren, Serpil Kilic; Kartal, Mustafa Tevfik
Due to the increasing negative effects on humanity, searching for potential solutions to combat environmental problems has been developing. Accordingly, the study examines the effect of a set of critical factors on environmental sustainability (ES) proxied by ecological footprint (EFP) and load capacity factor (LCF) in China. In this context, the study considers AI-related patents, energy transition, environmental policy stringency (EPS), income, and energy consumption (EC) sub-types and applies the Kernel Regularized Least Squares (KRLS) approach on data from 2000 to 2020 within the context of marginal effect analysis. The outcomes show that (i) AI-related patents and energy transition are completely ineffective to ensure ES; (ii) EPS are marginally effective only at 0.25th and 0.75th percentiles to support ES; (iii) economic growth as well as oil, gas, and coal EC are not good for ES across all percentiles; (iv) nuclear EC is only helpful at 0.25th percentiles, whereas renewable EC is completely unbeneficial; (v) KRLS approach presents successful prediction outcomes around 99.7 % (vi) some variables (i.e., nuclear and renewable EC as well as EPS); have marginal and varying effects across percentiles, whereas some others have not. Thus, the study empirically demonstrates the inefficiency of AI-related patents and energy transition on the ES, whereas EPS and nuclear EC can be helpful to develop ES in the Chinese case.
Citation - WoS: 31
Citation - Scopus: 42
Effects of Environment Social and Governance (ESG)disclosures on ESGscores: Investigating therole ofcorporategovernance forpubliclytraded Turkishcompanies
(Academic Press, 2024) Mustafa Tevfik Kartal; Dilvin Taşkın; Muhammad Shahbaz; Serpil Kılıç Depren; Ugur Korkut Pata; Taşkın, Dilvin; Korkut Pata, Ugur; Pata, Ugur Korkut; Kılıç Depren, Serpil; Shahbaz, Muhammad; Depren, Serpil Kilic; Kartal, Mustafa Tevfik
The world has experienced climate-related issues which increase the importance of ESG disclosures and corporate governance (CG) of companies which take place at the heart of economies. Therefore improving ESG disclosures and CG practices becomes significant to combat climate change at the company level. Considering that Türkiye restructured ESG disclosures in 2022 this study investigates the role of CG on the nexus between ESG scores of publicly traded companies (PTC) and ESG reports. So the study analyzes 102 PTC (full sample) 51 PTC in Borsa Istanbul Corporate Governance Index (in-sample) and the remaining 51 PTC (out-sample) using ESG disclosures of 2022 and applying novel super learner (SL) algorithm. Our results show that (i) SL has a higher prediction performance reaching ∼94.3%, (ii) the environment (governance) layer has the highest (lowest) total relative importance (contribution) to ESG scores in all samples, (iii) C8 S6 and E5 are the most important ESG principles in the full sample in-sample and out-sample respectively, (iv) the contribution of each ESG principles to the total ESG scores varies by sample, (v) CG plays a smoothing role for the relative importance of each ESG principle while the relative importance in the out-sample shows much higher volatility. Overall the study reveals the non-linear contributions of ESG principles on ESG scores and suggests that PTC should prioritize highly important ESG principles consider the moderating role of CG on the link between ESG scores and ESG disclosures and use ESG disclosures as a strategic tool to develop ESG scores and disclosures. © 2024 Elsevier B.V. All rights reserved.
Citation - WoS: 35
Citation - Scopus: 42
How are energy transition and energy-related R&D investments effective in enabling decarbonization? Evidence from Nordic Countries by novel WLMC model
(Academic Press, 2024) Mustafa Tevfik Kartal; Muhammad Shahbaz; Dilvin Taşkın; Serpil Kılıç Depren; Fatih Ayhan; Taskin, Dilvin; Kılıç Depren, Serpil; Shahbaz, Muhammad; Depren, Serpil Kilic; Ayhan, Fatih; Kartal, Mustafa Tevfik
Public interest in climate change-related problems has been developing with the contribution of the recent energy crisis. Accordingly countries have been increasing their efforts to decarbonize economies. In this context energy transition and energy-related research and development (R&D) investments can be important strategic tools to be helpful to countries in the decarbonization of economies. Among all Nordic countries have come to the force because of their well-known position as green economies. Hence this study examines Nordic countries to investigate the impact of energy transition renewable energy R&D investments (RRD) energy efficiency R&D investments (EEF) on carbon dioxide (CO2) emissions by performing wavelet local multiple correlation (WLMC) model and using data from 2000/1 to 2021/12. The outcomes reveal that (i) based on bi-variate cases energy transition and RRD have a mixed impact on CO2 emissions in all countries across all frequencies, EEF has a declining impact on CO2 emissions in Norway (Sweden) at low and medium (very high) frequencies, (ii) according to four-variate cases all variables have a combined increasing impact on CO2 emissions, (iii) RRD is the most influential dominant factor in all countries excluding Norway where EEF is the pioneering one. Thus the reach proves the varying impacts of energy transition RRD and EEF investments on CO2 emissions. In line with the outcomes of the novel WLMC model various policy endeavors such as focusing on displacement between sub-types of R&D investments are argued to ensure the decarbonization of the economies. © 2024 Elsevier B.V. All rights reserved.
Citation - WoS: 6
Citation - Scopus: 7
Impact of productive capacity shifts- energy-related R&D investments- energy use- and income on environmental degradation: Evidence from leading developed countries
(PERGAMON-ELSEVIER SCIENCE LTD, 2025) Mustafa Tevfik Kartal; M. Santosh; Dilvin Taskn; Serpil Kilic Depren; Fatih Ayhan; Taşkın, Dilvin; Ayhan, Fatih; Kılıç Depren, Serpil; Taskn, Dilvin; Depren, Serpil Kilic; Santosh, M.; Kartal, Mustafa Tevfik
Environmental degradation (ED) has emerged as a significant challenge against the increasing demands of modern civilization. Therefore transforming the economic structure into an eco-friendly structure is highly critical. So this study focuses on the impacts of productive capacity shifts in key areas on ED in leading six developed economies by considering carbon dioxide (CO2) emissions as a dependent variable, using the productive capacity index (PCI) for human capital (PCI-HCA) transport (PCI-TRA) institutions (PCI-INS) energy-related public R&D investments economic growth nuclear energy and renewable energy as independent variables, and applies a kernel-based regularized least squares (KRLS) method on data from 2000 to 2022. The results show that (i) PCI-HCA curbs CO2 emissions in all countries except the United Kingdom, (ii) PCI-TRA and PCI-INS are ineffective in declining CO2 emissions in all countries), (iii) R&D investments are helpful in all countries except Canada and Japan, (iv) economic growth structure is not eco-friendly in all countries, (v) nuclear (renewable) energy use is beneficial in Japan (all countries except Canada & France, (vi) KRLS method provides high estimation results similar to 99.2 %. Accordingly the study discusses policy implications to prevent the ED by benefitting from productive capacity shifts clean energy and R&D investments in transforming economic structure.
Citation - WoS: 12
Citation - Scopus: 11
Interrelationship between environmental degradation- geopolitical risk- crude oil prices- and green bonds: Evidence from the globe by sectoral analysis
(ELSEVIER, 2024) Tevfik Kartal; Dilvin Taskin; Serpil Kilic Depren; Taşkın, Dilvin; Kılıç Depren, Serpil; Depren, Serpil Kilic; Kartal, Mustafa Tevfik
By considering the motion of the world is our home this study investigates the interrelationship between environmental degradation geopolitical risk crude oil prices and green bonds across the globe. So the research considers the probable differences between the sectors by making a detailed analysis of CO 2 emissions across sectors applies the novel WLMC method and uses daily data from 2nd January 2020 through 30th November 2023 for a time and frequency -based empirical analysis. The outcomes present that (i) the geopolitical risk is the most important variable on CO 2 emissions between 2020/1 and 2021/11 followed by Brent oil prices for the period 2021/12-2023/10, (ii) green bonds are highly effective on CO 2 emissions only around 2023/11, (iii) the impacts of the variables are quite weaker (stronger) at lower (higher) frequencies, (iv) the impacts of the variables are the same at aggregated and disaggregated levels, (v) the impact of the variables on CO 2 emissions change based on times and frequencies. Thus the outcomes demonstrate new insights for differentiating impacts across times and frequencies whereas the direction of the impacts is the same across aggregated and disaggregated levels. (c) 2024 International Association for Gondwana Research. Published by Elsevier B.V. All rights are reserved including those for text and data mining AI training and similar technologies.
Citation - WoS: 20
Citation - Scopus: 22
Modeling the link between environmental- social- and governance disclosures and scores: the case of publicly traded companies in the Borsa Istanbul Sustainability Index
(SPRINGER, 2024) Mustafa Tevfik Kartal; Serpil Kilic Depren; Ugur Korkut Pata; Dilvin Taskin; Tuba Savli; Taşkın, Dilvin; Kılıç Depren, Serpil; Pata, Ugur Korkut; Şavlı, Tuba; Depren, Serpil Kilic; Kartal, Mustafa Tevfik
This study constructs a proposed model to investigate the link between environmental social and governance (ESG) disclosures and ESG scores for publicly traded companies in the Borsa Istanbul Sustainability (XUSRD) index. In this context this study considers 66 companies examining recently structured ESG disclosures for 2022 that were published for the first time as novel data and applying a multilayer perceptron (MLP) artificial neural network algorithm. The relevant results are fourfold. (1) The MLP algorithm has explanatory power (i.e. R2) of 79% in estimating companies' ESG scores. (2) Common environment social and governance pillars have respective weights of 21.04% 44.87% 30.34% and 3.74% in total ESG scores. (3) The absolute and relative significance of each ESG reporting principle for companies' ESG scores varies. (4) According to absolute and relative significance the most effective ESG principle is the common principle followed by social and environmental principles whereas governance principles have less significance. Overall the results demonstrate that applying a linear approach to complete deficient ESG disclosures is inefficient for increasing companies' ESG scores, instead companies should focus on the ESG principles that have the highest relative significance. The findings of this study contribute to the literature by defining the most significant ESG principles for stimulating the ESG scores of companies in the XUSRD index.
Citation - WoS: 1
Citation - Scopus: 1
Relationship between CO2 Emissions and Energy Consumption Sub-Types under Impact of AI-Related Patents and Energy-Related R&D Investments: Evidence from the USA by Novel Quantile-Based Methods
(Elsevier Sci Ltd, 2026) Taşkın, Dilvin; Kim, Eonsoo; Mukhtarov, Shahriyar; Kirikkaleli, Derviş; Kılıç Depren, Serpil; Park, Jinsu; Depren, Serpil Kilic; Kartal, Mustafa Tevfik
The importance of AI and R&D investments has become increasingly salient in the context of rising carbon dioxide (CO2) emissions. So, this study examines how CO2 emissions relate to energy consumption (EC) sub-types and whether AI-related patents (AIP) and energy-related R&D investments (ERD) moderate the relationship. In this vein, the study focuses on the USA, uses EC sub-types as explanatory variables, considers the moderating role of AIP and ERD, and applies novel quantile-based methods on data from 1981/Q2 to 2020/Q4. The results indicate that (i) oil and coal EC are associated with higher CO2 emissions across quantiles in both bivariate and multivariate models; (ii) while gas EC increases CO2 emissions across all quantiles in bivariate and multivariate cases, there is a decreasing impact at lower quantiles with ERD moderation; (iii) nuclear EC increases CO2 emissions across all quantiles in bivariate case, whereas the impact changes under the moderating impacts of AIP and ERD; (iv) renewable EC decreases CO2 emissions across all quantiles in bivariate case, while the reducing impact is almost same under the moderating impacts of AIP and ERD; (v) AIP has a much stronger moderating impact than ERD on relationship between CO2 emissions and EC sub-types; (vi) there are generally causal impacts across quantiles, except for some lower, middle, and higher ones, where the causal impact varies across the variables pairs. Accordingly, the study outlines policy options consistent with the distributional patterns observed.
Citation - WoS: 42
Citation - Scopus: 42
Role of energy transition in easing energy security risk and decreasing CO2 emissions: Disaggregated level evidence from the USA by quantile-based models
(Academic Press, 2024) Mustafa Tevfik Kartal; Dilvin Taşkın; Muhammad Shahbaz; Dervis Kirikkaleli; Serpil Kılıç Depren; Taşkın, Dilvin; Kirikkaleli, Derviş; Kılıç Depren, Serpil; Shahbaz, Muhammad; Depren, Serpil Kilic; Kartal, Mustafa Tevfik
Consistent with the increasing environmental interest the clean energy transition is highly critical to achieving decarbonization targets. Also energy security has become an important topic under the shadow of the energy crisis. Accordingly countries have been trying to stimulate clean energy use to preserve the environment and ensure energy security. So considering the leading role of economic size and volume of energy use the study examines the USA to define whether energy transition helps decrease energy security risk (ESR) and curb CO2 emissions. So the study applies a disaggregated level analysis by performing quantile-based models for the period from 2001/Q1 through 2022/Q4. The results demonstrate that (i) the energy transition index decreases environmental ESR at higher quantiles and reliability ESR at lower and middle quantiles whereas it is not beneficial in declining economic and geopolitical ESR, (ii) energy transition curbs CO2 emissions in building and transport sectors at lower quantiles whereas it does not help decrease CO2 emissions in industrial and power sectors, (iii) energy transition is mostly ineffective on ESR whereas it is highly effective in curbing CO2 emissions in all sectors except for transport across various quantiles as time passes, (iv) the results differ according to the aggregated and disaggregated levels, (v) the results are consistent across main and alternative models. Hence the study highlights the dominant effect of energy transition in curbing sectoral CO2 emissions rather than easing ESR. Accordingly the study discusses various policy implications for the USA. © 2024 Elsevier B.V. All rights reserved.