FROM GREEN GOALS TO GREY RISKS: HOW ESGUI SHAPES FINANCE AND GROWTH

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Kafkas Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi
Cilt: 16 Sayı: 32
FROM GREEN GOALS TO GREY RISKS: HOW ESGUI SHAPES FINANCE AND GROWTH

FROM GREEN GOALS TO GREY RISKS: HOW ESGUI SHAPES FINANCE AND GROWTH

Authors : Hakan Yıldırım, Murat Tekbaş, Ali Emin İslamoğlu, Mesut Doğan

Pages : 1043-1065

Doi:10.36543/kauiibfd.2025.038

View : 234 | Download : 313

Publication Date : 2025-12-30

Article Type : Research Paper

Abstract :The main aim of this study is to examine the impact of the ESG-based Sustainability Uncertainty Index (ESGUI), developed by Ongan, Gocer, and Işık (2025), on economic growth and financial development. The sample includes developed economies—Germany, France, Japan, the United Kingdom, and the United States—using monthly data from November 2002 to December 2022. The analysis applies panel FMOLS and DOLS methods. The results indicate that ESGUI negatively affects both economic growth and financial development at the panel level. Furthermore, country-specific findings reveal heterogeneity, showing that the direction and magnitude of the effects differ across countries. These findings underscore that sustainability-related uncertainties represent a critical risk factor that should be considered by investors, policymakers, and financial institutions.
Keywords : ESGUI, finansal gelişme, ekonomik büyüme, sürdürülebilirlik

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