Abstract
This research targets sheds light on the dynamic nexus between the ecological footprint of D-8 member states, including Türkiye, Iran, Pakistan, Bangladesh, Indonesia, Malaysia, Egypt, and Nigeria, economic growth (GDP), carbon dioxide emissions, the proportion of renewable energy consumption, and the level of the Financial Development Index by using panel data between 1990 and 2021. The Swamy S test and the Breusch-Pagan LM assumption tests were applied, besides the Seemingly Unrelated Regression (SUR) model, in order to derive country-specific estimates. The VIFs, the Pesaran CD test for cross-sectional dependency, the second-generation panel unit root test (CIPS), and the panel cointegration test of Westerlund reinforce the methodology, and to reinforce robustness, the CCE Mean Group estimator is employed for each individual country’s SUR estimates. While GDP growth and financial development led to increased environmental pressures in economies like Türkiye and Malaysia, the proportion of renewable energy consumption decreased the ecological footprint of most economies, except in Nigeria, where it increased the ecological footprint. It was found that GDP growth contributed to the ecological footprint of Indonesia and Egypt, while renewable energies helped to decrease it for both of these countries. CO₂ emissions, GDP growth, and the proportion of the share of renewable energy in consumption helped explain the environmental pressures on Bangladesh. However, CO₂ emissions and GDP contributed more to the ecological footprint of Bangladesh, whereas CO₂ emissions contributed to fewer ecological pressures in Iran; it was also revealed that an efficient energy transition policy could explain it. Our results revealed that some policies toward sustainability and green finance may need to be tailored at the nationstate level due to the variety of economic structures. In conclusion, the study suggests the need for the D-8 member countries to adopt specific sustainability and green-finance policy mixes
Keywords
Ecological Footprint; GDP Growth; Carbon Dioxide Emissions; Renewable Energy Consumption; Financial Development Index; D-8 Countries
Topics
Sustainable finance / Sürdürülebilir finans Ecological footprint / Ekolojik ayak izi Renewable energy / Yenilenebilir enerji Financial development / Finansal gelişme Composite indices / Bileşik endeksler Environmental Indicators JEL O1 · Economic Development / İktisadi Kalkınma JEL Q4 · Energy / Enerji JEL Q5 · Environmental Economics / Çevre İktisadı GDP Growth Carbon Dioxide Emissions Renewable Energy Consumption Financial Development Index / Finansal Gelişim Endeksi D-8 Countries
JEL classification / JEL sınıflaması
- O16 Financial Markets • Saving and Capital Investment • Corporate Finance and Governance
Finansal Piyasalar • Tasarruf ve Sermaye Yatırımı • Kurumsal Finans ve Yönetişim - Q42 Alternative Energy Sources
Alternatif Enerji Kaynakları - Q56 Environment and Development • Environment and Trade • Sustainability • Environmental Accounts and Accounting • Environmental Equity • Population Growth
Çevre ve Kalkınma • Çevre ve Ticaret • Sürdürülebilirlik • Çevresel Hesaplar ve Muhasebe • Çevresel Hakkaniyet • Nüfus Artışı
JEL codes: American Economic Association classification. Turkish descriptions are an unofficial translation. Türkçe açıklamalar gayriresmî çeviridir.
Cite this work
- APA 7
Altın, M., Kavas, Y. B., Medetoğlu, B., Uzun, S., Saldanlı, A., & Günay, F. (2026). Exploring the Relationship between Ecological Footprint and Economic and Environmental Indicators: Evidence from Developing Eight (D-8) Countries. Business Economics and Management Research Journal, 9(2), 118–138. https://doi.org/10.58308/bemarej.1923486
- MLA 9
Altın, M., et al. "Exploring the Relationship between Ecological Footprint and Economic and Environmental Indicators: Evidence from Developing Eight (D-8) Countries." Business Economics and Management Research Journal, vol. 9, no. 2, 2026, pp. 118–138. https://doi.org/10.58308/bemarej.1923486.
- Chicago 17 (author-date)
Altın, M., Y. B. Kavas, B. Medetoğlu, S. Uzun, A. Saldanlı, and F. Günay. 2026. "Exploring the Relationship between Ecological Footprint and Economic and Environmental Indicators: Evidence from Developing Eight (D-8) Countries." Business Economics and Management Research Journal 9 (2): 118–138. https://doi.org/10.58308/bemarej.1923486.
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@article{altin2026exploring,
title = {Exploring the Relationship between Ecological Footprint and Economic and Environmental Indicators: Evidence from Developing Eight (D-8) Countries},
author = {Altın M. and Kavas Y. B. and Medetoğlu B. and Uzun S. and Saldanlı A. and Günay F.},
year = {2026},
journal = {Business Economics and Management Research Journal},
volume = {9},
number = {2},
pages = {118-138},
doi = {10.58308/bemarej.1923486}
}