Abstract
This study aims to provide a comparative analysis of the relationship between financial indicators and sustainability in Nordic and MINT countries and to identify the relationships between indicators. Understanding the balance between economic indicators and environmental sustainability is critical in formulating and implementing sustainable development policies. The analysis covered the period 1990–2020, and the sustainability and financialization status of the two country groups were tested with panel data analysis. In the study, the analysis was carried out with nine variables to represent CO 2 emissions, financial indicators, and sustainability indicators. In the panel data analysis, various assumption tests were performed on the underlying assumptions for the Pesaran Smith mean group estimator. By the purpose of the study, the analysis confirmed significant differences between the two country groups. The important variables in the models are the Efficiency of Financial Institutions Index and renewable energy consumption for developed countries, while the ratio of deposits in the financial system to GDP and renewable energy consumption are for developing countries. Within the scope of the study, the level of mutual influence of variables was also tested. Separate results were obtained for the developed group of Nordic countries and the developing group of MINT countries. In this context, it has been determined that the increase in renewable energy consumption for both country groups reduces CO 2 emissions. In addition, a positive relationship was found between the Efficiency of Financial Institutions Index and CO 2 emissions for the developed country group. In contrast, a negative relationship was found between CO 2 emissions and the ratio of deposits in the financial system to GDP in developing countries. This study aims to provide a comparative analysis of the relationship between financial indicators and sustainability in Nordic and MINT countries and to identify the relationships between indicators. Understanding the balance between economic indicators and environmental sustainability is critical in formulating and implementing sustainable development policies. The analysis covered the period 1990–2020, and the sustainability and financialization status of the two country groups were tested with panel data analysis. In the study, the analysis was carried out with nine variables to represent CO 2 emissions, financial indicators, and sustainability indicators. In the panel data analysis, various assumption tests were performed on the underlying assumptions for the Pesaran‐Smith mean group estimator. By the purpose of the study, the analysis confirmed significant differences between the two country groups. The important variables in the models are the Financial Institutions Efficiency Index and renewable energy consumption for developed countries, while the financial system deposits to GDP and renewable energy consumption for developing countries. Within the scope of the study, the level of mutual influence of variables was also tested. Separate results were obtained for the developed group of Nordic countries and the developing group of MINT countries. In this context, it has been determined that the increase in renewable energy consumption for both country groups reduces CO 2 emissions. In addition, a positive relationship was found between the Financial Institutions Efficiency Index and CO 2 emissions for the developed country group. In contrast, a negative relationship was found between CO 2 emissions and the financial system deposits to GDP in developing countries.
Keywords
Circular economy; Ecological footprint; Panel ARDL; Environmental kuznets curve; Eurozone; Sustainable development
Topics
Sustainable finance / Sürdürülebilir finans Panel data models / Panel veri modelleri Renewable energy / Yenilenebilir enerji ARDL bounds testing / ARDL sınır testi Circular economy / Döngüsel ekonomi Ecological footprint / Ekolojik ayak izi Financial Indicators JEL C2 · Single Equation Models • Single Variables / Tek Denklem Modelleri • Tek Değişkenler JEL Q4 · Energy / Enerji JEL Q5 · Environmental Economics / Çevre İktisadı Panel ARDL Environmental Kuznets Curve Eurozone Sustainable Development
JEL classification / JEL sınıflaması
- C22 Time-Series Models • Dynamic Quantile Regressions • Dynamic Treatment Effect Models • Diffusion Processes
Zaman Serisi Modelleri • Dinamik Kantil Regresyonlar • Dinamik Müdahale Etkisi Modelleri • Difüzyon Süreçleri - C23 Panel Data Models • Spatio-temporal Models
Panel Veri Modelleri • Mekân-Zamansal Modeller - 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
Tutar, H., Kavas, Y. B., Medetoğlu, B., Bilan, Y., Štreimikienė, D., Uzun, S., & Saldanlı, A. (2025). The Relationship between Financial Indicators and Sustainability: A Comparative Analysis of Nordic and MINT Countries. Corporate Social Responsibility and Environmental Management, 32(5), 6449–6460. https://doi.org/10.1002/csr.70034
- MLA 9
Tutar, H., et al. "The Relationship between Financial Indicators and Sustainability: A Comparative Analysis of Nordic and MINT Countries." Corporate Social Responsibility and Environmental Management, vol. 32, no. 5, 2025, pp. 6449–6460. https://doi.org/10.1002/csr.70034.
- Chicago 17 (author-date)
Tutar, H., Y. B. Kavas, B. Medetoğlu, Y. Bilan, D. Štreimikienė, S. Uzun, and A. Saldanlı. 2025. "The Relationship between Financial Indicators and Sustainability: A Comparative Analysis of Nordic and MINT Countries." Corporate Social Responsibility and Environmental Management 32 (5): 6449–6460. https://doi.org/10.1002/csr.70034.
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@article{tutar2025the,
title = {The Relationship between Financial Indicators and Sustainability: A Comparative Analysis of Nordic and MINT Countries},
author = {Tutar H. and Kavas Y. B. and Medetoğlu B. and Bilan Y. and Štreimikienė D. and Uzun S. and Saldanlı A.},
year = {2025},
journal = {Corporate Social Responsibility and Environmental Management},
volume = {32},
number = {5},
pages = {6449-6460},
doi = {10.1002/csr.70034}
}