FINANCIAL INCLUSION, CARBON FOOTPRINT AND HUMAN DEVELOPMENT NEXUS: THE CASE OF TÜRKİYE

In an era marked by increasing global challenges related to sustainability and human well-being, this research investigates the complex interrelationship between financial inclusion (FI), carbon footprint, and human development in the unique context of Türkiye. Leveraging a comprehensive dataset spanning three decades, we employ advanced econometric techniques, including the Fully Modified Ordinary Least Squares (FMOLS) and Canonical Cointegrating Regression (CCR), to shed light on this multifaceted nexus. The findings reveal that FI, as gauged by the Financial Institutions and Financial Markets, significantly contributes to Türkiye’s Human Development. Improved financial access and stability are associated with positive advancements in human development indicators over the long term. Additionally, our analysis underscores the environmental dimension, as increased carbon dioxide emissions exhibit a detrimental impact on human development. These results emphasize the importance of aligning economic progress with ecological sustainability in Türkiye’s development trajectory. By employing both FMOLS and CCR, our research enhances the comprehensiveness and robustness of the analysis. The combination of these methodologies not only elucidates the causal relationships within this intricate nexus but also offers insights into policy measures that can simultaneously foster FI, mitigate environmental degradation, and enhance human well-being in Türkiye. This study contributes to the broader discourse on sustainable development by providing empirical evidence on the interplay between FI, environmental concerns, and human development in Türkiye, ultimately advancing our understanding of the complex dynamics underpinning national development efforts in the twenty-first century

MAPPING ENVIRONMENTAL CONSCIOUSNESS IN MARKETING LITERATURE

The environmental consciousness of consumers and other stakeholders has become a crucial factor in making marketing decisions. Marketing practitioners are striving to integrate eco-friendly practices into strategies and effectively communicate these efforts. Defined as the level of concern for the environment, environmental consciousness is a driving force behind sustainable behaviors, many of which are related to consumption. However, despite its relevance, surprisingly little research effort has been invested in mapping this term in the marketing literature. This study addresses this gap through descriptive, bibliometric, and social network analyses of marketing articles on environmental consciousness, complemented by a content analysis of keyword co-occurrence clusters. It explores publishing trends, influential journals, authors, and citation networks while identifying key research themes and synthesizing their findings. Ultimately, this study identifies potential theoretical and methodological gaps in the marketing literature regarding environmental consciousness and offers valuable recommendations for guiding future research endeavors

PRODUCT-LINE DIVERSIFICATION AND FINANCIAL PERFORMANCE: THE CASE OF THE MACEDONIAN NON-LIFE INSURANCE MARKET

This study investigates the relationship between product-line diversification and financial performance among non-life insurers in North Macedonia over the period 2013–2022. Drawing on firm-level data and applying fixed and random effects two-stage least squares (IV-2SLS) models, we examine whether diversification improves profitability in a market characterized by low insurance culture and heavy reliance on the regulated motor third-party liability (MTPL) segment. We use two diversification measures: the Herfindahl-Hirschman Index (HHI) of insurers’ product portfolios and a weighted HHI adjusted for market competition across lines of business. Our findings reveal a nonlinear relationship between diversification and profitability, supporting the coexistence of both diversified and specialized insurers. While initial diversification appears beneficial, excessive diversification may reduce returns, and evidence linking diversification away from competitive lines (e.g., MTPL) to higher profitability is weak. These insights carry important policy implications, suggesting that a measured liberalization of the MTPL market could support healthier diversification dynamics, while highlighting the need for careful monitoring of risk underpricing and solvency risks in evolving product strategies

THE EFFECTS OF ZOMBIE COMPANIES ON THE ECONOMY: AN APPLICATION ON TÜRKİYE

Zombie companies are defined as the ones that are unable to cover interest payments from current profits and that manage to survive with various supports even though they should have exited the market under normal conditions. By holding scarce resources, these companies hinder the reallocation of resources to healthy companies that can use them more efficiently, thus threatening economic growth. This study aims to examine the existence of zombie companies in Türkiye and their effects on the performance of healthy companies operating in the same industry. In this context, the study describes estimates of zombie companies’ existence using company-level data for the period 2006-2021 obtained from the Enterprise Information System (EIS) database, which contains several datasets of all businesses of Türkiye and analyses their economic effects using a panel model with fixed effects. According to the empirical findings, the prevalence of zombie companies has generally risen since the beginning of the analysis period, and an increase in the share of capital sunk in zombies in an industry reduces investment rate and employment growth of healthy companies in that industry and increases the multi-factor productivity gap between zombie and healthy companies. The results show that zombie companies in Türkiye reduce growth opportunities of the healthy companies. Based on the results, it is recommended that policymakers take measures to reduce the prevalence of zombies for economic growth. This paper is the first study to use the EIS database for the analysis of zombie companies. In addition, a new method not used in the literature in advance was developed and used to identify zombie companies

EXPLORING THE ROLE OF FIVE KEY RISKS FOR APPLE FARMERS: AN EXPLANATORY AND INFERENTIAL ANALYSIS

This study investigates the impact of the five main risks (production, market, financial, legal compliance, and human resources) along with risk analysis, farmer experience, and farm size on farm income. The research is based on primary data collection consisting of 300 valid questionnaires. The respondents were randomly selected, and the interviews were conducted face-to-face. Explanatory (principal component analysis) and inferential statistical (regression analysis) approaches are employed to test the formulated hypotheses. The results showed that risk analysis, experience, and farm size significantly affect farm income. Additionally, legal risk and production risk were significant and influenced farm income, whereas financial risk, market risk, and human resources risk did not. The findings of the research assist farmers, field researchers, policymakers at local and central levels, and other stakeholders such as clients, suppliers, and consumers. This guides farmers in effective risk management and helps government institutions in drafting supportive policies for the sustainable development of agriculture

CAN YOU FEEL THE LUXE? EXPLORING CONSUMER-BRAND RELATIONSHIPS WITH LUXURY AND NEO-LUXURY BRANDS

The present study explores linkages between the relational driver (brand involvement) and relationship outcomes (affective brand commitment and brand community identification) of consumer brand engagement among luxury and neo-luxury brands. The sample consisted of 616 consumers, compromising 311 owners of the Hugo Boss brand and 305 owners of the Massimo Dutti brand. Structural equation modelling (SEM) and multi-group analysis were used to test the proposed hypotheses. Findings suggest that brand involvement positively influences the three facets of consumer brand engagement - cognitive, affective, and behavioural, in the context of luxury and neo-luxury consumption. Moreover, the affective component of consumer brand engagement strongly predicts affective brand commitment for luxury and neo-luxury brands. Our findings indicate that the brand community identification with luxury and neo-luxury brands is only driven by affective consumer engagement

THE RELEVANCE OF KNOWLEDGE MANAGEMENT IN SUSTAINABLE DEVELOPMENT AND GREEN INNOVATION: A DEVELOPING COUNTRY PERSPECTIVE

Green innovations are applied in various industries to promote corporate sustainability by adopting sustainable development practices. However, very little is known about how the knowledge management process influences corporate green innovation. To contribute to the development of this issue, this study explores the relationships between knowledge management, corporate sustainable development and green innovation. Data was collected from 210 respondents from private companies in a developing country context and analyzed using the structural equation modeling technique. The findings provide several conclusions. First, the components of knowledge management (application, acquisition and sharing of knowledge) significantly improve the dimensions of corporate sustainable development (environmental, economic and social dimensions). Second, sustainable environmental practices have no effect on the adoption and application of green innovations by companies, however, sustainable social practices have a positive effect on green innovations. The results of this research also show that investing in knowledge management is of great importance for achieving sustainable development, as well as investing in the application of sustainable social practices

THE DYNAMIC INTERPLAY BETWEEN CREDIT RISK AND MONETARY POLICY IN ALBANIA’S BANKING SECTOR: A COMPREHENSIVE ANALYSIS

The study examines the relation between credit risk and monetary policy in Albania’s banking sector from 2015 to 2023, utilizing the Autoregressive Distributed Lag (ARDL) model. It analyzes post-crisis developments, particularly the Central Bank’s (CB) stabilization efforts and the write-off of NPLs. The findings show that higher CB rates increase NPLs in the short and long term. Following the 2008 financial crisis and the COVID pandemic, measures such as NPL write-offs and loan repayment postponements helped mitigate credit risk. Inflation contributed to credit stability by easing debt repayment burdens. Inflation and higher rates ease debt repayment and enhance credit stability. The Loan/Deposit Ratio influences NPLs, as managed decreases in LDR lower credit risk. Additionally, increased CB rates reduce new loan issuance, deterring high-risk borrowers and curbing NPL growth. The study highlights the effectiveness of Albania’s monetary policy inmaintaining banking sector stability and supporting economic recovery

IS COST COMPETITIVENESS A SUFFICIENT DRIVING FORCE FOR CROATIAN EXPORTS?

This paper examines the extent to which Croatia relies on a cost-based export strategy by analyzing the link between cost competitiveness, measured by unit labor cost (ULC) and exports of manufacturing firms from 2002 to 2022. Using a panel first-differences OLS approach, the study finds that cost competitiveness significantly shapes export activity of firms of all sizes and technological intensities, but with considerable heterogeneity. The results show a non-linear relationship between ULC and exports that is not asymmetrical. The relationship is  weaker for firms with lower export intensity and for high‐tech firms. Higher ULC is associated with greater export sensitivity and lower productivity, confirming that export sensitivity is lower for more productive firms. In the future, a further strengthening of the link between costs and exports can be expected, i.e. exports will react more sensitively to cost fluctuations. As a result, price and cost stability will become even more crucial. Overall, this analysis provides the most comprehensive study to date on how cost factors affect Croatian merchandise exports, implying that boosting product quality and productivity can reduce cost pressures and promote long-term competitiveness

THE IMPACT OF LEAGUE DESIGN IN EUROPEAN FOOTBALL FROM SMALL LEAGUES’ PERSPECTIVE

The effects of league design have not been a major area of interest in the European football literature primarily due to the standardization of league structures in major leagues of Europe. This study investigates how league design affects the likelihood of qualifying for UEFA competitions in six smaller European leagues over a 10-year period from 2013/2014 to 2022/2023. Using market values as the primary independent variable to proxy talent, a logistic model is estimated. Prize money from UEFA competitions serves as a significant income source for all teams, particularly crucial for smaller league teams due to its relative size when compared to aggregate revenues. Evidence suggests that the existence of playoffs provides an advantage for the stronger teams in the league in terms of qualifying for UEFA competitions and potentially leading to persistent domination of these teams. Domestic policymakers face a tradeoff between maintaining domestic competitive balance and probable future competitiveness in inter-European competitions