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The purpose of this paper is to investigate the performance of the arbitrage pricing theory (APT) in the Istanbul Stock Exchange (ISE) on a monthly basis, for the period January 2001 to September 2005.

This study examines six pre‐specified macroeconomic variables which are: the term structure of interest rate, unanticipated inflation, risk premium, exchange rate and money supply. All these are the same as those used by Chen, Roll and Roll for the US market. In this study, the authors develop one more variable namely unemployment rate, which has a relation with the stock return.

Using the OLS technique, the authors observed that there are some differences among the market portfolios. Before starting to comment on the result of OLS, the serial correlation problem was discussed by using Durbin‐Watson statistics. In this study, the critical values were ranged from between 1.33 and 1.81 (T=57, K=6). Our test results confirmed that in ten out of the 13 there were no serial correlations. Our results show that there are big differences among market portfolios against macroeconomic variables through the variation of R². In the remaining portfolios; there was no evidence to suggest.

In this paper, the authors face a problem that was no corporate bond in Turkey's market.

This analysis appears to be the first empirical test of APT using the CAPM formula for finding the risk premium point for ISE.

This paper aims to examine the impact of information and telecommunication technologies (ICT-proxied by mobile phone subscription and Internet usage) on carbon dioxide (CO2) emissions in the Organization for Economic Cooperation and Development (OECD) countries from 1990 to 2018.

The Cross-section Autoregressive Distributed Lag (CS-ARDL) model is employed to address the potential cross-section dependence problem. Common Correlated Effects Mean Group (CCEMG) and Augmented Mean Group (AMG) estimators are used to test for robustness of results.

Results reveal contrasting effects of mobile phone subscription and Internet usage on CO2 emissions. While mobile phone penetration helps mitigate CO2 emissions, Internet usage tends to increase the emissions. Findings show that renewable energy is beneficial to the environment while economic growth is harmful to the environment. The effects of financial development and trade openness seem negligible.

This study offers practical implications for policymakers. As different proxies of ICT could have contradictory impact on CO2, governments should be cautious against utilizing ICT to mitigate CO2. Findings point to the benefits of renewable energy in alleviating CO2 emissions. Therefore, governments are strongly advised to implement policies facilitating renewable energy consumption.

Previous studies ignored the problem of cross-section dependence which could lead to biased results and cause misleading inferences. This study aims to fill this void in the literature.

Emerging nations strive to diminish their ecological impact to meet net-zero targets, yet encounter formidable hurdles in curbing their environmental footprint. This purpose necessitated the study into impact of stock market, renewable energy and international investment on the ecological footprint in emerging countries from 1990 to 2020.

The study used augmented mean group (AMG) estimator, cointegration and heterogenous panel causality approach.

Results from the AMG show that renewable energy consumption reduces environmental pollution in most countries except Mexico. The study disclosed that stock market capitalization decreases ecological footprint in emerging countries. Using both the Kao and Pedroni cointegration methods, the study affirms the existence of stable equilibrium relationship in the long term. The causality test concluded a bidirectional relationship between stock market and ecological footprint and a unidirectional link between international investment, clean energy and ecological footprint.

The research is limited to only emerging countries. Therefore, future research should examine the environmental impacts of renewable energy consumption in different countries and regions, taking into account the local environmental conditions, policies and practices. This would help to identify the best practices and standards for minimizing the ecological footprint of renewable energy technologies and maximizing their benefits for environmental sustainability.

The study found that stock market capitalization reduces ecological footprint in Brazil, China, Turkey and India. To foster a culture of sustainability in stock market development impact, academic policies should emphasize the integration of environmental education across disciplines. By promoting awareness of the ecological consequences of stock market activities, societies can cultivate a mindset that values responsible economic practices. This, in turn, can lead to informed decision-making at individual and institutional levels.

First, since the study found that clean energy reduces ecological footprint, advocating for utilization of clean energy sources could be a key priority in emerging countries. Governments should incentivize the development and adoption of renewable energy technologies, such as wind and solar power, by providing subsidies and tax benefits. Furthermore, increasing awareness among residents about the benefits of clean energy and promoting its utilization in both residential and commercial environments can expedite the transition to a more environmentally friendly energy combination.

First, it pioneers an exploration into the interplay between stock market capitalization, international investment, clean energy and ecological footprint in emerging countries. Secondary unlike, unlike prior research, this study uses methodologies that account for cross-sectional dependencies and a unique characteristic specific to each country. In addition, by using common correlated effects mean group, AMG, cointegration and causality procedures, this study distinctly isolates and analyzes empirical findings for each country, leading to policy-oriented outcomes.