Politická ekonomie 2024, Volume 72(2), Special Issue: 151-180 | DOI: 10.18267/j.polek.1413

Effect of Political Stability, Geopolitical Risk and R&D Investments on Environmental Sustainability: Evidence from European Countries by Novel Quantile Models

Serpil Kiliç Depren ORCID..., Sinan Erdogan ORCID..., Mustafa Tevfik Kartal ORCID..., Ugur Korkut Pata ORCID...
Serpil Kiliç Depren: Yildiz Technical University Department of Statistics, Istanbul, Turkey
Sinan Erdogan: Hatay Mustafa Kemal University Department of Economics, Hatay, Turkey; Azerbaijan State University of Economics (UNEC) Clinic of Economics, Baku, Azerbaijan
Mustafa Tevfik Kartal: Borsa Istanbul Strategic Planning, Financial Reporting, and Investor Relations Directorate, Istanbul, Turkey; Lebanese American University Adnan Kassar School of Business, Beirut/Lebanon; Azerbaijan State University of Economics (UNEC) Clinic of Economics, Baku, Azerbaijan
Ugur Korkut Pata (corresponding author): Osmaniye Korkut Ata University Department of Economics, Osmaniye, Turkey; Lebanese American University Adnan Kassar School of Business, Beirut, Lebanon; Azerbaijan State University of Economics (UNEC) Clinic of Economics, Baku, Azerbaijan

This research investigates the effect of political stability and geopolitical risk on environmental sustainability (ES) by considering R&D investments in nuclear and renewable energy. Con- sidering the high political stability and recent energy crisis and increasing geopolitical risk, the study focuses on three leading European countries. We use the load capacity factor, include data between 1985/1 and 2020/12, and apply quantile on quantile regression (QQ), Granger causality in quantiles (GQ), and quantile regression (QR) models. The study finds that in higher quantiles (i) increasing political stability stimulates the ES in Sweden and the United Kingdom; (ii) increasing geopolitical risk supports the ES in France; (iii) R&D investments increase the ES in all the countries; (iv) there are generally causal effects from the explanatory variables to the ES except some quantiles (0.45-0.50) in all the countries; (v) the power effects of the variables differ according to countries, quantiles and variables.

Keywords: Load capacity factor, political stability, geopolitical risk, European countries, environmental sustainability
JEL classification: C32, N55, O13

Received: July 14, 2023; Revised: August 19, 2023; Accepted: September 26, 2023; Prepublished online: November 22, 2023; Published: May 1, 2024  Show citation

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Kiliç Depren, S., Erdogan, S., Tevfik Kartal, M., & Pata, U.K. (2024). Effect of Political Stability, Geopolitical Risk and R&D Investments on Environmental Sustainability: Evidence from European Countries by Novel Quantile Models. Politická ekonomie, 72(Spec.issue), 151-180. doi: 10.18267/j.polek.1413
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