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- MakaleYalnız künye2026Scopus SJRQ2Economic complexity and energy vulnerability: Does ESG performance matter?
Ongan, Serdar; Kuziboev, Bekhzod; Makhmudov, Samariddin; Matyakubova, Aziza; Imamoglu, Ilyas Kays; Aydin, Rahman; Isik, Cem
Energy vulnerability is a critical concern for achieving energy security and meeting the SDGs. However, the role of economic complexity, which represents a country's production and export diversification, in energy vulnerability has been largely neglected in the literature. This study fills this gap by examining the impact of economic complexity on energy vulnerability for 69 developing countries over the period 2000-2019. For this purpose, MMQR and various instrumental variable (IV) estimation techniques (IV-Quantile, 2SLS, Lewbel, and Kiviet) were used. In addition, ESG indicators were included in the model as instrumental variables to address potential endogeneity issues between economic complexity and energy vulnerability. In doing so, the ESG indicators are also included in the model as instrumental variables to control for the endogeneity of economic complexity. Empirical findings show that economic complexity is associated with lower energy vulnerability across all quantiles. These results reveal that countries with diversified economic structures (higher economic complexity) may be more resilient to energy shocks. Therefore, developing countries should focus on structural reforms and improve their ESG performances to reduce energy vulnerability. In terms of control variables, financial development, digitalization, and human capital are associated with lower energy vulnerability, whereas increases in natural resource revenues are sometimes associated with lower vulnerability levels. This finding suggests that, in the context of energy vulnerability, the predictions of the resource curse theory may not be observed in every case.
- MakaleAçık Erişim2026Scopus SJRQ2The environmental, social and governance (ESG) dimensions of corporate social responsibility (CSR) on energy security
Isik, Cem; Ongan, Serdar; Kuziboev, Bekhzod; Imamoglu, Ilyas Kays; Amin, Azka
This study investigates the impact of corporate social responsibility (CSR) on energy security (ENSEC) for 34 developed countries. It offers a new institutional perspective by linking CSR to ENSEC within the framework of sustainable development. MMQR, PLFC, and DID methods are used for this analysis. The MMQR results indicate that CSR enhances ENSEC across all percentiles (10%-90%) in both aggregate and disaggregated analyses, across the social, environmental, and governance dimensions. Moreover, the PLFC model's findings reveal that CSR promotes ENSEC in aggregate, regardless of income level. However, in the disaggregated estimates from the PLFC model, the social dimension of CSR has no effect on ENSEC, whereas the environmental and governance dimensions continue to have a positive effect on ENSEC. As for the impact of China's energy investment, only China's fossil energy investment ensures ENSEC. These findings provide important policy insights by empirically validating the role of CSR in addressing long-term energy risks.
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İncele - MakaleAçık Erişim2026Scopus SJRQ1Measuring Sustainability Under Uncertainty: Introducing Net ESG (N-ESG) Performance
Ongan, Serdar; Isik, Cem; Aydin, Rahman; Imamoglu, Ilyas Kays; Alvarado, Rafael; Ahmad, Munir
This study examines the reliability of environmental, social, and governance (ESG) scores in uncertain environments by introducing a new indicator, Net ESG (N-ESG), for the first time. This new index was calculated by subtracting a new ESG-based sustainability uncertainty index (ESGUI) from ESG scores. This study employed Pedroni (2004) and Westerlund (2007) tests, as well as the DOLS method, for 12 developed countries from 2002 to 2020. It analyzed the impact of economic, geopolitical, climate, and energy price-related uncertainties on both ESG and N-ESG through eight different models. Empirical findings indicate that a 1% change in CPU, GPR, EPU, and OPU indices increases ESG by 0.048, 0.355, 0.111, and 0.044 units, respectively, while the same rate of change decreases N-ESG by -6.501, -18.756, -8.972, and -8.193 units, respectively. These results can be interpreted as ESG scores may not fully reflect the true performance of companies in times of uncertainty, while N-ESG provides a more accurate representation of sustainability practices. These results suggest that policymakers should focus their sustainability policies not only on increasing ESG scores but also on preserving the true value of ESG by reducing uncertainty effects.
AtıfScopus36WoS36OpenAlex38İncele