Research Information System
4TH INTERNATIONAL CONFERENCE ON CONTEMPORARY ACADEMIC RESEARCH ICCAR 2025, Konya, Turkey, 22 - 23 February 2025, pp.324-329
The financial sector and the factors influencing its development have long been a focal point of
literature. In this context, while this study focuses on the relationship between ICT and financial sector
development in E7 countries, it also incorporates renewable energy usage and fixed capital formation into
the model. Panel data analysis techniques such as unit root tests, cointegration, and long-term forecasting
methods are utilized. According to the findings of the study, the results indicate that: i) The integration
levels of the variables are 1. ii) There is a cointegration (i.e., a long-term equilibrium relationship) among
the variables. iii) Renewable energy usage supports financial development. iv) ICT has a positive effect on
financial development. v) Fixed capital formation also plays a role in increasing financial development,
similar to the other variables. These econometric results suggest to policymakers in E7 countries the need
to accelerate investments in renewable energy and ICT sectors and to promote fixed capital investments in
order to develop the financial sector.