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Research on the Impact of Financial Development and Human Capital on the Sustainable Development Goals in Central and Eastern European Countries (CEECs): Evidence from Econometric Approaches

Gamze Göçmen Yağcılar

Gamze Göçmen Yağcılar

Department of Banking and Finance, Faculty of Economics and Administrative Sciences, Suleyman Demirel UniversityIsparta, Türkiye
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Yağcılar, Gamze Göçmen
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Mehmet Levent Erdaş

Mehmet Levent Erdaş

Department of Economics and Finance, Faculty of Business, Akdeniz UniversityAntalya, Türkiye
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Zühal Arslan

Zühal Arslan

Department of Banking and Insurance, Büyükkutlu Faculty of Applied Sciences, Isparta University of Applied SciencesIsparta, Türkiye
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Arslan, Zühal
  
08 wrz 2025
Research on the Impact of Financial Development and Human Capital on the Sustainable Development Goals in Central and Eastern European Countries (CEECs): Evidence from Econometric Approaches's Cover Image
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Data publikacji: 08 wrz 2025
Zakres stron: 29 - 47
DOI: https://doi.org/10.2478/revecp-2025-0003
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© 2025 Gamze Göçmen Yağcılar et al., published by Sciendo
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

Fig. 1:

Time-Series plots of the selected variables
Time-Series plots of the selected variables

The results of unit root test

Null hypothesis Test value Critical values Break in level Test value Critical values Break in level and trend
1% 5% 10% 1% 5% 10%
Fourier GLS, H0: Unit root
CzechESG –0.015* –3.298 –2.601 –2.187 –2.264* –4.771 –4.175 –3.879
CzechFDI –0.413* –2.888 –2.200 –1.880 –4.387*** –4.771 –4.175 –3.879
CzechHDI –1.404* –2.888 –2.200 –1.880 –2.126* –3.797 3.149 –2.831
PolandESG –0.628* –2.888 –2.200 –1.880 –4.046** –4.771 –4.175 –3.879
PolandFDI –0.567* –2.934 –2.256 –1.918 –3.586* –4.771 –4.175 –3.879
PolandHDI –1.033* –2.888 –2.200 –1.880 –4.115** –4.771 –4.175 –3.879
RomaniaESG –0.255* –2.888 –2.200 –1.880 –5.385 –4.278 –3.647 –3.316
RomaniaFDI –1.935** –2.934 –2.256 –1.918 –4.109** –4.771 –4.175 –3.879
RomaniaHDI –1.970* –3.911 –3.294 –2.328 –2.616* –4.044 –3.367 –3.037
HungaryESG –1.018* –2.888 –2.200 –1.880 –2.867* –4.771 –4.175 –3.879
HungaryFDI –1.332* –3.298 –2.601 –2.187 –2.683* –3.797 3.149 –2.831
HungaryHDI –0.770* –2.888 –2.200 –1.880 –3.389* –4.771 –4.175 –3.879
BulgariaESG –0.603* –2.888 –2.200 –1.880 –2.861* –4.044 –3.367 –3.037
BulgariaFDI –3.064** –3.911 –3.294 –2.328 –4.116** –4.771 –4.175 –3.879
BulgariaHDI –1.479 –3.911 –3.294 –2.328 –4.045** –4.771 –4.175 –3.879
Fourier ADF, H0: Unit root
CzechESG –0.329* –3.970 –3.270 –2.910 –3.494* –4.690 –4.050 –3.710
CzechFDI –2.666** –3.640 –2.970 –2.640 –4.116** –4.950 –4.350 –4.050
CzechHDI –3.209* –4.420 –3.810 –3.490 –3.631** –4.450 –3.780 –3.440
PolandESG –0.257* –3.770 –3.070 –2.710 –4.022* –4.950 –4.350 –4.050
PolandFDI –1.786* –3.640 –2.970 –2.640 –3.371* –4.950 –4.350 –4.050
PolandHDI –2.209* –4.420 –3.810 –3.490 –4.308** –4.950 –4.350 –4.050
RomaniaESG –1.483* –3.580 –2.930 –2.600 –1.418* –4.200 –3.560 –3.220
RomaniaFDI –2.770** –3.640 –2.970 –2.640 –4.068** –4.950 –4.350 –4.050
RomaniaHDI –1.030* –3.640 –2.970 –2.640 –3.334* –4.950 –4.350 –4.050
HungaryESG –0.658* –3.580 –2.930 –2.600 –3.558* –4.690 –4.050 –3.710
HungaryFDI –2.840* –4.420 –3.810 –3.490 –3.052* –4.200 –3.560 –3.220
HungaryHDI –0.177* –4.420 –3.810 –3.490 –3.891* –4.950 –4.350 –4.050
BulgariaESG –0.994* –3.770 –3.070 –2.710 –3.457** –4.450 –3.780 –3.440
BulgariaFDI –5.117 –3.640 –2.970 –2.640 –5.286 –4.290 –3.650 –3.290
BulgariaHDI –0.244* –3.580 –2.930 –2.600 –3.132* –4.950 –4.350 –4.050

The results of cointegration test – Hatemi-J (2008) Regime Shift; H0: No Cointegration

Country ESG – FDI ESG – HDI
Test stat. Break dates Test stat. Break dates
Czech ADF –4.059 2004–2012 ADF –7.003 2001–2016
Zt –4.059 2002–2012 Zt –7.130 2001–2015
Za –25.819 2002–2012 Za –39.845 2001–2015
Poland ADF –6.099** 2003–2012 ADF –5.457 1997–2015
Zt –4.796 2002–2011 Zt –5.876* 1998–2016
Za –26.805 2002–2011 Za –33.768 1998–2016
Romania ADF –5.986* 2008–2014 ADF –5.873* 1993–2006
Zt –5.986* 2008–2014 Zt –6.273* 2000–2009
Za –33.984 2008–2014 Za –27.488 2000–2009
Hungary ADF –6.042** 2004–2012 ADF –6.242* 1997–2000
Zt –6.097** 2004–2008 Zt –5.845* 1995–2014
Za –29.383 2004–2008 Za –30.289 1992–1995
Bulgaria ADF –6.117** 2001–2009 ADF –6.216* 2004–2014
Zt –4.890 2002–2012 Zt –6.535*** 1993–2014
Za –27.674 2002–2012 Za –31.719 1993–2014

j_revecp-2025-0003_utab_001

Critical values
1% 5% 10%
ADF –6.503 –6.015 –5.653
Zt –6.503 –6.015 –5.653
Za –90.704 –76.003 –52.232

The results of cumulative causality tests

Direction Cumulative Fourier-frequency Granger Causality Lag-Freq. Direction Cumulative Fourier-frequency Toda and Yamamoto Causality Lag-Freq.
Wald Asym. p-value Boost. p-value Wald Asym. p-value Boost. p-value
Czech
ESG ⇒ FDI 6.517 0.259 0.344 5-3 ESG ⇒ FDI 6.265 0.281 0.380 5-3
FDI ⇒ ESG 3.338 0.648 0.639 5-3 FDI ⇒ ESG 4.850 0.435 0.497 5-3
ESG ⇒ HDI 4.302 0.116 0.137 2-3 ESG ⇒ HDI 2.555 0.279 0.292 2-3
HDI ⇒ ESG 14.670* 0.001 0.002 2-3 HDI ⇒ ESG 52.468* 0.000 0.000 2-3
Poland
ESG ⇒ FDI 4.628 0.328 0.365 4-3 ESG ⇒ FDI 2.815 0.728 0.724 5-3
FDI ⇒ ESG 4.058 0.398 0.436 4-3 FDI ⇒ ESG 2.600 0.761 0.750 5-3
ESG ⇒ HDI 11.542 0.042 0.119 5-3 ESG ⇒ HDI 9.701 0.084 0.213 5-3
HDI ⇒ ESG 8.379 0.137 0.224 5-3 HDI ⇒ ESG 12.625*** 0.027 0.079 5-3
Romania
ESG ⇒ FDI 6.964 0.223 0.304 5-3 ESG ⇒ FDI 13.907*** 0.016 0.097 5-3
FDI ⇒ ESG 27.311* 0.000 0.009 5-3 FDI ⇒ ESG 17.815** 0.003 0.049 5-3
ESG ⇒ HDI 8.698 0.122 0.202 5-3 ESG ⇒ HDI 22.026** 0.001 0.026 5-3
HDI ⇒ ESG 6.397 0.269 0.341 5-3 HDI ⇒ ESG 4.713 0.452 0.532 5-3
Hungary
ESG ⇒ FDI 19.695** 0.001 0.037 5-3 ESG ⇒ FDI 16.710*** 0.005 0.065 5-3
FDI ⇒ ESG 0.541 0.991 0.985 5-3 FDI ⇒ ESG 5.603 0.347 0.418 5-3
ESG ⇒ HDI 3.039 0.694 0.729 5-3 ESG ⇒ HDI 4.012 0.548 0.567 5-3
HDI ⇒ ESG 4.245 0.515 0.572 5-3 HDI ⇒ ESG 31.088** 0.000 0.015 5-3
Bulgaria
ESG ⇒ FDI 3.683 0.596 0.644 5-3 ESG ⇒ FDI 15.126** 0.004 0.030 4-3
FDI ⇒ ESG 2.285 0.809 0.793 5-3 FDI ⇒ ESG 2.532 0.639 0.652 4-3
ESG ⇒ HDI 1.557 0.906 0.901 5-3 ESG ⇒ HDI 1.395 0.845 0.842 4-3
HDI ⇒ ESG 7.554 0.183 0.270 5-3 HDI ⇒ ESG 5.007 0.287 0.331 4-3

Descriptive statistics of the selected variables

Mean Med. Max. Min. Std. Dev. Skew. Kur. Jar-Bera Prob.
CzechESG 0.62872 0.62544 0.65538 0.60544 0.01844 0.23711 1.41271 3.77347 0.15156
CzechFDI 4.38729 3.86354 10.33700 0.09000 2.60015 0.80228 3.02250 3.54083 0.17026
CzechHDI 0.83866 0.85600 0.89600 0.74600 0.05199 –0.50441 1.83180 3.27585 0.19438
PolandESG 0.61336 0.60774 0.64870 0.58667 0.02252 0.26881 1.47966 3.57561 0.16732
PolandFDI 3.12857 3.18944 6.23080 0.13489 1.59378 –0.01952 2.57703 0.24808 0.88334
PolandHDI 0.81521 0.82400 0.88100 0.71100 0.05484 –0.52418 2.02394 2.82116 0.24400
RomaniaESG 0.62996 0.62310 0.66296 0.60536 0.02022 0.46097 1.71053 3.45497 0.17773
RomaniaFDI 2.97518 2.78361 9.02006 0.00002 2.24096 1.10512 3.86924 7.75606 0.05069
RomaniaHDI 0.76345 0.76800 0.83400 0.68300 0.05532 –0.13790 1.34572 3.86746 0.14460
HungaryESG 0.63678 0.63457 0.66304 0.61650 0.01577 0.29721 1.62049 3.10251 0.21198
HungaryFDI 17.27730 7.56713 106.59400 2.13023 22.89200 2.32873 8.40185 69.94890 0.00000
HungaryHDI 0.79818 0.81500 0.85400 0.71400 0.04762 –0.52041 1.79284 3.49324 0.17436
BulgariaESG 0.61810 0.61661 0.64879 0.59558 0.01863 0.34792 1.64966 3.17296 0.20464
BulgariaFDI 5.95930 3.57471 31.22750 0.01938 6.88047 2.18989 7.62415 55.77740 0.00000
BulgariaHDI 0.75993 0.77000 0.81300 0.69800 0.04329 –0.25693 1.43815 3.71719 0.15589

The results of Hatemi-J (2012, 2014) asymmetric causality test

Countries H0 Model Test value Critical bootstrap value
1% 5% 10%
Czech ESG ⇏ FDI Pos 2.236 12.531 6.667 5.176
ESG ⇏ FDI Neg 8.824*** 16.397 10.181 7.680
Poland ESG ⇏ FDI Pos 0.061 9.489 4.953 3.227
ESG ⇏ FDI Neg 2.253 9.791 4.758 2.784
Romania ESG ⇏ FDI Pos 0.765 11.477 5.395 3.398
ESG ⇏ FDI Neg 0.033 10.503 4.724 3.112
Hungary ESG ⇏ FDI Pos 3.804 16.019 11.298 8.820
ESG ⇏ FDI Neg 0.232 8.318 4.668 3.355
Bulgaria ESG ⇏ FDI Pos 4.430*** 12.534 5.769 3.924
ESG ⇏ FDI Neg 0.046 10.330 5.652 3.616
Czech ESG ⇏ HDI Pos 0.871 13.402 8.166 5.802
ESG ⇏ HDI Neg 0.092 11.692 4.868 3.054
Poland ESG ⇏ HDI Pos 2.654 8.236 4.800 2.983
ESG ⇏ HDI Neg 0.045 23.045 7.311 3.157
Romania ESG ⇏ HDI Pos 3.627 8.458 5.291 3.977
ESG ⇏ HDI Neg 0.133 14.805 7.092 5.581
Hungary ESG ⇏ HDI Pos 0.626 11.229 5.776 4.004
ESG ⇏ HDI Neg 0.072 7.948 4.575 3.193
Bulgaria ESG ⇏ HDI Pos 4.927 14.286 7.975 5.710
ESG ⇏ HDI Neg 2.469 29.317 16.768 12.581
Czech FDI ⇏ ESG Pos 1.158 13.324 6.914 5.393
FDI ⇏ ESG Neg 0.643 16.035 9.766 7.314
Poland FDI ⇏ ESG Pos 0.529 8.150 4.210 3.003
FDI ⇏ ESG Neg 0.014 7.982 4.478 2.952
Romania FDI ⇏ ESG Pos 1.815 7.239 4.067 2.827
FDI ⇏ ESG Neg 0.000 12.077 4.918 2.899
Hungary FDI ⇏ ESG Pos 0.027 12.734 5.667 3.805
FDI ⇏ ESG Neg 0.669 7.949 4.692 3.210
Bulgaria FDI ⇏ ESG Pos 3.635*** 8.490 4.682 3.509
FDI ⇏ ESG Neg 1.065 14.092 6.824 4.777
Czech HDI ⇏ ESG Pos 6.886*** 14.095 8.168 6.445
HDI ⇏ ESG Neg 0.051 11.449 5.118 3.056
Poland HDI ⇏ ESG Pos 0.015 8.481 4.845 3.224
HDI ⇏ ESG Neg 0.004 22.413 5.867 2.785
Romania HDI ⇏ ESG Pos 5.751*** 9.450 6.003 3.966
HDI ⇏ ESG Neg 0.311 11.198 6.323 4.349
Hungary HDI ⇏ ESG Pos 8.534*** 14.195 8.688 6.649
HDI ⇏ ESG Neg 2.327 8.996 4.338 2.926
Bulgaria HDI ⇏ ESG Pos 20.719** 24.988 15.751 12.355
HDI ⇏ ESG Neg 5.960 16.427 9.327 7.373
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