Does Financial Inclusion Promote Environmental Sustainability: Analyzing the Role of Technological Innovation and Economic Globalization
Journal of the Knowledge Economy - Trang 1-28 - 2022
Tóm tắt
In the last two decades, financial inclusion has dramatically augmented the accessibility and affordability of financial services and significantly contributes towards economic development; however, its environmental implications cannot be ignored. In this context, this study investigates the impact of financial inclusion on CO2 emissions in Asia–Pacific Economic Cooperation (APEC) countries. Furthermore, we analyze the moderating role of technological innovation and economic globalization in the relationship between financial inclusion and CO2 emissions. Drawing on the data from 2004 to 2018, advanced econometric techniques robust to cross-sectional dependence and slope heterogeneity are employed. The augmented mean group (AMG) outcome reveals that financial inclusion and renewable energy consumption significantly promote environmental sustainability by reducing CO2 emissions. On the other hand, economic growth and economic globalization damage environmental quality by increasing CO2 emissions. The findings further unfold that financial inclusion fosters environmental sustainability through the channel of technological innovation. Additionally, the interaction term effect of financial inclusion with economic globalization poses an unfavorable impact on environmental quality. Besides, Dumitrescu and Hurlin (D-H) non-causality test revealed the unidirectional casualty between financial inclusion, renewable energy, and CO2 emissions, while feedback hypothesis among economic globalization, technological innovation, economic growth, and CO2 emissions. In line with these crucial findings, this study recommends that the APEC countries should promote financial inclusion along with technological innovations and, at the same time, integrate economic globalization with the climate change policies to achieve sustainable development goals.
Tài liệu tham khảo
Abbasi, F., & Riaz, K. (2016). CO2 emissions and financial development in an emerging economy: An augmented VAR approach. Energy Policy, 90, 102–114. https://doi.org/10.1016/J.ENPOL.2015.12.017
Ahmad, M., Shabir, M., Naheed, R., & Shehzad, K. (2021). How do environmental innovations and energy productivity affect the environment? Analyzing the role of economic globalization. International Journal of Environmental Science and Technology. https://doi.org/10.1007/S13762-021-03620-8/TABLES/9
Akadiri, S. S., Alola, A. A., & Akadiri, A. C. (2019). The role of globalization, real income, tourism in environmental sustainability target. Evidence from Turkey. Science of the Total Environment, 687, 423–432. https://doi.org/10.1016/J.SCITOTENV.2019.06.139
Ali, M., Hashmi, S. H., Nazir, M. R., Bilal, A., & Nazir, M. I. (2021). Does financial inclusion enhance economic growth? Empirical evidence from the IsDB member countries. International Journal of Finance & Economics, 26(4), 5235–5258. https://doi.org/10.1002/IJFE.2063
Álvarez-Herránz, A., Balsalobre, D., Cantos, J. M., & Shahbaz, M. (2017). Energy innovations-GHG emissions nexus: Fresh empirical evidence from OECD countries. Energy Policy, 101, 90–100. https://doi.org/10.1016/J.ENPOL.2016.11.030
APEC. (2019). APEC: Outcomes and Outlook (2018–2019). Retrieved February 05, 2022, from https://www.apec.org/Publications/2017/02/APEC-Outcomes-and-Outlook-20162017
Aslam, B., Hu, J., Hafeez, M., Ma, D., AlGarni, T. S., Saeed, M., Abdullah, M. A., & Hussain, S. (2021). Applying environmental Kuznets curve framework to assess the nexus of industry, globalization, and CO2 emission. Environmental Technology and Innovation. https://doi.org/10.1016/j.eti.2021.101377
Awaworyi Churchill, S., Inekwe, J., Smyth, R., & Zhang, X. (2019). R&D intensity and carbon emissions in the G7: 1870–2014. Energy Economics, 80, 30–37. https://doi.org/10.1016/j.eneco.2018.12.020
Bakhsh, S., Yin, H., & Shabir, M. (2021). Foreign investment and CO2 emissions: Do technological innovation and institutional quality matter? Evidence from system GMM approach. Environmental Science and Pollution Research, 28(15), 19424–19438. https://doi.org/10.1007/S11356-020-12237-2/TABLES/6
Baulch, B., Duong Do, T., & Le, T. H. (2018). Constraints to the uptake of solar home systems in Ho Chi Minh City and some proposals for improvement. Renewable Energy, 118, 245–256. https://doi.org/10.1016/J.RENENE.2017.10.106
Beck, T., Demirgüç-Kunt, A., & Levine, R. (2007). Finance, inequality and the poor. Journal of Economic Growth, 12(1), 27–49. https://doi.org/10.1007/S10887-007-9010-6
Bekun, F. V., Alola, A. A., & Sarkodie, S. A. (2019). Toward a sustainable environment: Nexus between CO2 emissions, resource rent, renewable and nonrenewable energy in 16-EU countries. Science of the Total Environment, 657, 1023–1029. https://doi.org/10.1016/j.scitotenv.2018.12.104
Ben Naceur, S. (2017). Can Islamic banking increase financial inclusion? In Handbook of empirical research on Islam and economic life (pp. 213–252). Edward Elgar Publishing. https://doi.org/10.4337/9781784710736.00017
Chen, Y., & Lee, C. C. (2020). Does technological innovation reduce CO2 emissions? Cross-Country Evidence. Journal of Cleaner Production, 263, 121550. https://doi.org/10.1016/j.jclepro.2020.121550
Cheng, C., Ren, X., Dong, K., Dong, X., & Wang, Z. (2021). How does technological innovation mitigate CO2 emissions in OECD countries? Heterogeneous analysis using panel quantile regression. Journal of Environmental Management. https://doi.org/10.1016/j.jenvman.2020.111818
Cheng, C., Ren, X., Wang, Z., & Yan, C. (2019). Heterogeneous impacts of renewable energy and environmental patents on CO 2 emission—Evidence from the BRIICS. Science of the Total Environment, 668, 1328–1338. https://doi.org/10.1016/j.scitotenv.2019.02.063
Chibba, M. (2009). Financial inclusion, poverty reduction and the millennium development goals. European Journal of Development Research, 21(2), 213–230. https://doi.org/10.1057/EJDR.2008.17
Claessens, S., & Feijen, E. (2006). Financial Sector Development and the Millennium Development Goals. https://doi.org/10.1596/978-0-8213-6865-7
Cull, R., Demirgüç-kunt, A., & Lyman, T. (2012). Financial inclusion and stability: CGAP Brief, May(2008), 1–4. https://openknowledge.worldbank.org/handle/10986/9443
Dahiya, S., & Kumar, M. (2020). Linkage between financial inclusion and economic growth: An empirical study of the emerging Indian economy. 24(2), 184–193. https://doi.org/10.1177/0972262920923891
Dasgupta, S., Laplante, B., & Mamingi, N. (2001). Pollution and capital markets in developing countries. Journal of Environmental Economics and Management, 42(3), 310–335. https://doi.org/10.1006/JEEM.2000.1161
Demirguc-Kunt, A., & Levine, R. (2009). Finance and Inequality: Theory and Evidence. https://doi.org/10.1596/1813-9450-4967
Dietz, T., & Rosa, E. A. (1994). Rethinking the environmental impacts of population, affluence and technology. Human Ecology Review, 1(Weeh 1986), 277–300. https://doi.org/10.2307/24706840
Dong, K., Hochman, G., & Timilsina, G. R. (2020). Do drivers of CO2 emission growth alter overtime and by the stage of economic development? Energy Policy, 140, 111420. https://doi.org/10.1016/J.ENPOL.2020.111420
Donovan, K. (2012). Mobile money for financial inclusion. Information and Communications for Development. https://doi.org/10.1596/9780821389911_CH04
Dumitrescu, E. I., & Hurlin, C. (2012). Testing for Granger non-causality in heterogeneous panels. Economic Modelling, 29(4), 1450–1460. https://doi.org/10.1016/J.ECONMOD.2012.02.014
Eberhardt, M. (2012). Estimating panel time-series models with heterogeneous slopes. The Stata Journal, 12(1), 61–71. https://sites.google.com/site/medevecon
Eberhardt, M., & Bond, S. (2009). Munich personal RePEc archive cross-section dependence in nonstationary panel models: a novel estimator cross-section dependence in nonstationary panel models: a novel estimator *.
Ehrilich, P. R., & Holdren, J. P. (1971). Impact of population growth on JSTOR. Science, 171(3977), 1212–1217. https://www.jstor.org/stable/1731166?casa_token=_NiXsYqUvekAAAAA%3A5EH8NyyuLiUETnpMG1rUYvWnP6tkNDYap1oWuRiJMfTPP3GlQ7QJK7ia8viUmWbPpHtn-9NNPHtAivjGxfgurrYqZyRFRIYNXWrENxE8Y1-AvAX57Xq1&seq=1#metadata_info_tab_contents
Erdoğan, S., Yıldırım, S., Yıldırım, D. Ç., & Gedikli, A. (2020). The effects of innovation on sectoral carbon emissions: Evidence from G20 countries. Journal of Environmental Management. https://doi.org/10.1016/j.jenvman.2020.110637
Erlando, A., Riyanto, F. D., & Masakazu, S. (2020). Financial inclusion, economic growth, and poverty alleviation: Evidence from eastern Indonesia. Heliyon, 6(10), e05235. https://doi.org/10.1016/j.heliyon.2020.e05235
Fernández, Y., Fernández López, M. A., & Olmedillas Blanco, B. (2018). Innovation for sustainability: The impact of R&D spending on CO2 emissions. Journal of Cleaner Production, 172, 3459–3467. https://doi.org/10.1016/j.jclepro.2017.11.001
Foo, D. C. Y., & Tan, R. R. (2016). A review on process integration techniques for carbon emissions and environmental footprint problems. Process Safety and Environmental Protection, 103(Part B), 291–307. https://doi.org/10.1016/j.psep.2015.11.007
Frankel, J. A., & Romer, D. H. (1999). Does trade cause growth? American Economic Review, 89(3), 379–399. https://doi.org/10.1257/AER.89.3.379
Fungáčová, Z., & Weill, L. (2015). Understanding financial inclusion in China. China Economic Review, 34, 196–206. https://doi.org/10.1016/j.chieco.2014.12.004
Gabor, D., & Brooks, S. (2016). The digital revolution in financial inclusion: international development in the fintech era. 22(4), 423–436. https://doi.org/10.1080/13563467.2017.1259298
Ganda, F. (2019). The impact of innovation and technology investments on carbon emissions in selected organisation for economic co-operation and development countries. Journal of Cleaner Production, 217, 469–483. https://doi.org/10.1016/j.jclepro.2019.01.235
Garrett, G. (2016). The causes of globalization 33(6), 941–991 https://doi.org/10.1177/001041400003300610
Ghosh, J. (2013). Microfinance and the challenge of financial inclusion for development. Cambridge Journal of Economics, 37(6), 1203–1219. https://doi.org/10.1093/cje/bet042
Gök, A. (2020). The role of financial development on carbon emissions: a meta regression analysis. Environmental Science and Pollution Research, 27(11), 11618–11636. https://doi.org/10.1007/S11356-020-07641-7
Granger, C. W. J. (1969). Investigating causal relations by econometric models and cross-spectral methods. Econometrica, 37(3), 424–438.
Habib, Y., Xia, E., Hashmi, S. H., & Ahmed, Z. (2021). The nexus between road transport intensity and road-related CO2 emissions in G20 countries: An advanced panel estimation. Environmental Science and Pollution Research, 28(41), 58405–58425. https://doi.org/10.1007/s11356-021-14731-7
Hafeez, M., Yuan, C., Shahzad, K., Aziz, B., Iqbal, K., & Raza, S. (2019). An empirical evaluation of financial development-carbon footprint nexus in One Belt and Road region. Environmental Science and Pollution Research, 26(24), 25026–25036. https://doi.org/10.1007/S11356-019-05757-Z
Hannig, A., & Jansen, S. (2011). Financial inclusion and financial stability: Current policy issues. In Financial Market Regulation and Reforms in Emerging Markets (Issue 259, pp. 284–318). https://doi.org/10.2139/ssrn.1729122
Hashem Pesaran, M., & Yamagata, T. (2008). Testing slope homogeneity in large panels. Journal of Econometrics, 142(1), 50–93. https://doi.org/10.1016/J.JECONOM.2007.05.010
Hashmi, R., & Alam, K. (2019). Dynamic relationship among environmental regulation, innovation, CO2 emissions, population, and economic growth in OECD countries: A panel investigation. Journal of Cleaner Production, 231, 1100–1109. https://doi.org/10.1016/J.JCLEPRO.2019.05.325
Henriques, S. T., & Borowiecki, K. J. (2017). The drivers of long-run CO2 emissions in Europe, North America and Japan since 1800. Energy Policy, 101, 537–549. https://doi.org/10.1016/J.ENPOL.2016.11.005
Islam, M. M., Khan, M. K., Tareque, M., Jehan, N., & Dagar, V. (2021). Impact of globalization, foreign direct investment, and energy consumption on CO2 emissions in Bangladesh: Does institutional quality matter? Environmental Science and Pollution Research. https://doi.org/10.1007/s11356-021-13441-4
Jiang, C., & Ma, X. (2019). The impact of financial development on carbon emissions: A global perspective. Sustainability, 11(19), 5241. https://doi.org/10.3390/SU11195241
Jorgenson, A. K., & Givens, J. E. (2014). Economic globalization and environmental concern: A multilevel analysis of individuals within 37 nations. Environment and Behavior, 46(7), 848–871. https://doi.org/10.1177/0013916513479796
Khan, D., & Ullah, A. (2019). Testing the relationship between globalization and carbon dioxide emissions in Pakistan: Does environmental Kuznets curve exist? Environmental Science and Pollution Research. https://doi.org/10.1007/S11356-019-04913-9
Khan, I., Khan, I., Sayal, A. U., & Khan, M. Z. (2021). Does financial inclusion induce poverty, income inequality, and financial stability: Empirical evidence from the 54 African countries? Journal of Economic Studies. https://doi.org/10.1108/JES-07-2020-0317
Khan, M. K., Teng, J. Z., Khan, M. I., & Khan, M. O. (2019a). Impact of globalization, economic factors and energy consumption on CO2 emissions in Pakistan. Science of the Total Environment, 688, 424–436. https://doi.org/10.1016/j.scitotenv.2019.06.065
Khan, M., & Ozturk, I. (2021). Examining the direct and indirect effects of financial development on CO2 emissions for 88 developing countries. Journal of Environmental Management, 293, 112812. https://doi.org/10.1016/J.JENVMAN.2021.112812
Khan, M. T. I., Yaseen, M. R., & Ali, Q. (2019b). Nexus between financial development, tourism, renewable energy, and greenhouse gas emission in high-income countries: A continent-wise analysis. Energy Economics, 83, 293–310. https://doi.org/10.1016/J.ENECO.2019.07.018
Kim, D. W., Yu, J. S., & Hassan, M. K. (2018). Financial inclusion and economic growth in OIC countries. Research in International Business and Finance, 43, 1–14. https://doi.org/10.1016/j.ribaf.2017.07.178
Kwon, D. S., Cho, J. H., & Sohn, S. Y. (2017). Comparison of technology efficiency for CO2 emissions reduction among European countries based on DEA with decomposed factors. Journal of Cleaner Production, 151, 109–120. https://doi.org/10.1016/J.JCLEPRO.2017.03.065
Le, T. H., Chuc, A. T., & Taghizadeh-Hesary, F. (2019). Financial inclusion and its impact on financial efficiency and sustainability: Empirical evidence from Asia. Borsa Istanbul Review, 19(4), 310–322. https://doi.org/10.1016/J.BIR.2019.07.002
Le, T. H., Le, H. C., & Taghizadeh-Hesary, F. (2020). Does financial inclusion impact CO2 emissions? Evidence from Asia. Finance Research Letters, 34, 101451. https://doi.org/10.1016/J.FRL.2020.101451
Lee, K. H., & Min, B. (2014). Globalization and carbon constrained global economy: A fad or a trend? Journal of Asia-Pacific Business, 15(2), 105–121. https://doi.org/10.1080/10599231.2014.904181
Léon, F., & Zins, A. (2020). Regional foreign banks and financial inclusion: Evidence from Africa. Economic Modelling, 84, 102–116. https://doi.org/10.1016/j.econmod.2019.03.012
Li, Z., Xu, N., & Yuan, J. (2015). New evidence on trade-environment linkage via air visibility. Economics Letters, 128, 72–74. https://doi.org/10.1016/J.ECONLET.2015.01.014
Lin, B., & Zhu, J. (2019). The role of renewable energy technological innovation on climate change: Empirical evidence from China. Science of the Total Environment, 659, 1505–1512. https://doi.org/10.1016/J.SCITOTENV.2018.12.449
Liu, N., Hong, C., & Sohail, M. T. (2021). Does financial inclusion and education limit CO2 emissions in China? A new perspective. Environmental Science and Pollution Research, 1, 1–8. https://doi.org/10.1007/S11356-021-17032-1/TABLES/4
Mehmood, U. (2021). Globalization-driven CO2 emissions in Singapore: An application of ARDL approach. Environmental Science and Pollution Research, 28(9), 11317–11322. https://doi.org/10.1007/S11356-020-11368-W
Mujtaba, G., & Shahzad, S. J. H. (2021). Air pollutants, economic growth and public health: Implications for sustainable development in OECD countries. Environmental Science and Pollution Research, 28(10), 12686–12698. https://doi.org/10.1007/s11356-020-11212-1
Nanda, K., & Kaur, M. (2016). Financial inclusion and human development: A cross-country evidence. 41(2), 127–153. https://doi.org/10.1177/0258042X16658734
Nasir, M. A., Duc Huynh, T. L., & Xuan Tram, H. T. (2019). Role of financial development, economic growth & foreign direct investment in driving climate change: A case of emerging ASEAN. Journal of Environmental Management, 242, 131–141. https://doi.org/10.1016/J.JENVMAN.2019.03.112
Nsiah, A. Y., Yusif, H., Tweneboah, G., Agyei, K., & Baidoo, S. T. (2021). The effect of financial inclusion on poverty reduction in Sub-Sahara Africa: Does threshold matter? Cogent Social Sciences, 7(1), 1903138. https://doi.org/10.1080/23311886.2021.1903138
OECD. (2019). OECD/INFE report on financial education in APEC economies: Policy and practice in a digital world.
Omar, M. A., & Inaba, K. (2020). Does financial inclusion reduce poverty and income inequality in developing countries? A panel data analysis. Journal of Economic Structures, 9(1), 1–25. https://doi.org/10.1186/s40008-020-00214-4
Omri, A. (2020). Technological innovation and sustainable development: Does the stage of development matter? Environmental Impact Assessment Review, 83, 106398. https://doi.org/10.1016/J.EIAR.2020.106398
Omri, A., Euchi, J., Hasaballah, A. H., & Al-Tit, A. (2019). Determinants of environmental sustainability: Evidence from Saudi Arabia. Science of the Total Environment, 657, 1592–1601. https://doi.org/10.1016/J.SCITOTENV.2018.12.111
Owen, A. L., & Pereira, J. M. (2018). Bank concentration, competition, and financial inclusion. Review of Development Finance, 8(1), 1–17. https://doi.org/10.1016/j.rdf.2018.05.001
Ozili, P. K. (2018). Impact of digital finance on financial inclusion and stability. Borsa Istanbul Review, 18(4), 329–340. https://doi.org/10.1016/J.BIR.2017.12.003
Ozili, P. K. (2020). Financial inclusion research around the world: A review. Retrieved February 05, 2022, from https://doi.org/10.1080/07360932.2020.1715238
Park, C. Y., & Mercado, R. (2018). Financial inclusion, poverty, and income inequality. Singapore Economic Review, 63(1), 185–206. https://doi.org/10.1142/S0217590818410059
Pata, U. K. (2021). Linking renewable energy, globalization, agriculture, CO2 emissions and ecological footprint in BRIC countries: A sustainability perspective. Renewable Energy, 173, 197–208. https://doi.org/10.1016/J.RENENE.2021.03.125
Pedroni, P. (1996). Fully modified OLS for heterogeneous cointegrated panels and the case of purchasing power parity.
Pedroni, P. (1999). Critical values for cointegration tests in heterogeneous panels with multiple regressors. Oxford Bulletin of Economics and Statistics, 61(S1), 653–670. https://doi.org/10.1111/1468-0084.0610S1653
Personal, M., Archive, R., Feridun, M., Ayadi, F. S., & Balouga, J. (2006). M P RA Impact of trade liberalization on the environment in developing countries: The case of Nigeria. https://doi.org/10.1177/0169796X06062965
Pesaran, M. H. (2007). A simple panel unit root test in the presence of cross-section dependence. Journal of Applied Econometrics, 22(2), 265–312. https://doi.org/10.1002/JAE.951
Pesaran, M. H. (2004). General diagnostic tests for cross section dependence in panels. Retrieved February 05, 2022, from Cambridge Working Papers in Economics. https://ideas.repec.org/p/cam/camdae/0435.html
Petrović, P., & Lobanov, M. M. (2020). The impact of R&D expenditures on CO2 emissions: Evidence from sixteen OECD countries. Journal of Cleaner Production, 248, 119187. https://doi.org/10.1016/j.jclepro.2019.119187
Renzhi, N., & Baek, Y. J. (2020). Can financial inclusion be an effective mitigation measure? Evidence from panel data analysis of the environmental Kuznets curve. Finance Research Letters, 37, 101725. https://doi.org/10.1016/J.FRL.2020.101725
Ritchie, H., & Roser, M. (2020). CO2 and greenhouse gas emissions. Our World in Data. Retrieved February 05, 2022, from https://ourworldindata.org/co2-and-other-greenhouse-gas-emissions
Sadorsky, P. (2010). The impact of financial development on energy consumption in emerging economies. Energy Policy, 38(5), 2528–2535. https://doi.org/10.1016/J.ENPOL.2009.12.048
Sarkodie, S. A., Adams, S., & Leirvik, T. (2020). Foreign direct investment and renewable energy in climate change mitigation: Does governance matter? Journal of Cleaner Production, 263, 121262. https://doi.org/10.1016/J.JCLEPRO.2020.121262
Saud, S., Chen, S., & Danish, & Haseeb, A. (2019). Impact of financial development and economic growth on environmental quality: An empirical analysis from Belt and Road Initiative (BRI) countries. Environmental Science and Pollution Research, 26(3), 2253–2269. https://doi.org/10.1007/s11356-018-3688-1
Saud, S., & Danish, & Chen, S. (2018). An empirical analysis of financial development and energy demand: Establishing the role of globalization. Environmental Science and Pollution Research, 25(24), 24326–24337. https://doi.org/10.1007/S11356-018-2488-Y
Shabir, M., Ali, M., Hashmi, S. H., & Bakhsh, S. (2021). Heterogeneous effects of economic policy uncertainty and foreign direct investment on environmental quality: Cross-country evidence. Environmental Science and Pollution Research, 2021, 1–16. https://doi.org/10.1007/S11356-021-15715-3
Shahbaz, M., Shahzad, S. J. H., Mahalik, M. K., & Hammoudeh, S. (2018). Does globalisation worsen environmental quality in developed economies? Environmental Modeling and Assessment, 23(2), 141–156. https://doi.org/10.1007/S10666-017-9574-2
Shahbaz, M., Solarin, S. A., Mahmood, H., & Arouri, M. (2013). Does financial development reduce CO2 emissions in Malaysian economy? A time series analysis. Economic Modelling, 35, 145–152. https://doi.org/10.1016/J.ECONMOD.2013.06.037
Sharif, A., Afshan, S., Chrea, S., Amel, A., & Khan, S. A. R. (2020). The role of tourism, transportation and globalization in testing environmental Kuznets curve in Malaysia: New insights from quantile ARDL approach. Environmental Science and Pollution Research, 27(20), 25494–25509. https://doi.org/10.1007/S11356-020-08782-5
Shuai, C., Shen, L., Jiao, L., Wu, Y., & Tan, Y. (2017). Identifying key impact factors on carbon emission: Evidences from panel and time-series data of 125 countries from 1990 to 2011. Applied Energy, 187, 310–325. https://doi.org/10.1016/j.apenergy.2016.11.029
Tajudeen, I. A., Wossink, A., & Banerjee, P. (2018). How significant is energy efficiency to mitigate CO2 emissions? Evidence from OECD countries. Energy Economics, 72, 200–221. https://doi.org/10.1016/J.ENECO.2018.04.010
Tamazian, A., Chousa, J. P., & Vadlamannati, K. C. (2009). Does higher economic and financial development lead to environmental degradation: Evidence from BRIC countries. Energy Policy, 37(1), 246–253. https://doi.org/10.1016/j.enpol.2008.08.025
Teng, J. Z., Khan, M. K., Khan, M. I., Chishti, M. Z., & Khan, M. O. (2021). Effect of foreign direct investment on CO2 emission with the role of globalization, institutional quality with pooled mean group panel ARDL. Environmental Science and Pollution Research, 28(5), 5271–5282. https://doi.org/10.1007/s11356-020-10823-y
Umar, M., Ji, X., Kirikkaleli, D., & Xu, Q. (2020). COP21 roadmap: Do innovation, financial development, and transportation infrastructure matter for environmental sustainability in China? Journal of Environmental Management, 271, 111026. https://doi.org/10.1016/J.JENVMAN.2020.111026
Usman, M., Makhdum, M. S. A., & Kousar, R. (2021). Does financial inclusion, renewable and non-renewable energy utilization accelerate ecological footprints and economic growth? Fresh evidence from 15 highest emitting countries. Sustainable Cities and Society, 65, 102590. https://doi.org/10.1016/J.SCS.2020.102590
Wang, J., & Dong, K. (2019). What drives environmental degradation? Evidence from 14 Sub-Saharan African countries. Science of the Total Environment, 656, 165–173. https://doi.org/10.1016/J.SCITOTENV.2018.11.354
Wang, L., Vo, X. V., Shahbaz, M., & Ak, A. (2020a). Globalization and carbon emissions: Is there any role of agriculture value-added, financial development, and natural resource rent in the aftermath of COP21? Journal of Environmental Management, 268, 110712. https://doi.org/10.1016/J.JENVMAN.2020.110712
Wang, S., Zeng, J., & Liu, X. (2019). Examining the multiple impacts of technological progress on CO2 emissions in China: A panel quantile regression approach. Renewable and Sustainable Energy Reviews, 103, 140–150. https://doi.org/10.1016/J.RSER.2018.12.046
Wang, Z., Rasool, Y., Zhang, B., Ahmed, Z., & Wang, B. (2020b). Dynamic linkage among industrialisation, urbanisation, and CO2 emissions in APEC realms: Evidence based on DSUR estimation. Structural Change and Economic Dynamics, 52, 382–389. https://doi.org/10.1016/J.STRUECO.2019.12.001
Wawrzyniak, D., & Doryń, W. (2020). Does the quality of institutions modify the economic growth-carbon dioxide emissions nexus? Evidence from a group of emerging and developing countries. 33(1), 124–144. https://doi.org/10.1080/1331677X.2019.1708770
Westerlund, J., & Edgerton, D. L. (2007). A Simple Test for Cointegration in Dependent Panels with Structural Breaks. Oxford Bulletin of Economics and Statistics, 70(5), 665–704. https://doi.org/10.1111/J.1468-0084.2008.00513.X
Wijen, F., & Van Tulder, R. (2011). Integrating environmental and international strategies in a world of regulatory turbulence. California Management Review, 53(4), 23–46. https://doi.org/10.1525/CMR.2011.53.4.23
Wu, T. H., Chen, Y. S., Shang, W., & Wu, J. T. (2018). Measuring energy use and CO2 emission performances for APEC economies. Journal of Cleaner Production, 183, 590–601. https://doi.org/10.1016/J.JCLEPRO.2018.02.028
Xu, X., Huang, S., & An, H. (2021). Identification and causal analysis of the influence channels of financial development on CO2 emissions. Energy Policy, 153, 112277. https://doi.org/10.1016/J.ENPOL.2021.112277
Yang, L., & Li, Z. (2017). Technology advance and the carbon dioxide emission in China—Empirical research based on the rebound effect. Energy Policy, 101, 150–161. https://doi.org/10.1016/J.ENPOL.2016.11.020
Yang, X., Li, N., Mu, H., Pang, J., Zhao, H., & Ahmad, M. (2021). Study on the long-term impact of economic globalization and population aging on CO2 emissions in OECD countries. Science of the Total Environment. https://doi.org/10.1016/j.scitotenv.2021.147625
Yang, B., Ali, M., Hashmi, S. H., & Shabir, M. (2020). Income inequality and CO2 emissions in developing countries: The moderating role of financial instability. Sustainability (switzerland), 12(17), 6810. https://doi.org/10.3390/SU12176810
Yurtkuran, S. (2021). The effect of agriculture, renewable energy production, and globalization on CO2 emissions in Turkey: A bootstrap ARDL approach. Renewable Energy, 171, 1236–1245. https://doi.org/10.1016/J.RENENE.2021.03.009
Zafar, M. W., Sinha, A., Ahmed, Z., Qin, Q., & Zaidi, S. A. H. (2021). Effects of biomass energy consumption on environmental quality: The role of education and technology in Asia-Pacific Economic Cooperation countries. Renewable and Sustainable Energy Reviews, 142, 110868. https://doi.org/10.1016/J.RSER.2021.110868
Zaidi, S. A. H., Hussain, M., & Uz Zaman, Q. (2021). Dynamic linkages between financial inclusion and carbon emissions: Evidence from selected OECD countries. Resources, Environment and Sustainability, 4, 100022. https://doi.org/10.1016/J.RESENV.2021.100022
Zaidi, S. A. H., Zafar, M. W., Shahbaz, M., & Hou, F. (2019). Dynamic linkages between globalization, financial development and carbon emissions: Evidence from Asia Pacific Economic Cooperation countries. Journal of Cleaner Production, 228, 533–543. https://doi.org/10.1016/J.JCLEPRO.2019.04.210
Zhang, Y. J., Peng, Y. L., Ma, C. Q., & Shen, B. (2017). Can environmental innovation facilitate carbon emissions reduction? Evidence from China. Energy Policy, 100, 18–28. https://doi.org/10.1016/J.ENPOL.2016.10.005
