{"title":"How does international capital flows drive green technological innovation in emerging and developed markets?","authors":"Obaika M. Ohikhuare , Nasir Khan , Kais Saidi","doi":"10.1016/j.ribaf.2025.102873","DOIUrl":null,"url":null,"abstract":"<div><div>Green technological innovation is vital for advancing sustainable development, as it reconciles the dual objectives of economic growth and environmental sustainability. This study investigates the roles of institutional quality and international capital flows—both independently and interactively—in driving green technological innovation across emerging and developed economies. Using panel quantile regression on panel data spanning from 1996 to 2021, the study reveals several key findings. First, aggregation bias and the limitations of linear regression models in capturing the heterogeneity of green technological innovation contribute significantly to the lack of scholarly consensus. Second, the influence of international capital flows and capital per worker on green innovation varies across the stage of economic development and the level of green technological progress. Third, institutional quality consistently promotes green innovation, regardless of a country's level of development. Finally, whether institutional quality matters in how international capital flows drive green technological innovation is contingent on the stage of economic development and the level of green technical progress. These findings offer valuable insights for policymakers aiming to enhance green technological innovation through tailored strategies considering development stages and institutional contexts.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"77 ","pages":"Article 102873"},"PeriodicalIF":6.9000,"publicationDate":"2025-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Research in International Business and Finance","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0275531925001291","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
Abstract
Green technological innovation is vital for advancing sustainable development, as it reconciles the dual objectives of economic growth and environmental sustainability. This study investigates the roles of institutional quality and international capital flows—both independently and interactively—in driving green technological innovation across emerging and developed economies. Using panel quantile regression on panel data spanning from 1996 to 2021, the study reveals several key findings. First, aggregation bias and the limitations of linear regression models in capturing the heterogeneity of green technological innovation contribute significantly to the lack of scholarly consensus. Second, the influence of international capital flows and capital per worker on green innovation varies across the stage of economic development and the level of green technological progress. Third, institutional quality consistently promotes green innovation, regardless of a country's level of development. Finally, whether institutional quality matters in how international capital flows drive green technological innovation is contingent on the stage of economic development and the level of green technical progress. These findings offer valuable insights for policymakers aiming to enhance green technological innovation through tailored strategies considering development stages and institutional contexts.
期刊介绍：
Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance
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