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Unraveling The Nexus Between Financial Openness and Environmental Quality: Green Finance as The Catalyst in CEE Countries 解开金融开放与环境质量之间的联系:绿色金融是中欧和东欧国家的催化剂
Q1 Social Sciences Pub Date : 2024-06-04 DOI: 10.1142/s146433322450011x
Azer Dilanchiev, Chanyanan Somthawinpongsai, Bobur Urinov, Elchin Eyvazov
The use of fossil fuels, which is still seen as the cheapest energy source today, has increased carbon emissions and contributed to the formation of greenhouse gases, and this gas has reached levels that threaten world health. While studies on this problem often question the relationship between production volume, energy use, and carbon emissions, few studies question the effects of the financial assets, which are the providers of investments made for production purposes, on environmental degradation. This study used the fixed effect model and system GMM technique to analyse the moderating effect of green finance in connection to financial openness and environmental quality from 2015 to 2020 in the CEE countries. Findings show, among other things that (1) CO2 in CEE countries is still growing; (2) financial openness is a positive and significant indicator of CO2 emission; and (3) that green finance usage reduces the positive impact of financial openness on CO2 emissions. The study suggests that financial openness, renewable energy (RE) investment, and green technology innovation (GTI) — consistently drive CO2 emissions in CEE countries. The study suggests that policies promoting green finance, particularly RE investment and GTI, can help mitigate environmental degradation and reduce CO2 emissions.
化石燃料仍被视为当今最廉价的能源,但化石燃料的使用增加了碳排放量,导致温室气体的形成,这种气体已达到威胁世界健康的程度。对这一问题的研究通常会质疑生产量、能源使用量和碳排放量之间的关系,但很少有研究质疑金融资产对环境退化的影响,而金融资产是为生产目的进行投资的提供者。本研究采用固定效应模型和系统 GMM 技术,分析了 2015 年至 2020 年中欧和东欧国家绿色金融对金融开放度和环境质量的调节作用。研究结果表明:(1) 中东欧国家的二氧化碳排放量仍在增长;(2) 金融开放度是二氧化碳排放量的正向显著指标;(3) 绿色金融的使用降低了金融开放度对二氧化碳排放量的正向影响。研究表明,金融开放度、可再生能源(RE)投资和绿色技术创新(GTI)持续推动中欧和东欧国家的二氧化碳排放。研究表明,促进绿色金融,特别是可再生能源投资和绿色技术创新的政策有助于缓解环境退化和减少二氧化碳排放。
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引用次数: 0
Quantile Effect of Economic Factors and Energy Consumption on Environmental Degradation in Vietnam 经济因素和能源消耗对越南环境恶化的量化效应
Q1 Social Sciences Pub Date : 2024-05-15 DOI: 10.1142/s1464333224400015
Thi Xuan Hoang, Chi Hai Nguyen, Thai Hung Ngo
This study aims to highlight the asymmetric impact of economic growth (GDP), trade openness (TO), energy consumption (EC), foreign direct investment (FDI), and financial development (FD) on carbon dioxide (CO2) emissions in Vietnam over the period 1990–2022, using quantile-on-quantile regression and Granger causality in quantiles techniques. Our mainstream findings indicate that the selected macroeconomic indicators have a strong positive effect on CO2 emissions in this country, and this effect is more pronounced in the lowest and highest quantiles of the respective variables. In addition, the results of Granger causality suggest a bidirectional causal relationship between the examined indicators. These findings suggest that fostering economic growth, promoting trade openness, managing energy consumption, encouraging foreign direct investment, and enhancing financial development can contribute to a sustainable environment in Vietnam.
本研究旨在利用量纲对量纲回归和量纲格兰杰因果关系技术,强调 1990-2022 年间经济增长(GDP)、贸易开放度(TO)、能源消耗(EC)、外国直接投资(FDI)和金融发展(FD)对越南二氧化碳(CO2)排放的非对称影响。我们的主流研究结果表明,所选的宏观经济指标对该国的二氧化碳排放有很强的正向影响,而且这种影响在各变量的最低和最高量级上更为明显。此外,格兰杰因果关系的结果表明,所考察的指标之间存在双向因果关系。这些研究结果表明,促进经济增长、推动贸易开放、管理能源消耗、鼓励外国直接投资和加强金融发展有助于越南实现可持续发展的环境。
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引用次数: 0
Exploring Environmental Regulation Instruments and Their Impact on Eco-Innovation Practices Among SMEs: The Mediating Role of Environmental Orientation 探索环境监管工具及其对中小企业生态创新实践的影响:环境导向的中介作用
Q1 Social Sciences Pub Date : 2024-05-15 DOI: 10.1142/s1464333224500108
Khalid Mady, Mohamed Battour, Sabri Shaker Ashoor Bin-Obaidellah, Maha Khamis Al Balushi, Rowan Elodie Kennedy
Despite a vast body of eco-innovation literature investigating the assumption that environmental regulations encourage the implementation of eco-innovative practices, previous research on eco-innovation and environmental regulations has yielded inconsistent findings. By considering the heterogeneity of environmental regulation and eco-innovations, this study sheds light on how different environmental regulation instruments can facilitate and enhance eco-innovation practices, along with the role of environmental orientation in mediating the relationships. The study surveyed 188 managers and owners and utilised the partial least squares-structural equation model as the analytical method. Results showed that environmental regulatory mechanisms have no direct impact on eco-innovation. However, the study has found that environmentally oriented SMEs respond to strict environmental policies and regulations by undertaking eco-innovation practices. Furthermore, market-based instruments provide firms with strong environmental orientation and economic incentives to foster eco-process innovations. The study offers practical insights for policymakers and SME managers, in addition to advancing the knowledge base.
尽管大量的生态创新文献调查了环境法规鼓励实施生态创新实践的假设,但以往关于生态创新和环境法规的研究得出的结论并不一致。通过考虑环境法规和生态创新的异质性,本研究揭示了不同的环境法规工具如何促进和加强生态创新实践,以及环境导向在两者关系中的中介作用。研究调查了 188 名经理和业主,并采用偏最小二乘法结构方程模型作为分析方法。结果表明,环境监管机制对生态创新没有直接影响。然而,研究发现,以环保为导向的中小企业会通过开展生态创新实践来应对严格的环境政策和法规。此外,基于市场的手段为企业提供了强有力的环境导向和经济激励,以促进生态流程创新。这项研究为政策制定者和中小企业管理者提供了切实可行的见解,同时也推进了知识库的建设。
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引用次数: 0
Policy and Institutions for Environmental Sustainability and Green Growth: The Moderating Effect of Renewable Energy and CO2 Emissions 促进环境可持续性和绿色增长的政策与制度:可再生能源和二氧化碳排放的调节作用
Q1 Social Sciences Pub Date : 2024-05-11 DOI: 10.1142/s1464333224500091
Hamdi Khalfaoui, Moufida Ben Saada, Hassan Guenichi
Reducing environmental degradation due to the waste of natural resources and increasing global warming have been the main sustainable development goals for preserving biodiversity and ensuring sustainable growth established by the United Nations since 2015. Elucidating these goals requires effective and efficient environmental policies, substantial financial resources, and technological innovation to ensure an energy transition and reduce fossil fuel divestment and polluting technologies. In this context, this paper aims to examine the impact of environmental sustainability policy and institutions on green economic growth. Using a CS-ARDL panel model for a sample of 69 low-income countries in Africa, Asia, Europe, and North America over the period 2005-2020, we find that the effect of environmental sustainability policy and institutions on green GDP per capita is positive and statistically significant. The intensity of this effect is moderated by increases in renewable energy consumption and decreases in CO2 emissions. Furthermore, the subsample analysis indicates that the relationships between environmental sustainability policy and institutions and green growth remain positive for the four continents. In the long run, the intensity of this effect is stronger in Europe and Asia than in America and Africa. Moreover, these impacts are more effective as renewable energy increases and CO2 emissions decrease. It seems to be more important in Europe and Asia than in America and Africa. Overall, low-income countries should pay particular attention to policy and institutional index for environmental sustainability to promote green growth, taking into account the moderating effect of renewable energy consumption and CO2 emissions reduction.
减少因浪费自然资源和加剧全球变暖而造成的环境退化,是联合国自 2015 年以来确立的保护生物多样性和确保可持续增长的主要可持续发展目标。阐明这些目标需要切实有效的环境政策、大量财政资源和技术创新,以确保能源转型,减少化石燃料撤资和污染技术。在此背景下,本文旨在研究环境可持续性政策和制度对绿色经济增长的影响。我们使用 CS-ARDL 面板模型,以非洲、亚洲、欧洲和北美的 69 个低收入国家为样本,研究了 2005-2020 年间的情况,发现环境可持续性政策和制度对人均绿色 GDP 的影响是积极的,且在统计上是显著的。可再生能源消费的增加和二氧化碳排放量的减少缓和了这种效应的强度。此外,子样本分析表明,四大洲的环境可持续性政策和制度与绿色增长之间的关系仍然是正相关。从长远来看,欧洲和亚洲的影响强度要强于美洲和非洲。此外,随着可再生能源的增加和二氧化碳排放量的减少,这些影响更为有效。欧洲和亚洲似乎比美洲和非洲更为重要。总体而言,低收入国家应特别关注环境可持续性的政策和制度指数,以促进绿色增长,同时考虑到可再生能源消费和二氧化碳减排的调节作用。
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引用次数: 0
Climate Risk and Sustainable Investment in Asia 亚洲的气候风险与可持续投资
Q1 Social Sciences Pub Date : 2024-04-03 DOI: 10.1142/s146433322450008x
C. Vidya, K. Prabheesh
This study conducts an empirical analysis of the impact of climate risk on Environmental, Social, and Governance (ESG) investments in Asia. Using monthly data from 2015 to 2022 for 11 Asian countries and applying wavelet coherence analysis with a panel Auto-regressive Distributed Lag Model (ARDL) cointegration approach, the study concludes that (1) ESG and stock market returns are positively correlated during economic turmoil in China and Malaysia; (2) climate risk positively influences ESG returns, suggesting that it enhances returns during uncertain times rather than having a detrimental effect; (3) returns on conventional assets are negatively impacted by climate risk; and (4) ESG investments serve as an effective hedge against climate risk and provide a sound strategy for portfolio diversification in the Asian market.
本研究对气候风险对亚洲环境、社会和治理(ESG)投资的影响进行了实证分析。研究使用了 11 个亚洲国家 2015 年至 2022 年的月度数据,并采用面板自回归分布滞后模型(ARDL)协整方法进行了小波相干性分析,得出以下结论:(1)在中国和马来西亚的经济动荡期间,ESG 与股市回报呈正相关;(2) 气候风险对环境、社会和公司治理回报产生正向影响,这表明在不确定时期,环境、社会和公司治理会提高回报,而不是产生不利影响;(3) 传统资产的回报受到气候风险的负面影响;以及 (4) 在亚洲市场,环境、社会和公司治理投资可有效对冲气候风险,并为投资组合多样化提供合理策略。
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引用次数: 0
Producing Green or Brown? A Game of Green Innovation in an Asymmetric Oligopoly 生产绿色还是棕色?不对称寡头垄断中的绿色创新博弈
Q1 Social Sciences Pub Date : 2024-03-20 DOI: 10.1142/s1464333224500078
Inês Carrilho-Nunes, Margarida Catalão‐Lopes
As consensus grows for low-carbon development, innovation becomes vital for green growth, given the substantial technology adoption needed for long-term environmental targets. This paper explores market-driven incentives for green product innovation in an asymmetric duopoly using a game theory approach without relying on direct government intervention. The roles that market dynamics and rivalry have on the supply of green or brown products are explored in simultaneous and sequential scenarios, considering technology costs, demand-creating effects, rivalry gains, and information availability. Results reveal that a fully green market is contingent on low innovation costs, depending especially on the magnitude of demand creation effects. Notably, product differentiation occurs only under extreme cost asymmetry. Recommendations underscore the importance of incentivising low-cost innovations, assessing the impact of product differentiation and diversity, especially concerning lower-income consumers, and proposing measures to improve the transparency of firms’ strategic choices.
随着人们对低碳发展的共识日益增强,鉴于实现长期环境目标需要大量采用技术,创新对绿色增长至关重要。本文采用博弈论方法,在不依赖政府直接干预的情况下,探讨了不对称双头垄断中市场驱动的绿色产品创新激励机制。考虑到技术成本、需求创造效应、竞争收益和信息可用性,本文在同时和先后两种情景下探讨了市场动态和竞争对绿色或棕色产品供应的影响。结果表明,一个完全绿色的市场取决于较低的创新成本,尤其取决于需求创造效应的大小。值得注意的是,只有在成本极度不对称的情况下才会出现产品差异化。建议强调激励低成本创新、评估产品差异化和多样性的影响(尤其是对低收入消费者的影响)以及提出提高企业战略选择透明度的措施的重要性。
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引用次数: 0
ESG Performance and State Ownership in Firm Valuation: Perspectives from Singapore Companies 公司估值中的环境、社会和公司治理绩效与国家所有权:新加坡公司的视角
Q1 Social Sciences Pub Date : 2024-03-15 DOI: 10.1142/s1464333224500054
Gayle Tan, Youngho Chang
This study examines how Environmental, Social, and Governance (ESG) performance and state ownership affect firm valuation in Singapore and determines if the effects of ESG on firm valuation are more pronounced in state-owned companies. The data comprises 51 companies listed on the Singapore Stock Exchange with complete ESG and financial information during the five-year period from 2018 to 2022. This study finds that only social practices positively and statistically significantly affect stock prices. Overall ESG values, and the other two dimensions of ESG appear not to be statistically significant. State ownership appears to positively and significantly affect the stock price. The finding suggests that the Singapore government’s substantial influence over corporate practices could accentuate the difference in market perception of ESG efforts between SOEs and companies. The study provides useful and practical implications to policymakers, managers and investors, which affect firm financial and operational performance.
本研究探讨了环境、社会和治理(ESG)绩效和国有所有权如何影响新加坡的公司估值,并确定环境、社会和治理对公司估值的影响是否在国有公司中更为明显。数据包括 51 家在新加坡证券交易所上市的公司,这些公司在 2018 年至 2022 年的五年间拥有完整的 ESG 和财务信息。本研究发现,只有社会实践会对股票价格产生积极的、统计上显著的影响。整体 ESG 价值和 ESG 的其他两个维度似乎在统计上并不显著。国家所有权似乎会对股价产生积极而重大的影响。研究结果表明,新加坡政府对企业实践的巨大影响可能会加剧市场对国有企业和公司在环境、社会和公司治理方面努力的认知差异。本研究为政策制定者、管理者和投资者提供了有益的实际启示,这些启示会影响公司的财务和经营业绩。
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引用次数: 0
Nexus Between Strategic Green Finance and Green Competitive Advantage: Study at Indonesia Corporate 战略性绿色金融与绿色竞争优势之间的联系:印度尼西亚企业研究
Q1 Social Sciences Pub Date : 2024-02-28 DOI: 10.1142/s1464333224500030
M. Nohong, M. Sobarsyah, M. I. Sohilauw, Bahtiar Herman
The present research explores the variables that impact Green Competitive Advantage (GCA) in modern business environments. It highlights the importance of strategic investments in green finance and the strong association between Strategic Finance (SFI) and GCA, which aligns with the growing emphasis on sustainable business practices worldwide. Furthermore, the study reveals the correlation between Corporate Governance (CG), business Size (CS), and GDP, emphasizing the critical function of solid governance frameworks and the utilization of business scale to align with broader economic trends. However, discovering multicollinearity among particular variables underscores the necessity for caution when interpreting regression model results. In addition, incorporating a geographical dimension yields refined insights that disclose characteristics distinctive to a specific place and globally relevant determinants that affect GCA. Ultimately, companies that want to be sustainable and competitive must take a holistic approach considering governance, strategic finance, and location.
本研究探讨了现代商业环境中影响绿色竞争优势(GCA)的变量。研究强调了绿色金融战略投资的重要性,以及战略金融(SFI)与绿色竞争优势之间的紧密联系,这与全球范围内对可持续商业实践的日益重视是一致的。此外,研究还揭示了公司治理(CG)、企业规模(CS)和国内生产总值(GDP)之间的相关性,强调了稳固的治理框架和利用企业规模与更广泛的经济趋势保持一致的关键作用。然而,在特定变量之间发现的多重共线性强调了在解释回归模型结果时谨慎行事的必要性。此外,纳入地理维度可以获得更深入的见解,揭示特定地方的独特特征以及影响全球共同国家评估的全球相关决定因素。归根结底,企业要想实现可持续发展并具有竞争力,就必须综合考虑治理、战略融资和地理位置等因素。
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引用次数: 0
Catalysing Sustainability: Exploring Factors Shaping Green Initiatives in Micro, Small, and Medium-Sized Enterprises 催化可持续性:探索影响微型、小型和中型企业绿色倡议的因素
Q1 Social Sciences Pub Date : 2024-02-19 DOI: 10.1142/s1464333224500042
Lukman Hamdani, Hesty Juni Tambuati Subing, Rizaldi Yusfiarto
By applying the PLS-SEM method to survey the data of 350 samples in Indonesia, this paper develops a framework based on three potential elements: push effect (partnership and cooperation, rules and regulations, value practices), pull effect (government support, market sophistication, environmental awareness), and mooring effect (technological support and switching costs) about the transition of micro, small, and medium enterprises (MSMEs) towards green practices. The study reveals that these factors exhibit variations in terms of statistical significance. The findings indicate that an increase in the push effect and pull effect significantly influences the switching behaviour of MSME owners/managers. In contrast, concerning the mooring effect, each element demonstrates varying levels of direct influence on the transition towards green practices in MSMEs, with some impacts proving to be statistically significant and others not. Overall, these findings shed light on the intricate dynamics of MSMEs environmental responsibility, offering valuable insights for policymakers and practitioners.
本文运用 PLS-SEM 方法调查了印度尼西亚 350 个样本的数据,并根据三个潜在要素:推动效应(伙伴关系与合作、规章制度、价值实践)、拉动效应(政府支持、市场成熟度、环保意识)和停泊效应(技术支持和转换成本),建立了一个关于中小微企业向绿色实践转型的框架。研究显示,这些因素在统计意义上存在差异。研究结果表明,推动效应和拉动效应的增加会对中小微企业主/经理的转换行为产生重大影响。与此相反,在停泊效应方面,每个因素对中小微企业向绿色做法转型的直接影响程度各不相同,有些影响在统计上有意义,有些则没有。总之,这些发现揭示了中小微企业环境责任的复杂动态,为政策制定者和从业人员提供了宝贵的见解。
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引用次数: 0
Exploring the Role of E-Entrepreneurship in Fostering Future Green Economy and Environmental Policies: A Study on Saudi Women Entrepreneurs 探索电子创业在促进未来绿色经济和环境政策中的作用:沙特女企业家研究
Q1 Social Sciences Pub Date : 2024-01-30 DOI: 10.1142/s1464333224500029
Samar Alzamel
This study examines the role of e-entrepreneurship in fostering the future economy, with a specific focus on Saudi women entrepreneurs. The emergence of digital technologies and the internet has opened up new opportunities for entrepreneurship, especially for women facing traditional barriers to business participation. In particular, the Kingdom of Saudi Arabia (KSA) has witnessed many women entrepreneurs who leverage e-commerce platforms to establish and grow their businesses. Combining e-entrepreneurship with environmental conscience depicts a future in which sustainable development and economic prosperity coexist. This research will explore the motivations, challenges, and strategies employed by Saudi women entrepreneurs in the e-commerce sector and analyse the impact of their entrepreneurial activities on the future economy. The study followed a quantitative and post-positivist approach. Data were collected cross-sectionally from the women working in different start-ups in the big cities of KSA. The study adopted the systematic random sampling approach to reach the respondents. A total of 500 questionnaires were distributed. However, 388 were included for analysis after the screening process. The findings reveal that e-entrepreneurial significantly impacts women’s entrepreneurial and economic growth. Moreover, Entrepreneurial self-efficiency significantly mediates the relationship between women’s entrepreneurial and economic growth. The findings comprehensively understand complex dynamics and guide future research and practical applications in related domains. Furthermore, the study found that Saudi women entrepreneurs should receive financial and technical support to initiate their ventures. Moreover, policy recommendations of the study demand addressing cultural barriers and fostering an enabling environment for their entrepreneurial endeavours.
本研究探讨了电子创业在促进未来经济中的作用,特别关注沙特女企业家。数字技术和互联网的出现为创业开辟了新的机遇,尤其是为面临传统商业参与障碍的女性开辟了新的机遇。特别是在沙特阿拉伯王国(KSA),许多女企业家利用电子商务平台建立和发展了自己的企业。将电子创业与环保意识相结合,描绘了一个可持续发展与经济繁荣共存的未来。本研究将探讨沙特女企业家在电子商务领域的动机、挑战和战略,并分析她们的创业活动对未来经济的影响。本研究采用定量和后实证主义方法。数据是通过横截面方式从在阿联酋大城市不同初创企业工作的女性中收集的。研究采用了系统随机抽样的方法来接触受访者。共发放了 500 份问卷。但经过筛选后,有 388 份被纳入分析范围。研究结果表明,电子创业对妇女的创业和经济增长有显著影响。此外,创业自我效能在很大程度上调解了妇女创业与经济增长之间的关系。研究结果全面了解了复杂的动态变化,并为相关领域的未来研究和实际应用提供了指导。此外,研究还发现,沙特女企业家应获得资金和技术支持,以启动她们的企业。此外,研究提出的政策建议要求消除文化障碍,为她们的创业努力营造有利环境。
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引用次数: 0
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Journal of Environmental Assessment Policy and Management
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