No abstract

This paper examines the long-run relationship between carbon dioxide (CO2) emission and economic growth, financial development, trade, energy consumption, and foreign direct investment in the case of Lithuania by employing time series data of 1989-2018. In particular, this paper aims to test whether the Environmental Kuznets Curve (EKC) relationship for economic growth and financial development holds or not. The autoregressive distributed lag (ARDL) bounds testing procedure is employed for the empirical analysis. The results validate the existence of EKC in the long-run as well as in the short-run since there is an inverted U-shaped relation between CO2 emissions and economic growth. Conversely, we could not validate the EKC relationship between CO2 emissions and financial development. Trade and energy consumption are other significant determinants of CO2 emissions. The causality analysis results show that unidirectional causality runs from economic growth to CO2 emissions and trade to CO2 emissions. The validity of the EKC hypothesis indicates that Lithuania can achieve short-term, medium-term, and long-term climate change mitigation and adoption goals and objectives approved by the Parliament of the Republic of Lithuania without deteriorating its economic growth. 8.5 %, 6.7 %, 4.5 %, 3.7 %, 3.5 %, 2.4 %, 1.9 %, and 0.6 % respectively. These estimates are based on the Eurostat data. For further details on Lithuania

This research attempts to analyze the relationship between agency, control and corporate governance attributes for a sample of 267 firms listed on the Pakistan Stock Exchange (PSX) from 2005 to 2008. The results show that a) Pakistani listed firms are facing high agency costs problems in contrast to established markets. b) Factors are observed important to having strong effect on mitigating agency costs levels: corporate dividend policy, degree of board independence, and institutional ownership. c) Corporate governance factors reduce discretionary expenditure ratio, increase assets utilization ratio and free cash flow ratio. d) Control variables increases the asset utilization ratio and decreases the free cash flow and increases the managers' performance (Tobin's Q ratio). e) Ownership attributes regulate free cash flow and decrease the discretionary expenditure ratio. The outcomes of this research lead to the proposed use of recommended governance, control and ownership attributes to overcome agency problems and a sound policy for better corporate governance (better management of agency cost issues) for listed firms.

No abstract