Climate change is one of the most serious threats facing the world today. Environmental pollution and depletion of natural resources have been highlighted by the United Nations Sustainable Development Goals (SDGs), paving the way for modern concepts such as sustainable growth to be introduced. Therefore, this research explores the relationship between green finance, energy efficiency, and CO2 emissions in the G7 countries. The study uses panel data model technique to examine the dependence structure of green finance, energy efficiency, and CO2 emissions. Moreover, we use DEA to construct an energy efficiency index of G7 countries. A specific interval exists between the values of the energy efficiency indexes. Japan, the United Kingdom, and the United States were named the most energy-efficient countries in the world, based on results obtained for five consecutive years in this category. However, according to the comparative rankings, France and Italy are the most successful of all the G7 members, followed by the United Kingdom and Germany. Our overall findings of the econometric model confirm the negative impact of green finance and energy efficiency on CO2 emissions; however, this relationship varies across the different quantiles of the two variables. The findings in the study confirm that green finance is the best financial strategy for reducing CO2 emissions.
Under the background of green development, multidimensional R&D investment and institutional quality have injected strong power into green innovation. Based on China's provincial panel data from 2009 to 2018, this study examines the threshold effect of R&D and R&D personnel input on China's green innovation capability from three perspectives, namely, political institutional quality, economic institutional quality, and legal institutional quality. The core study results show that the influence of R&D on China's green innovation capability has an obvious double-threshold effect based on institutional quality. This study expands the research on the influencing factors of green innovation and the influence effect of multidimensional R&D investment and provides a theoretical basis for regional green innovation management. In addition, the research results of this study provide a reference for accurately formulating regional green innovation capability promotion strategies.
This study examines the impact of digital financing on the degree of financing constraints and discusses the mediating effect of investor confidence. The data are based on companies listed on the Shanghai Stock Exchange and the Shenzhen Stock Exchange from 2010 to 2019. To investigate the impact of digital financing on the financing constraints of companies in different situations, the heterogeneity of internal control and equity characteristics of different organizations is analyzed. The results using fixed-effects models show that (i) the change in digital finance has a significant negative impact on the level of corporate financing constraints; (ii) investor confidence plays a mediating role between digital finance and financing constraints; and (iii) the level of internal control impacts the relationship between the digital finance and the corporate financing constraints. Specifically, for the organizations with better internal control, there is a significant negative relationship between digital finance and corporate financing constraints while for organizations with poor internal control, digital finance has no significant influence on the extent of financing constraints; and (iv) digital finance of private organizations is significantly negatively correlated with the extent of financing constraints, while for government organizations, a negative relationship is not evident.
The strategic planning and decision making of the government in the combination of high-quality development and green development has had a far-reaching impact on the development of industrial enterprises. This paper grounded theory to build a theoretical framework model of the factors that influence the development of high-quality green industrial enterprises. The data are based on policy documents, policy interpretations, official public opinion, and other original text materials related to the high-quality green development of Chinese industrial enterprises. The research finds that the factors that influence the high-quality green development of industrial enterprises can be divided into three dimensions, including the environmental dimension, the enterprise dimension, and the process dimension. Among them, the enterprise dimension is the most core dimension and directly affects the high-quality green development of industrial enterprises. Different parts (six parts) in each dimension are connected together to form a circular chain of high-quality green development of industrial enterprises. There is also an interaction mechanism within each part.
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