The goal of this research is to investigate the impact of tourism on sustainable development in the 10 most visited countries. For this purpose, following the STIRPAT model, the impact of urbanization, energy intensity, and tourism on the newly designed sustainable development index is examined for the period 1995–2015. In doing so, tourism is represented by two different indicators, the number of tourists and tourism receipts. In addition, the impact of tourism on economic growth is analyzed to compare the effects of tourism development on economic growth and sustainable development. While doing this, second-generation panel data methods are used to take into account the possible inter-country dependency. According to the findings obtained in the study, tourism, energy intensity, and urbanization have positive effects on economic growth. On the other hand, the effects of all three factors on the sustainable development index are negative and statistically significant. These findings indicate that the harmful effects of tourism on other dimensions of sustainable development are greater than the beneficial effects of tourism on economic growth.

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It is well acknowledged that achieving sustainable development goals without negatively impacting a country's economic activity is complicated. The question of whether foreign or domestic capital can be used to address the financial demands of the nations who lack the financial resources for a green transformation should now be resolved. Based on this, the main goal of this research is to analyze the impacts of domestic and foreign capital on carbon emissions for a heterogeneous panel of 42 countries for the period from 1990 to 2017. Aside from capital accumulation, the environmental impact of elements such as economic growth, urbanization, trade openness, and energy usage are also studied. The newly developed quantile via moment approach is utilized to isolate the impacts according to the countries' emission levels. Finally, the impact of these variables on the recently constructed sustainable development index is investigated in order to ensure its robustness. The findings of the study reveal that the environmental efficiency of domestic capital accumulation in countries with low emission levels is higher than in countries with high emission levels. Foreign capital, on the other hand, has no substantial effect on emission levels in all quantiles.

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