Towards the dream of go green: An empirical importance of green innovation and financial depth for environmental neutrality in world's top 10 greenest economies

Ramzan, Muhammad; Abbasi, Kashif Raza; Salman, Asma; Dagar, Vishal; Alvarado, Rafael; Kagzi, Muneza

doi:10.1016/j.techfore.2023.122370

Cited by 65 publications

(20 citation statements)

References 78 publications

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“…Eco‐innovation improves energy efficiency, enhances green energy technologies, promote sustainable transportation, sustainable land use and waste management. Previous studies also proved that eco‐innovation is essential for the reduction of GHG emissions (Razzaq et al, 2023; Luo et al, 2023; Ramzan, Abbasi, et al, 2023; Ji et al, 2020). Hence, we conclude that eco‐innovation is the source of reducing pollution effects by adopting energy‐efficient production techniques.…”

Section: Resultsmentioning

confidence: 86%

“…Nonetheless, the development of financial system generally speeds up the use of traditional carbon‐intensive goods, ultimately leading to environmental deterioration (Usman & Balsalobre‐Lorente, 2022). In case of the UK, Ramzan, Abbasi, et al (2023) revealed that financial globalization and green innovation are unidirectionally causing ecological footprint as well as energy transition, where both the formers are substantial in reducing environmental hazards. In the case of the BRICS region, Hashmi et al (2023) and Chen et al (2023) confirmed that enhancement in financial globalization has noteworthy importance in improved green growth, which, in turn, reduces the level of emissions and promotes environmental sustainability (Gu et al, 2023).…”

Section: Literature Reviewmentioning

confidence: 99%

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What we learn from nexus between greener growth and energy‐related emissions: Sustainability perspective evidence in context of financial globalization

Chen,

Zhou,

Raza

et al. 2023

Geological Journal

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With gradually increasing global climate issues, the Energy Protection Agency (EPA) emphasizes emission reduction measures at the national and international levels. Financial globalization and green innovation are considered a solution to the low‐income problem through internalization and specialization of markets and bring technological progress and innovation through open market access. The developed nations have been using financial globalization as the main driver of economic progress. This study examines the effects of financial globalization and green innovation on energy‐related greenhouse gas emissions for G7 countries. Unlike the literature that considered carbon and overall greenhouse gas emissions, this study is novel as it specifically focuses on energy‐related emissions in developed economies. The authors use the panel data of G7 economies from 1990 to 2020. To estimate the individual effects of each explanatory variable on emissions despite the nonlinear data distribution, this study uses the novel method of moment quantile regression (MMQR) approach. The results suggested that financial globalization, income, eco‐innovation, financial risk and human capital significantly influence greenhouse gas emissions in G7 countries, where economic growth and human capital are the leading drivers of energy‐related emissions. However, green technology, financial globalization and financial risk significantly help improve the environmental quality of the region. The results suggested fruitful implications, including increased participation in global economic activities, investment in green innovation, human capital and efficient financial risk management to attain sustainable development.

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Section: Resultsmentioning

confidence: 86%

Section: Literature Reviewmentioning

confidence: 99%

What we learn from nexus between greener growth and energy‐related emissions: Sustainability perspective evidence in context of financial globalization

Chen,

Zhou,

Raza

et al. 2023

Geological Journal

View full text Add to dashboard Cite

show abstract

“…For example, Zhang et al (2022) investigate a sample encompassing 48 developing countries, revealing that the implementation of information communication and technology infrastructure leads to a reduction in CO 2 emissions. In a similar vein, Ramzan et al (2023) find that investments in green innovation contribute to mitigating environmental degradation in the top 10 greenest economies. Khan et al (2022) explore the trilemma of balancing energy demands, clean energy transitions, and environmental sustainability, indicating the challenges posed by improving clean energy technologies while simultaneously addressing natural resource depletion's adverse effects on environmental sustainability.…”

Section: Introductionmentioning

confidence: 82%

Examining the interplay of sustainable development, corporate governance, and stock Price crash risk: Insights from ESG practices

Chebbi

2023

Sustainable Development

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Amidst the growing emphasis on sustainable development, there is an emerging trend of companies actively pursuing the transition towards sustainability. This shift is driven by various factors, including heightened societal scrutiny and a greater focus on environmental, social, and governance (ESG) considerations. As a result, companies are increasingly acknowledging the significance of incorporating sustainable practices into their operations to align with the expectations of the capital market. This paper investigates the association between ESG disclosures and stock price crash moderated by corporate governance (board size, independence, and gender diversity) for Saudi firms. Using a fixed effects regression method, we find that the coefficient of ESG is significant and negative (−0.0043 for NCSKEW and − 0.0006 for DUVOL) indicating a positive influence of ESG in diminishing stock price crash. The results also show that corporate governance positively and significantly moderate the ESG‐stock price crash risk. As additional analyses, we find a significant negative relationship between each aspect of ESG including social responsibility, environmental activities and governance practices and stock price crash risk. Moreover, the pandemic COVID‐19 has a dampening effect on the ESG‐stock price crash association. To ensure the validity of these conclusions, dynamic GMM models were employed to tackle any potential endogeneity issues, making the results even more robust. Our findings highlight that improving corporate sustainability positively impacts the stability of companies' stock prices. This study provides valuable insights and perspectives from the context of Saudi Arabia and offers theoretical and managerial implications that are relevant for policymakers and investors.

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“…An environmental economy is a realm in which economic practices and social and environmental effects are well-balanced and systemically high (Ramzan et al, 2023). This economy shows optimal conditions for implementing a set of environmentally Sustainable Development Goals (SDGs) (Popkova, 2022).…”

Section: Introductionmentioning

confidence: 99%

Editorial: Evolution of environmental economics and management in the age of artificial intelligence for sustainable development

Popkova

Sergi

Bogoviz

2023

Front. Environ. Sci.

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Towards the dream of go green: An empirical importance of green innovation and financial depth for environmental neutrality in world's top 10 greenest economies

Cited by 65 publications

References 78 publications

What we learn from nexus between greener growth and energy‐related emissions: Sustainability perspective evidence in context of financial globalization

What we learn from nexus between greener growth and energy‐related emissions: Sustainability perspective evidence in context of financial globalization

Examining the interplay of sustainable development, corporate governance, and stock Price crash risk: Insights from ESG practices

Editorial: Evolution of environmental economics and management in the age of artificial intelligence for sustainable development

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