ABSTRACT

This research aims to identify the periodical impact of industrial development, renewable energy, economic growth, and gross capital formation on environmental deterioration in BRICS countries. The analytical procedure is based on the annual data from 1995 to 2020. The selected econometric methods which are used to determine the relationship among exogenous and endogenous variables are panel unit-root tests for stationarity check, Johansen co-integration test for co-integration relationship, and FMOLS and quantile regression for long-run relationship. The empirical research findings confirm a significant positive association of environmental deterioration with industrial development, GDP, and GCF, while a significant negative relationship was observed between CO2 emission and renewable energy. The BRICS group of countries should be more focused on environmentally friendly technological development as they are concerned with economic growth. Renewable energy resources positively impact the environmental quality, so backward resources should be replaced with renewable energy resources to attain double impacts, that is, the reduction of CO2 emission with the reduction of oldfangled resources and increase in the environmental quality with the aggrandizement of renewable energy resources. Based on key findings and implications of the sectorial and whole economic growth of BRICS countries, this research suggests some policy implications for reducing toxic CO2 emissions and enhancing the quality of the environment.

The basic aim of this research was to investigate the impact of the behavioral biases on financial inclusion in Pakistan while considering the moderating effect of financial literacy in this relation, in the context of behavioral perspective. This study focused on the significant behavioral phenomenon, including self-control, optimism, herding, and loss aversion with a perspective of the digital economy. To test the proposed hypothesis, the primary data collection method was used. A structured questionnaire was designed to collect data from 102 individual households through the convenience sampling technique. SmartPLS was used to analyze collected data. This study found the negative impact of self-control, optimism, and herding on financial inclusion. In contrast, loss aversion contributes to the uplift of financial inclusion in Pakistan. Similarly, financial literacy proved to have a decreasing effect on financial inclusion because of religious concerns. The moderation effect of financial literacy was also significantly positive except for loss aversion. The behavioral phenomenon proved to have a significant impact on financial inclusion. This research shows that individual households who do not use developed technological services and products from formal financial inclusion can overcome the behavioral biases that hinder them from making informed financial decisions. This research work will significantly help households use financial services to improve their standard of living and overall long-term financial well-being. This research is essential because many households are not using bank services and have low financial knowledge in Pakistan. The key contribution of this research study is that it found the relation between behavioral factors and financial inclusion. Financial literacy also has a moderating effect on their relations.

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