Do export diversification and stock market development drive carbon intensity? The role of renewable energy solutions in top carbon emitter countries

Zhang, Rui; Sharma, Rajesh; Tan, Zhixiong; Kautish, Pradeep

doi:10.1016/j.renene.2021.12.113

Cited by 52 publications

(11 citation statements)

References 62 publications

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“…Finally, panel ARDL models are applied in order to analyse the relationship in the short and long terms of the variables. These allow us to examine the coefficients of the variables in the long term and examine their economic implications (Zhang et al 2022 ; Sharma and Kautish 2020 ). Dynamic mean group (MG) and pooled mean group (PMG) estimators are used.…”

Section: Resultsmentioning

confidence: 99%

Analysing the influence of foreign direct investment and urbanization on the development of private financial system and its ecological footprint

Ponce

Álvarez‐García

Álvarez

et al. 2022

Environ Sci Pollut Res

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In this research, the objective is to examine how private financial development, urbanization and foreign direct investment and economic growth affects the environment using the ecological footprint as an indicator. Panel data was used for 100 countries from 1980 to 2019, classified according to their income level. Several econometric steps were used to estimate the results, such as cointegration and causality techniques. The results show that the private financial system and environmental degradation have a long-term equilibrium relationship, and the incidence is positive, but not significant at the level of the 100 countries. In high-income countries, the private financial system reduces environmental degradation; however, in upper middle-income, lower middle-income and low-income countries, it increases in the long run. Likewise, urbanization plays a predominant role on the ecological footprint in the long term. Meanwhile, the role of foreign direct investment is not stable over time. The causality test shows bidirectional causality between environmental degradation and the private financial system at the global level in high- and upper middle-income countries. However, low-income countries have a unidirectional relationship of environmental degradation to the private financial system. With regard to foreign direct investment, there is a unidirectional causal relationship between environmental degradation and foreign direct investment at the global level and from foreign direct investment to environmental degradation in high-income countries.

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Section: Resultsmentioning

confidence: 99%

Analysing the influence of foreign direct investment and urbanization on the development of private financial system and its ecological footprint

Ponce

Álvarez‐García

Álvarez

et al. 2022

Environ Sci Pollut Res

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show abstract

“…In order to undertake panel regression analysis, we first tested the stationarity of the variables (Im et al, 2003; Zhang et al, 2022). Since Table 5 reveals cross-sectional dependency, the first-generation unit root test cannot be relied upon (Pesaran, 2007).…”

Section: Empirical Results and Discussionmentioning

confidence: 99%

“…Non-financial information includes qualitative information related to firms’ policies, strategies, actions towards business, environmental and social objectives of the company. With rising awareness of emerging business challenges, now investors, regulators and other related stakeholders begin to understand the usefulness of sustainability disclosures by the firms (Rezaee & Tuo, 2019; Jiao et al, 2021; Zhang et al, 2022). In such a case, it becomes important for firms to communicate additional non-financial information that complements the mandatory financial disclosures to improve firm value (Fatemi et al, 2018).…”

Section: Literature Reviewmentioning

confidence: 99%

Are ESG Disclosures Value Relevant? A Panel-Corrected Standard Error (PCSE) Approach

Kumawat

Patel

2022

Global Business Review

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Due to rising sustainability concerns across the globe, corporations are now offering voluntary environment, social, and governance (ESG) information to serve stakeholders’ interests. These voluntary ESG disclosures aid investors in making investment decisions by evaluating the firms’ sustainability. However, ESG reporting is still in its infancy and there are no regulatory standards; consequently, it is crucial to understanding the value relevance of ESG disclosures. Using panel corrected standard errors (PCSEs), the study investigates the impact of ESG disclosures on cost of capital. The sample of the study covers listed firms from NSE 500 from 2011 to 2020, that is, 10 years. The present analysis offers the value relevance of enhanced ESG disclosure in the form of reduced cost of capital through reduced information asymmetry. In this study, we employed voluntary disclosure theory and legitimacy theory to investigate disclosure level in emerging market. The study found a negative association between ESG disclosures and cost of capital, following the notion that non-financial disclosures reduce information asymmetry and ultimately cost of capital ( Chauhan & Kumar, 2018 ; Francis et al., 2008 ). However, individual E, S and G disclosure scores were not found significant.

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“…Using data from 1990 to 2018 and the pool means group technique and ARDL method, they found that carbon intensity in these countries is significantly reduced due to increased renewable energy. Similarly, Zhang et al (2022) used data from nine top carbon-emitting countries to investigate if renewable energy can solve the issue of carbon intensity in these countries. Using modern econometric techniques, they found that carbon intensity is significantly reduced by increased use of renewable energy.…”

Section: Literature Reviewmentioning

confidence: 99%

Empirical Relationship Between Creativity and Carbon Intensity: A Case of Saudi Arabia

Aziz

Khan

2022

Front. Environ. Sci.

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This paper investigates the impact of GDP, renewable energy consumption, patents, and innovation on carbon intensity in Saudi Arabia. For this purpose, we use panel data from 1990 to 2019 and applied pooled OLS with fixed effect and quantile regression techniques to check the long-run association between variables. The results show that GDP is enhancing carbon intensity in Saudi Arabia. However, renewable energy consumption is a significant factor in reducing carbon emission. Further, it is also confirmed that patents and innovation can help reduce carbon intensity in Saudi Arabia. These results are also confirmed through quantile regression analysis. Our results are robust to alternative tests as well. Capital subsidies and feed-in-trade are important policy implications to promote the use of renewable energy.

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Do export diversification and stock market development drive carbon intensity? The role of renewable energy solutions in top carbon emitter countries

Cited by 52 publications

References 62 publications

Analysing the influence of foreign direct investment and urbanization on the development of private financial system and its ecological footprint

Analysing the influence of foreign direct investment and urbanization on the development of private financial system and its ecological footprint

Are ESG Disclosures Value Relevant? A Panel-Corrected Standard Error (PCSE) Approach

Empirical Relationship Between Creativity and Carbon Intensity: A Case of Saudi Arabia

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