“…The vast body of empirical EKC literature found such inverted U‐shape association between per capita income and pollution concentrations for a number of pollutants (carbon dioxide by Iwata et al, 2010, and Nasir & Rehman, 2011; carbon monoxide by Khanna, 2002, and Baiardi, 2012; NMVOCs [non‐methane volatile organic compounds] by Baiardi, 2012; suspended particulates; sulphur oxide by Millimet et al, 2003, and Fodha & Zaghdoud, 2010; nitrogen oxide). However, such studies are only confined to the country level, and we could only find that Vasanth et al (2015) and Ghosh et al (2022) investigated the relationship at the firm level. Vasanth et al (2015), in the Indian context, evidenced the impact of financial performance on environmental sustainability, an environmental Kuznets curve (EKC) at the micro level.…”