RETRACTED ARTICLE: Interrelationship among environmental policy stringency, financial globalization in OECD countries, and CO2 emission with the role of technological innovation and financial development

Fatima, Nudrat; Zheng, Yunpu; Ni, Guohua

doi:10.1007/s11356-022-24392-9

Cited by 20 publications

(6 citation statements)

References 123 publications

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“…This result is in line with the findings of most previous studies that investigated the relationship between Stri_Env_Reg and the wider concept of environmental disclosure, highlighting that the presence of Stri_Env_Reg increases the level of environmental information disclosed by companies [40,67,[75][76][77][78][79][80].…”

Section: Regression Resultssupporting

confidence: 91%

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How Circular Economy Disclosure Responds to Institutional Determinants Empirical Evidences in Non-Financial European Firms

Pozzoli,

Nastari,

Pisano

et al. 2023

Sustainability

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Despite the increasing attention that the circular economy (CE) has received at the international level in recent years, the literature has paid limited attention to the importance of institutional factors that may influence firms’ disclosure of CE. Thus, there is a gap in the study of CE disclosure, especially when compared with other studies dedicated to environmental disclosure. This paper aims to fill this gap by investigating the institutional pressures, in terms of coercive, normative, and mimetic factors, that influence firms’ behavior with respect to CE disclosure. This research focuses on a sample of 366 nonfinancial firms, operating in 14 EU countries between 2015 and 2020. The results show that coercive and mimetic institutional pressures positively influence the level of CE disclosure issued by the firms. More specifically, the stringency of the environmental policy (coercive pressure) and the belonging to an environmentally sensitive sector (mimetic pressure) have a positive impact on the CE disclosure provided. With respect to normative pressure, the results are mixed. In fact, only the adoption of Global Reporting Initiatives’ (GRIs) standard requirements is positively and significantly related to CE disclosure. The presence of an external assurance, as well as the commitment to the SDGs, is not significantly related to the CE disclosure. The absence of an analytical standard that organically addresses the issue of CE, by guiding companies in their disclosure, may explain the irrelevance of these factors in the process of convergence of the information produced. This research contributes to this area by filling a gap in the CE literature, providing some insights into the determinants of disclosure and the role of institutional pressures in influencing the level of CE information. In addition, the research adds to previous studies on disclosure by measuring the CE information provided by companies with an indicator developed based on specific environmental items collected from the Refinitiv Eikon database, which could be used in future research. The findings of this paper have some important practical implications. In particular, the results confirm to policymakers that stricter regulations have a positive impact on disclosures related to the CE. Thus, a new specific European regulation should promote more homogeneous and analytical CE disclosure, increasing the sensitivity among firms and practitioners on this topic. A similar approach may be followed for the same purpose by other regional or local policymakers. The paper also emphasizes the necessity of introducing more stringent regulations on assurance and SDGs by the regulatory or professional bodies to achieve greater uniformity of behavior by firms.

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Section: Regression Resultssupporting

confidence: 91%

“…This finding is consistent with the results of empirical research on environmental reporting [30,76], according to which companies tend to provide more and more consistent information after the introduction of stricter regulations. Hence, some scholars call for new regulations for more comprehensive and analytical CE disclosure [28,33].…”

Section: Discussionsupporting

confidence: 89%

How Circular Economy Disclosure Responds to Institutional Determinants Empirical Evidences in Non-Financial European Firms

Pozzoli,

Nastari,

Pisano

et al. 2023

Sustainability

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“…Findings obtained using the CS-ARDL method indicated that an increase in the index reduced carbon emissions. Similar results were also reported in the following studies: Kongbuamai et al ( 2021 ) for BRICS countries; Umar and Safi ( 2023 ) for OECD countries; Fatima et al ( 2023 ) for 36 OECD countries.…”

Section: Literature Reviewsupporting

confidence: 87%

Foreign investments and load capacity factor in BRICS: the moderating role of environmental policy stringency

Yıldırım,

Destek,

Manga

2024

Environ Sci Pollut Res

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This research examines whether environmental regulations have a moderating effect on the link between foreign direct investment and the environment, as well as the effect of foreign capital investments on environmental quality for BRICS nations. In this approach, using second-generation panel data methodologies for the period 1992–2020, the impacts of foreign direct investments, real national income, consumption of renewable energy, and environmental stringency index on the load capacity factor are explored in the base empirical model. In order to test if there is any evidence of a potential parabolic link between economic growth and environmental quality, the model also includes the square of real national income. In addition, in the robustness model, the moderating role of environmental policy on foreign investment and environmental quality is checked. Empirical results show a U-shaped association between environmental quality and economic development. The usage of renewable energy and the environmental stringency index is also shown to improve environmental quality, although foreign direct investments decrease it. Finally, it is determined that environmental regulations are effective in undoing the negative impacts of foreign capital investments on environmental quality, demonstrating the validity of their moderating function.

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“…Conversely, LI countries tend to experience increased carbon emissions as their economies grow (Marselina & Prasetyo, 2023; Moosa & Burns, 2022). Some economists believe that because of increased incomes brought about by globalization, the environment may be better protected (Fatima et al, 2022; Nibedita & Irfan, 2023; Rehman et al, 2023; Shahbaz et al, 2017). Others contend that globalization might worsen environmental damage by expanding production and consumption, putting more strain on natural resources (Mehmood, 2022; Muhammad & Khan, 2021; Shaari, Abidin, & Karim, 2020).…”

Section: Theoretical Framework Empirical Model Data Sources and Estim...mentioning

confidence: 99%

“…Further, a few studies have observed the negative impact of globalization on the environment (Uzar, 2022). A few studies advocate globalization to reduce environmental degradation (Fatima et al, 2022;Pata et al, 2022;Patel & Mehta, 2023). However, few studies have observed no effect of globalization on the environment (Wang & Huang, 2022).…”

Section: Pollution and Globalizationmentioning

confidence: 99%

Unveiling the complexities of sustainable development: An investigation of economic growth, globalization and human development on carbon emissions in 64 countries

Patel,

Kautish,

Shahbaz

2023

Sustainable Development

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To achieve Sustainable Development Goals, countries face the challenge of expanding economic activities while mitigating pollution. Using the panel autoregressive distributed lag and panel non‐linear autoregressive distributed lag approach, this study investigates the effects of globalization, economic development, human development, industrialization, non‐renewable energy, and population density on the carbon emissions (CO2) of 64 countries. This study validates the Environmental Kuznets Curve hypothesis in upper‐ and lower‐middle‐income countries. However, low‐income countries exhibit a U‐shaped relationship, while high‐income countries have successfully mitigated CO2 emissions to some extent. The analysis shows bidirectional causality between CO2 emissions and other variables, except for one‐way causality from globalization to CO2 emissions. Manufacturing in upper‐ and lower‐middle‐income countries depends on conventional energy sources, indicating the need for policies to promote renewable energy sources. The findings have significant policy implications for enhancing environmental sustainability and achieving sustainable economic growth while mitigating CO2 emissions to achieve the SDGs.

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RETRACTED ARTICLE: Interrelationship among environmental policy stringency, financial globalization in OECD countries, and CO2 emission with the role of technological innovation and financial development

Cited by 20 publications

References 123 publications

How Circular Economy Disclosure Responds to Institutional Determinants Empirical Evidences in Non-Financial European Firms

How Circular Economy Disclosure Responds to Institutional Determinants Empirical Evidences in Non-Financial European Firms

Foreign investments and load capacity factor in BRICS: the moderating role of environmental policy stringency

Unveiling the complexities of sustainable development: An investigation of economic growth, globalization and human development on carbon emissions in 64 countries

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