The Influence of Financial Development on Energy Consumption: Worldwide Evidence

Ma, Xinbin; Fu, Qiang

doi:10.3390/ijerph17041428

Cited by 67 publications

(48 citation statements)

References 52 publications

(76 reference statements)

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“…The AR (1) estimates were insignificant, whereas those for AR (2) were insignificant. The Sargan test results were insignificant, suggesting that the null hypothesis of jointly valid instrumental variables has not been ignored (Ma & Fu, 2020). The interaction method is applied to check the moderator effect of interest rate and firm size on the debt to capital ratio (Youn, Hua, & Lee, 2015).…”

Section: Resultsmentioning

confidence: 99%

The moderating role of firm size and interest rate in capital structure of the firms: selected sample from sugar sector of Pakistan

Hussain

Quddus

Pham

et al. 2020

Investment Management and Financial Innovations

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The selection of financing is a top priority for businesses, particularly in short- and long-term investment decisions. Mixing debt and equity leads to decisions on the financial structure for businesses. This research analyzes the moderate position of company size and the interest rate in the capital structure over six years (2013–2018) for 29 listed Pakistani enterprises operating in the sugar market. This research employed static panel analysis and dynamic panel analysis on linear and nonlinear regression methods. The capital structure included debt to capital ratio, non-current liabilities, plus current liabilities to capital as a dependent variable. Independent variables were profitability, firm size, tangibility, Non-Debt Tax Shield, liquidity, and macroeconomic variables were exchange rates and interest rates. The investigation reported that profitability, firm size, and Non-Debt Tax Shield were significant and negative, while tangibility and interest rates significantly and positively affected debt to capital ratio. This means the sugar sector has greater financial leverage to manage the funding obligations for the better performance of firms. Therefore, the outcomes revealed that the moderators have an important influence on capital structure.

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Section: Resultsmentioning

confidence: 99%

The moderating role of firm size and interest rate in capital structure of the firms: selected sample from sugar sector of Pakistan

Hussain

Quddus

Pham

et al. 2020

Investment Management and Financial Innovations

View full text Add to dashboard Cite

show abstract

“…e long run association among the variables has been found in his study for Pakistan. More recently, Ma and Fu [37] have studied the impact of financial development on energy consumption in 120 countries by using GMM model. ey found that overall system of financial development positively and significantly affects energy consumption in the sample.…”

Section: Energy Consumption and Carbon Emissionmentioning

confidence: 99%

Renewable Energy Consumption, Trade Openness, and Environmental Degradation: A Panel Data Analysis of Developing and Developed Countries

Khan

Weili

Khan

et al. 2021

Mathematical Problems in Engineering

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Studies regarding environmental degradation and its association with different factors have got considerable attention recently in the prevalent literature but with assorted outcomes which have been a guide to the ongoing debate on environmental studies. Energy from renewable sources has been considered beneficial for environmental quality while it is still below the anticipated level especially in developing economies. Openness to trade is important to enhance economic growth while it has been overawed to worsen the quality of environment due to deprived policies especially in developing countries. Subsequently, the present research investigates trade openness, renewable energy consumption, and foreign direct investment in carbon emission in the world developing and developed countries by employing static, dynamic and long run estimators. Trade openness has been found to have a decreasing effect on carbon emission in developed countries while degrading the quality of environment in developing countries while renewable energy consumption enhances environmental quality in both samples. The impact of tourism on carbon emission varies in different samples where FDI increases emission in developed countries while having a negative effect of carbon emission in developing countries. The long run estimators also evidence the existence of long run association among variables. The outcomes of this study have considerable policy implication regarding trade openness policy formulation to upsurge environmental quality especially in developing countries. The study has further suggestions regarding tourism and promoting the use of renewable energy sources by avoiding the use of former’s energy to enhance environmental quality.

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“…Most of the scholars have discovered a positive influence of financial sector development on energy use for different countries and country groups [12][13][14][15]. Furthermore, energy use can affect the development of the financial sector, because the acquisition and use of houses, buses, cars, refrigerators, and dishwashers can influence the money needs of individuals [16].…”

Section: Introductionmentioning

confidence: 99%

“…Financial institution access can also positively affect energy use by facilitating access to finance for both people and companies that will support investments and will increase demand for energy-intensive commodities [14]. However, financial inclusion enables the economic units to make more energy-efficient investments and to buy more energy-efficient commodities, having a direct influence on global energy consumption.…”

Section: Introductionmentioning

confidence: 99%

Financial Development, Financial Inclusion and Primary Energy Use: Evidence from the European Union Transition Economies

et al. 2021

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The main objective of the research is to analyze the impact of financial sector development indicators and financial institutions access on primary energy use based on a sample of European Union transition members over 20 years period (1996–2017) through panel cointegration and causality tests that allow for cross-section dependence. The causality analysis revealed that the direction of the causality among financial development indicators, financial institutions access, and primary energy use varied among the countries. On the other side, panel cointegration coefficients disclosed that the financial development index positively affected the primary energy use, but private credit did not have a significant effect on the primary energy use. Furthermore, financial institutions’ access had a significant negative impact on primary energy use. However, country-level cointegration coefficients indicated that the financial development index positively affected the primary energy use in Bulgaria, Croatia, Czechia, Hungary, and Slovenia, and private credit also had a positive impact on primary energy use in Bulgaria, Czechia, Estonia, Hungary, Lithuania, Poland, and Slovakia, but the effect of financial development index on primary energy use was found to be very higher than that of private credit. Moreover, financial institutions’ access negatively affected the primary energy use in Croatia, Estonia, Hungary, Poland, and Romania.

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The Influence of Financial Development on Energy Consumption: Worldwide Evidence

Cited by 67 publications

References 52 publications

The moderating role of firm size and interest rate in capital structure of the firms: selected sample from sugar sector of Pakistan

The moderating role of firm size and interest rate in capital structure of the firms: selected sample from sugar sector of Pakistan

Renewable Energy Consumption, Trade Openness, and Environmental Degradation: A Panel Data Analysis of Developing and Developed Countries

Financial Development, Financial Inclusion and Primary Energy Use: Evidence from the European Union Transition Economies

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