Modeling the impacts of technological innovation and financial development on environmental sustainability: New evidence from the world's top 14 financially developed countries
Developing a sustainable economic system in the wake of unprecedented environmental challenges is the major cry of the day. This study aims to investigate the impacts of financial development, technological innovation, globalization, trade openness, and renewable energy consumption on the ecological...
| Main Authors: | , , , |
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| Format: | Article |
| Language: | English |
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Elsevier
2023-11-01
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| Series: | Energy Strategy Reviews |
| Subjects: | |
| Online Access: | http://www.sciencedirect.com/science/article/pii/S2211467X23001797 |
| _version_ | 1827620777359310848 |
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| author | Assad Ullah Mesut Dogan Betul Altay Topcu Haifa Saadaoui |
| author_facet | Assad Ullah Mesut Dogan Betul Altay Topcu Haifa Saadaoui |
| author_sort | Assad Ullah |
| collection | DOAJ |
| description | Developing a sustainable economic system in the wake of unprecedented environmental challenges is the major cry of the day. This study aims to investigate the impacts of financial development, technological innovation, globalization, trade openness, and renewable energy consumption on the ecological footprint of 14 countries with the highest levels of financial development. The utilized econometrics battery include slope homogeneity tests, Westerlund cointegration, panel Augmented Mean Group (AMG), and Dumitrescu-Hurlin (2012) causality approaches. The study period spans from 1990 to 2018. The empirical outcomes indicate that financial development negatively affects environmental sustainability. The results further reveal that globalization technological innovation, trade openness, and renewable energy consumption bolster environmental quality. Based on the causality outcomes, a bidirectional causal link is witnessed between technological innovation, globalization, renewable energy consumption, and ecological footprint; however, a unidirectional causality relationship exists from trade openness and financial development to ecological footprint. The study findings underscore the importance of globalization, technological innovation, trade openness, and renewable energy consumption in fine-tuning environmental policies and improving environmental quality in these countries. |
| first_indexed | 2024-03-09T10:53:39Z |
| format | Article |
| id | doaj.art-c11f684af6ff49b3a58ac96d83e1248f |
| institution | Directory Open Access Journal |
| issn | 2211-467X |
| language | English |
| last_indexed | 2024-03-09T10:53:39Z |
| publishDate | 2023-11-01 |
| publisher | Elsevier |
| record_format | Article |
| series | Energy Strategy Reviews |
| spelling | doaj.art-c11f684af6ff49b3a58ac96d83e1248f2023-12-01T05:01:34ZengElsevierEnergy Strategy Reviews2211-467X2023-11-0150101229Modeling the impacts of technological innovation and financial development on environmental sustainability: New evidence from the world's top 14 financially developed countriesAssad Ullah0Mesut Dogan1Betul Altay Topcu2Haifa Saadaoui3School of Economics and Management, Hainan Normal University, ChinaBilecik Seyh Edebali University, Vocational School of Bozuyuk, Turkey; Corresponding author.Kayseri University, Vocational School of Social Sciences, TurkeyUniversity of Sfax, Faculty of Economics and Management of Sfax, TunisiaDeveloping a sustainable economic system in the wake of unprecedented environmental challenges is the major cry of the day. This study aims to investigate the impacts of financial development, technological innovation, globalization, trade openness, and renewable energy consumption on the ecological footprint of 14 countries with the highest levels of financial development. The utilized econometrics battery include slope homogeneity tests, Westerlund cointegration, panel Augmented Mean Group (AMG), and Dumitrescu-Hurlin (2012) causality approaches. The study period spans from 1990 to 2018. The empirical outcomes indicate that financial development negatively affects environmental sustainability. The results further reveal that globalization technological innovation, trade openness, and renewable energy consumption bolster environmental quality. Based on the causality outcomes, a bidirectional causal link is witnessed between technological innovation, globalization, renewable energy consumption, and ecological footprint; however, a unidirectional causality relationship exists from trade openness and financial development to ecological footprint. The study findings underscore the importance of globalization, technological innovation, trade openness, and renewable energy consumption in fine-tuning environmental policies and improving environmental quality in these countries.http://www.sciencedirect.com/science/article/pii/S2211467X23001797Financial developmentGlobalizationRenewable energyTrade opennessTechnological innovationEcological footprint |
| spellingShingle | Assad Ullah Mesut Dogan Betul Altay Topcu Haifa Saadaoui Modeling the impacts of technological innovation and financial development on environmental sustainability: New evidence from the world's top 14 financially developed countries Energy Strategy Reviews Financial development Globalization Renewable energy Trade openness Technological innovation Ecological footprint |
| title | Modeling the impacts of technological innovation and financial development on environmental sustainability: New evidence from the world's top 14 financially developed countries |
| title_full | Modeling the impacts of technological innovation and financial development on environmental sustainability: New evidence from the world's top 14 financially developed countries |
| title_fullStr | Modeling the impacts of technological innovation and financial development on environmental sustainability: New evidence from the world's top 14 financially developed countries |
| title_full_unstemmed | Modeling the impacts of technological innovation and financial development on environmental sustainability: New evidence from the world's top 14 financially developed countries |
| title_short | Modeling the impacts of technological innovation and financial development on environmental sustainability: New evidence from the world's top 14 financially developed countries |
| title_sort | modeling the impacts of technological innovation and financial development on environmental sustainability new evidence from the world s top 14 financially developed countries |
| topic | Financial development Globalization Renewable energy Trade openness Technological innovation Ecological footprint |
| url | http://www.sciencedirect.com/science/article/pii/S2211467X23001797 |
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