Exploring the linkage between financial development and ecological footprint in APEC countries: A novel view under corruption perception and environmental policy stringency

Result code in IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F60460709%3A41110%2F23%3A96858" target="_blank" >RIV/60460709:41110/23:96858 - isvavai.cz</a>

Result on the web

<a href="https://doi.org/10.1016/j.jclepro.2023.137686" target="_blank" >https://doi.org/10.1016/j.jclepro.2023.137686</a>

DOI - Digital Object Identifier

<a href="http://dx.doi.org/10.1016/j.jclepro.2023.137686" target="_blank" >10.1016/j.jclepro.2023.137686</a>

Result language

angličtina

Original language name

Exploring the linkage between financial development and ecological footprint in APEC countries: A novel view under corruption perception and environmental policy stringency

Original language description

Balancing economic growth and a sustainable environment has been a concern for governments. However, it has been observed that sustainable development is related to economic factors, the institutional environment, and the effectiveness of environmental regulatory policies. This study empirically investigates the relationship be-tween financial development, strict environmental regulations, corruption, foreign direct investment, trade openness, renewable energy consumption, and ecological footprint. We used annual panel data of Asia-Pacific Economic Cooperation countries from 1994 to 2018 to fill the research gap. The present study follows a perspective that produces reliable and robust results using Fully Modified Ordinary Least Squares and panel fisher causality analysis. The long-run flexibility estimates calculated with the Fully Modified Ordinary Least Squares approach explain the inverted U relationship between financial development and ecological footprint. Long-run elasticity estimates suggest that strict environmental policies, renewable energy consumption, financial development and corruption, and the interaction of financial development and strict environmental policies reduce the ecological footprint. In addition, foreign direct investment and trade openness are found to increase the ecological footprint. This confirms the pollution haven hypothesis in Asia-Pacific Economic Cooperation countries. According to the causality test results, bidirectional causality relationships were discovered between ecological footprint and financial development, strict environmental policies, corruption, renewable energy sources, foreign direct investment and trade openness. We suggest that institutional financial framework and financial development for APEC countries will reduce environmental degradation in the long run, and sustain-able development can be achieved through the institutional environment and the effectiveness of environmental regulatory policies.

Czech name

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Czech description

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Type

J_imp - Article in a specialist periodical, which is included in the Web of Science database

CEP classification

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OECD FORD branch

10511 - Environmental sciences (social aspects to be 5.7)

Project

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Continuities

S - Specificky vyzkum na vysokych skolach

Publication year

2023

Confidentiality

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Name of the periodical

JOURNAL OF CLEANER PRODUCTION

ISSN

0959-6526

e-ISSN

0959-6526

Volume of the periodical

414

Issue of the periodical within the volume

AUG 15 2023

Country of publishing house

CZ - CZECH REPUBLIC

Number of pages

20

Pages from-to

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UT code for WoS article

001021178900001

EID of the result in the Scopus database

2-s2.0-85161329980