Prelims

Half Title Page

The Impact of Environmental Emissions and Aggregate Economic Activity on Industry

Title Page

The Impact of Environmental Emissions and Aggregate Economic Activity on Industry: Theoretical and Empirical Perspectives

Edited by

Mihir Kumar Pal

Vidyasagar University, India

United Kingdom – North America – Japan – India – Malaysia – China

Copyright Page

Emerald Publishing Limited

Howard House, Wagon Lane, Bingley BD16 1WA, UK

First edition 2023

Editorial matter and selection © 2023 Mihir Kumar Pal. Individual chapters © 2023 the authors.Published under exclusive licence by Emerald Publishing Limited.

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ISBN: 978-1-80382-578-6 (Print)

ISBN: 978-1-80382-577-9 (Online)

ISBN: 978-1-80382-579-3 (Epub)

Dedication Page

Dedicated to

My Parents and Family

Contents

List of Tables and Figures

About the Authors

Ishita Aditya, is an Associate Professor, Dept. of Political Science, Bejoy Narayan Mahavidyalaya, Hooghly, West Bengal, India. She has published a good number of research articles in reputed journals and books.

Md. Saifullah Akon, is an Assistant Professor in Japanese Studies at the University of Dhaka, Bangladesh. He has presented a good number of papers in international conferences held in Bangladesh, India, Indonesia and Thailand. He has successfully participated in a short course winter program at Sophia University, Tokyo, Japan in January 2019. His areas of interest include foreign policy, security, Japan-South Asia relations, and disaster governance.

Ummey Rummana Barlaskar is a Research Scholar of the Economics Department of Assam University. Her areas of interest are health economics, human development and development economics. She has published eight papers in different international and national journals and edited books including BMJ Public Health, Development in Practice, etc.

Pinki Bera, M.Phil, is a Research Scholar in the Department of Economics, Vidyasagar University, West Bengal, India. She has published several articles in reputed journal and contributed chapters in Edited Volumes with renowned publishers like Emerald. Her areas of research interest are in the field of Industrial Productivity.

Mainak Bhattacharjee, M.Phil, is an Assistant Professor in Economics at Loreto College, Kolkata, India. He has been working in the areas of Macroeconomics and International Trade. He has contributed many research articles in reputed journals and chapters in edited volumes with international publications along with having a number of undergraduate level text books to his credit.

Rathindra Nath Biswas, is a renowned disaster management and modelling researcher having a number of international publications in various reputed international journals. He is currently working as a Research Officer in Center for Environmental and Geographic Information Services (CEGIS), Bangladesh. He has a clear knowledge in fluvial and coastal geomorphology, disaster management, environmental modeling and remote sensing.

Çağatay Çağlayan is a 3rd grade Economics & Finance student in Istanbul Medipol University. He is also student of Health Management Department in Istanbul Medipol University. His research interests are sustainable energy economics, renewable energy, and nuclear energy. He has some articles and international book chapters related to these topics.

Mehmet Akif Ceylan, PhD, Professor in Department of Geography of Faculty of Art and Sciences at Marmara University, Turkey. He completed his doctoral program in 1998 at Marmara University, Institute of Social Sciences, Department of Geography Education. He has published a number of research articles in several international journals.

Chandrima Chakraborty, PhD, is an Assistant Professor in the Department of Economics, Vidyasagar University, India. Her major area of academic interest includes Applied Econometrics, Industrial Growth, Productivity and Efficiency, Environmental Economics, Gender Studies, Health as well as Education.

Nilendu Chatterjee, PhD, is an Assistant Professor in Economics, Bankim Sardar College, West Bengal, India. He has research interests in Resource Economics, General Equilibrium and Development Economics. He has published a number of research articles in several international journals of economics including International Journal of Sustainable Economies Management, Economic Affairs, and Foreign Trade Review.

Tonmoy Chatterjee, PhD, is an Assistant Professor in Economics, Ananda Chandra College, West Bengal, India. He has research interests in International Trade Theory, General Equilibrium, Health Economics and Development Economics. He has published a number of research articles in several international journals of economics including Review of Economics, International Journal of Sustainable Economies Management, Economic Affairs, Foreign Trade Review, The Pakistan Development Review.

Andrea Ciacci, Ph.D. Student in Management and Security at the University of Genoa (Italy), Department of Economics and Business Studies. He is a Member of Centro de Investigaciones Econometría (C.I.E., Universidad de Buenos Aires, Argentina) and scientific societies such as the Italian Society of Management (SIMA) and Italian Society of Statistics (SIS). His main research interests are focused on business, business and economic crisis, entrepreneurship, social entrepreneurship, strategic management, tourism management, smart city and statistical applications aimed at studying social phenomena.

Akash Dandapat, M.Phil, is pursuing PhD at Vidyasagar University, West Bengal, India. He has deep research interest in unorganised sector and informal labour market. He completed B.Sc. and M.Sc in Economics from Vidyasagar University and was awarded Gold Medal for the same.

Ramesh Chandra Das, PhD, is a Professor of Economics at Vidyasagar University, India. He has more than 20 years of teaching and research experience in different fields of Economics. He has published several articles and books with world’s leading publishers.

Dipankar Das, M.Phil, is Research Scholar in Economics at West Bengal State University, India. He has published a number of research articles in different journals. He has already submitted his PhD Thesis.

Pinaki Das, PhD, is a Professor of Economics, Vidyasagar University. He was awarded the Gold Medal for First position in M.Sc. in Economics. He performed the role of Project Director of three Major Research Projects funded by UGC and ICSSR. He has presented his papers in more than 70 national and international Seminars and Conferences and got over 50 research papers published in internationally reputed journals. He has also published six books.

Hasan Dinçer, PhD, Professor of Finance at Istanbul Medipol University, Faculty of Economics and Administrative Sciences, Istanbul-Turkey. He is the Executive Editor of the International Journal of Finance and Banking Studies (IJFBS) and the Founder Member of the Society for the Study of Business and Finance (SSBF). He has about 200 scientific articles and some of them are indexed in SSCI, SCI-Expended and Scopus. In addition to that, he is also editor of many books published by Springer and IGI Global.

Dipti Ghosh, M.Phil, is currently working as a Junior Research Fellow in Kolaghat Government Polytechnic, West Bengal, India. Her research interests lie in macroeconomics and Indian economy. She has been associated with Bijoy Krishna Girls’ College, Howrah, India as a College Contractual Temporary Teacher (CCTT) of Economics along with being visiting faculty at Netaji Subhas Open University, Kolkata, India.

Nandini Ghosh, PhD, an Assistant Professor, Department of Microbiology, Vidyasagar University, India. She is working on allergen identification and development of therapeutic strategies. She has expertise in immunology, proteomics, molecular biology and bioinformatics. She has published many papers in internationally reputed journals, such as Scientific Reports (Nature), PLoS One, BMC Public Health, Heliyon, etc. She was selected as a Fellow of Indian Aerobiological Society. She has received P.H. Gregory Young Scientist Award, Abstract Award from European Academy of Allergy and Clinical Immunology, etc.

Sanghita Ghosh, M.Phil, is presently associated with Jadavpur University, India, as Junior Research Fellow in Economics. Her research interest lies in the area of Development Economics and Econometrics. Previously, she served at IMI, Kolkata in the capacity of Research Associate. She has published articles in reputed journals.

Md Rakibul Hasan, M.Phil, is a Research Scholar in the Department of Economics, Vidyasagar University, India. He has published several articles in reputed journal and contributed chapters in Edited Volumes with renowned publishers like Emerald, Routledge and P.A.I.O.L.C.K. His areas of research interest are in the field of Industrial Productivity, Health Economics, etc.

Imran Hussain is a Research Scholar in the Department of Economics, Vidyasagar University, India. His area of research is growth of human capital and its growth linkages in countries and states.

Enrico Ivaldi, PhD, is a Research Fellow in Social Statistics at the University of Genoa, Department of Political Science, Italy. He is a member of the editorial board of Revista de Estudios Andaluces (REA); the Scientific Committee of the National Nautical Observatory; CIELI – Italian Centre of Excellence in logistics, transport and infrastructure, etc. and also a member of various scientific societies, including the European Association for Evolutionary Political Economy, the Italian Association of Health Economics, The Royal Statistical Society.

Susobhan Maiti, PhD, is an Assistant Professor in the Department of Economics, School of Humanities and Social Sciences (SHSS), Jain (Deemed-to-be University), Bangalore, India. He has published many research papers in the area of industry, efficiency and productivity in both national and international journals.

Shrabanti Maity, PhD, is an Associate Professor of Economics at Vidyasagar University. Her research interest is diversified. More than 30 of her articles are published in different international and national journals including BMJ Public Health, Development in Practice, Journal of Knowledge Economy, etc. A book entitled A Study of Measurement of Efficiency is written by her which is published by Verlag Dr. Muller.

Debashis Mazumdar, PhD, is a Professor of Economics at The Heritage College, Kolkata. India. He is also acting as visiting faculty in the Post Graduate Department of Commerce at Nababullygunge Mahavidyalaya Kolkata and in the PG (Economics) Section of Indira Gandhi National Open University (IGNOU). He has written a good number of text books on Managerial Economics and contributed articles in many national and international journals.

Md. Juel Mia, an Assistant Professor at the Institute of Disaster Management and Vulnerability Studies, University of Dhaka, Bangladesh. Prior to his Unviersity career, he served as a newsroom editor at Somoy News (television channel). He is the Founder of Disaster Perception, a volunteer platform that aims to bring awareness to people’s responses to disasters. His research interests are disaster communication, disaster governance and spatial analysis.

Pulak Mishra, PhD, is a Professor in the Department of Humanities and Social Sciences, IIT Kharagpur, India. His research interests include problems in the fields of Industrial Economics, Public Economics and Policy and Economics of Rural Development. He has undertaken many consultancy projects related to public policy, rural development and corporate sector.

Debabrata Mukhopadhyay, PhD, is a Professor in the Department of Economics, West Bengal State University, India. He has 20 years of teaching and research experience and published several articles in scholarly international peer reviewed journals. He has been presently working on green finance and social determinants of health.

Debasish Nandy, PhD, is an Associate Professor, Department of Political Science, Kazi Nazrul University, Asansol, West Bengal, India. He is the Visiting Faculty in the Department of International Relations, Tajik National University, Dushanbe, Tajikistan. He has published a number of research papers in national and international well-reputed journals and edited volumes. His research interests include India’s Foreign Policy, South Asian Politics and Security Affairs.

Asish Kumar Pal, PhD, is an Assistant Professor, Department of Economics, Tarakeswar Degree College, West Bengal, India. He has published about 16 research papers in various refereed national and international journals and 5 chapter contributions to edited books. His areas of research interests are Microeconomics, Development Economics, Rural Economics and Environmental Economics.

Mihir Kumar Pal, PhD, is a Professor, Department of Economics, Vidyasagar University, India with more than 25 years of research and teaching experience. He was awarded Gold Medal at both UG and PG level in Economics from the University of Kalyani. He has completed a number of research projects under UGC and published several books, articles in reputed national and international journals. His areas of research interest are Environmental Economics, Industrial Productivity, Capacity Utilisation and Applied Econometrics.

Amartya Pani is a doctoral scholar at Indian Institute of Technology, Kharagpur, West Bengal, India. He has published a number of research articles in different journals. His areas of research interest are Agricultural Geography,Natural Resource Management and Conservation and Sustainability.

Sarbapriya Ray, PhD, is an Associate Professor in Commerce, Vivekananda College and a Visiting Professor in the Department of Commerce, University of Calcutta, India. He has obtained M.Com, MBA, M.Phil & PhD and published 7 books, several articles in reputed national and international journals.

Prasanta Kumar Roy, PhD, is an Associate Professor of Economics, Midnapore College (Autonomous), West Bengal, India. He has more than 20 years of teaching experience with almost 25 articles in various national and international journals of the repute. He is an editorial board member of the Science Publishing Group, USA.

Swarup Samanta, has completed his Post Graduate Degree in Economics from Vidyasagar University, India. His research interest is on energy and environmental economics.

Atanu Sengupta, PhD, is a Professor, Department of Economics, Burdwan University, West Bengal, India. He has published about 50 papers in various refereed national and international journals such as Economic and Political Weekly, Sankhya, Social Indicators Research, International Journal of Education and Development, Indian Economic Review, Asia Pacific Development Journal, Asia Pacific Journal of Education and Development and also in various edited volumes. He also published 10 books, edited 4 books in national and international publication houses. His areas of research interests are in Econometrics, Financial Economics, Development Economics, Microeconomics and Growth Theory.

Begum Sertyesilisik, PhD, is a Professor. She has been awarded her BSc, MSc and MBA degrees from the Istanbul Technical University, and her PhD from the Middle East Technical University. She specialises in the field of construction project management. She has many national and international publications in reputed books and journals.

Egemen Sertyesilisik, PhD, at the Marmara University, Turkey in the field of Political Economy of the Middle East. He has a MA in the Politics and the Mass Media from the University of Liverpool. He obtained a MBA at the Yıldız Technical University in 2010. He specialises in the field of political economy, water resources and sustainability.

Daisy Singh is a Research Scholar at Indian Institute of Technology, Kharagpur, West Bengal, India. The scholar has published several articles in different journals.

Madhabendra Sinha, PhD, is an Assistant Professor at the Department of Economics & Politics, Visva-Bharati University, Santiniketan, India. He has a couple of Scopus/WoS/ABDC listed publications from reputed publishers including Elsevier, Springer, Routledge, Sage, Emerald, Inderscience, etc.

Riccardo Soliani, PhD, is an Associate Professor in the History of Economic Thought and Microeconomics at the School of Social Sciences – Department of Political Science, University of Genoa, Italy. He is a member of the board of the PhD School in Political Economy, University of Genova (Italy), where he teaches comparative economic theories and heterodox macroeconomics.

Gülsüm Sena Uluer is a 4th grade Business Administration student in Istanbul Medipol University. She is also student of Business Administration Integrated Master with Thesis student in Istanbul Medipol University. Her research interests are sustainable energy economics and project finance, electricity, renewable energy, and nuclear energy. She has some articles and international book chapters related to these topics and one of them is indexed in SSCI.

José G. Vargas-Hernández, M.B.A; PhD, Research Professor Postgraduate and Research Division Instituto Tecnológico José Mario Molina Pasquel y Henríquez, Unidad Académica Zapopan, Mexico. Member of the National System of Researchers of Mexico. Professor Vargas-Hernández has a PhD in Public Administration and a PhD in Organisational Economics. He has been visiting scholar at Carleton University Canada, University of California Berkeley and Laurentian University, Canada. Published 9 books and more than 300 papers in international journals and reviews (some translated to English, French, German, Portuguese, Farsi, Chinese, etc.) more than 300 essays in national journals and reviews. He has obtained several international awards and recognitions. He also has experience in consultancy. His main research is in organisational economics and strategic management. He teaches for several doctoral programs.

Serhat Yüksel, PhD, is an Associate Professor of Finance in İstanbul Medipol University. Before this position, he worked as a senior internal auditor for seven years in Finansbank, Istanbul-Turkey and one year in Konya Food and Agriculture University as an assistant professor. His research interests lie in energy economics, banking, finance and financial crisis. He has more than 140 scientific articles and some of them are indexed in SSCI, SCI, Scopus and Econlit. Also, he is the editor of some books that will be published by Springer and IGI Global.

Foreword

The increasing impact of environmental emissions on the planet-wide climate change poses one of the most challenging causes of the hardest-hit global warming with asymmetrical consequences on the socio-ecology systems, economic growth among the regions, countries, industrial sectors, and communities. The environmental emission and its consequence the climate change challenge is also a sustainable development challenge that needs to address the issues related considering the asymmetries, dilemmas and paradoxes which must be solved by reaching a consensus of all involved.

Global warming as the cause of climate change is associated with unsustainable production and consumption patterns based on the use of carbon fossil fuels, unsustainable growth of industry and aggregate economic activities, the collapse of the socio-ecological systems, crisis on environmental services and unhealthy quality of life. Some negative effects of emissions are more pollution and deterioration of various natural capital, including non-renewable natural resources such as forest, water, and other environmental services.

This situation is leading towards an economics of climate change with those that have contributed the least to the global warming, given the low levels of greenhouse gas emissions and have the minor contributions to climate change, because their vulnerability to negative impacts, are being the hardest hit. There are specific economies, regions, industry sectors, communities, and socioeconomic groups whose production structures and consumption patterns are releasing a high level of emissions with a large carbon footprint causing damage to the most vulnerable by the adverse impacts of climate change, affecting their economic growth, social cohesion, and environmentally sustainable development.

Sensitive to these arguments, the book offers theoretical and empirical analysis concerning the impact of environmental emissions on various industry sectors and economic activities of emerging economies, South Asian economies, Asia-pacific economies, Jordan, and most of all from various industry sectors of India.

Environmental emissions have an impact on climate change that is ushering environmental constraints and challenges, which are an imperative to rework production and consumption patterns. Policy formulation and implementation is required by adapting to the new climate conditions and implement mitigating measures aimed to maintain and improve a more sustainable growth of industry and enhance the aggregated economic activities. The recognition of common responsibilities with differentiated capabilities shapes the transition towards the improvements of economic growth, the enhancement of social justice and inclusiveness, and more ecological sustainable form of development that will preserve the natural resources to leave a legacy to future generations of more socially equal and inclusive, low carbon economic growth.

José G. Vargas-Hernández, M.B.A; PhD.

Research Professor Postgraduate and Research Division

Instituto Tecnológico José Mario Molina Pasquel y Henríquez, Unidad Académica Zapopan

Acknowledgements

It is a matter of great pleasure to me to complete the proposed book titled, The Impact of Environmental Emissions and Aggregate Economic Activity on Industry: Theoretical and Empirical Perspectives, after giving over a long time on the stages from proposal writing to final submission. I have run into large debts to a number of persons in the course of this huge task. It would be blameworthy if I do not recognise the contributions of the concerned academicians and the other members of the society directly or indirectly attached to the project.

At first, I must acknowledge the Emerald Publishing Ltd. Team for approving the proposal and continuously guiding me at all stages of developments of the book. Secondly, I should be grateful to my colleague Dr Ramesh Chandra Das, Professor of Economics, Vidyasagar University, India who left no stone unturned in his constant help and support at every stage of this volume and my PhD supervisor Dr Madhusudan Datta, Professor of Economics, Kalyani University, India, from whom I got the basic conceptual ideas in respect of this field of research. Thirdly, I must express gratitude to Professor José G. Vargas-Hernández, Research Professor at University Center for Economic and Managerial Sciences, University of Guadalajara, Mexico, who took lot of pains in writing the foreword of this book in spite of his busy Schedule, Professor Begum Sertyesilisik, Izmir Democracy University, Turkey, Dr Pulak Mishra, Professor, Department of Humanities and Social Sciences, IIT Kharagpur, India, Dr Nilendu Chatterjee, Assistant Professor in the Department of Economics, Bankim Sardar College, West Bengal, India and all my colleagues in the Department of Economics, Vidyasagar University, India for their constant help and support. Fourthly, I am highly indebted to my Doctoral Research Scholars Md Rakibul Hasan and Pinki Bera who were constantly by my side during the whole project and help me to go through the rough terrain of this work. Fifthly, I should pay gratitude to all the contributing authors for their valuable chapter contributions and showing their patience for such a long length project. I must acknowledge the values they added to the existing literature through this volume.

Last but not the least I must be grateful to my parents, wife and son, brothers and other members of the family for their continuous influence, supports and sacrifice in carrying out the extensive project. Of course, no one other than me, as the editor, discloses to remain entirely responsible for any errors still stay behind the book.

Mihir Kumar Pal

Editor