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This study conducts an analysis of the interplay between governance quality, environmental expenditure of the government, and pollution emissions (measured as CO2 emissions) within the BRIC economies.

Utilizing the FMOLS model and marginal effects, we investigate the influence of governance quality and environmental expenditure on environmental quality (CO2 emissions) over the period 1996–2020. We took data for Brazil, Russia, India and China. We excluded South Africa due to its due to its small economic size relative to other BRIC economies, sluggish industrial growth and deteriorating foreign trade which gives contrast outliers to our data.

Results indicate that government investments in environmental protection contribute to a reduction in CO2 emissions. However, the effectiveness of these expenditures is contingent upon the quality of governance. This underscores the significance of robust governance for realizing meaningful reductions in air pollution through environmental spending. Further, increase in GDP per capita and the industrial sector's share of GDP are associated with a significant rise in CO2 emissions across BRIC economies. Conversely, FDI and trade openness exhibit a negative impact on CO2 emissions, with this effect gaining greater resilience when accounting for governance factors.

Like any other studies, the present study also suffers from some limitations. First, besides air quality, environmental quality encompasses multiple dimensions and various characteristics such as water purity, noise pollution, open space access, visual effects of buildings etc. But the present study included only CO2 (air quality) as a proxy of environmental quality due to various problems of data and methods. Second, CO2 (carbon dioxide) emission, which is the dependent variable in our model, is actually influenced by various quantitative and qualitative (both natural and man-made) factors. We included only nine independent variables. However, we could not include many variables due to lack of consistent data. Third, this study included only four countries – Brazil, Russia, India and China (BRIC) and excluded South Africa which is a member of the BRICS block due to its economic size, sluggish industrial growth and deteriorating foreign trade which gives contrast outliers to our data set of the four BRIC countries. Therefore, the future research may be carried out by addressing those issues for better understanding of the environmental problems, governance and policies thereon.

(i) Establish environmental governance committees – The four BRIC countries including South Africa should form a committee comprising government, civil society, and private sector representatives for comprehensive oversight and collaboration in environmental governance. (ii) Invest in capacity building for environmental institutions – Allocate resources to enhance environmental institutions' capacity through training, data improvement, and enforcement strengthening. (iii) Implement green procurement policies – Encourage green procurement in government agencies to drive demand for eco-friendly products and services, promoting sustainable practices. (iv) Incentivize green technology development – Offer tax credits or subsidies to stimulate green technology adoption, including renewable energy and sustainable agriculture. (v) Promote sustainable urban development – Prioritize sustainable urban strategies like public transportation investment and green space promotion to mitigate urbanizations' environmental impacts. (vi) Enhance cross-border cooperation – Foster collaboration on transboundary environmental issues among four BRIC nations including South Africa, including joint research and policy responses. (vii) Promote green finance and investment – Mobilize green finance to support sustainable development projects through instruments like green investment funds and bonds.

This study distinguishes itself by offering a unique analysis of both individual and combined effects of governance and environmental expenditure on environmental quality. Additionally, it encompasses various dimensions of governance, an aspect rarely explored in the BRIC countries.

This paper aims to analyze the downside risk for the stock indices of BRICS countries. The study also aimed to study the interrelationship, directional influence and interdependence among the stock exchanges of BRICS economies to provide insights for policymakers, fund managers, investors and other stakeholders.

The authors used Value at Risk (VaR) as an indicator of downside risk and time series econometrics for measuring the long run relationship, directional influence and interdependence.

The calculated VaR estimates, long-run linkages and strong interdependence among these indices especially with the returns of Brazil exerting a notable impact on the returns of other BRICS nations. These results emphasize the significance of taking into account cross-country spillover effects and domestic market dynamics in the context of portfolio management and risk assessment strategies. Further, from the extended results of variance decomposition analysis, the authors find that Brazil’s, China’s and South African stock market returns have a significantly lagged impact on their own stock market, while Russia’s and India stock market returns do not have a significantly lagged impact on their own stock markets.

To the best of the authors’ knowledge, this is the first study comprehensively analyzing the BRICS indices downside risk through the historical simulation method of VaR estimation, which is an unexplored area of risk management.

The purpose of this research is to examine the dynamics of news coverage within Brazil, Russia, India, China and South Africa (BRICS) nations, aiming to uncover patterns and critical factors influencing political and economic development policies. By providing a comprehensive overview of macro-level and sector-level economic trends reported by member country newspapers, the study seeks to understand problem-driven analysis schemes and proposed solutions to challenges. Additionally, it aims to evaluate the economic implications of political decisions as portrayed in news coverage, scrutinize the promotion of meaningful dialog and assess the role of news in encouraging coherence among stakeholders for effective pursuit of economic development goals within the BRICS nations.

This qualitative research involves conducting a content analysis on 11 newspapers, each published by a BRICS member country, including established and recent members. The current study analyzes the national interests, economic implications of media frames, leaders’ statements and geopolitical contexts in light of the coverage of the newspapers under study and the BRICS' inclusion of new members from a political economy perspective.

All eleven newspapers emphasize the significance of the BRICS Summit and its role in shaping economic and geopolitical dynamics. They consistently highlight the cooperative and multilateral nature of BRICS, focusing on collaboration among member nations. All newspapers emphasize the importance of the BRICS Summit as a key event in global geopolitics. For instance, they discuss the 2023 BRICS Summit in South Africa as a focal point for member countries to discuss various global issues. Each newspaper discusses BRICS' role in advocating for equitable global governance and challenging Western dominance in international affairs. Economic aspects, such as trade, financial cooperation and economic growth within BRICS, are mentioned in the coverage of all eleven newspapers, underlining the economic dimension of the group. All eleven newspapers explore the expansion of BRICS and its implications, including differing member opinions and the introduction of new member countries. However, The Buenos Aires Times (Argentina) provides an in-depth focus on Argentina’s admission to BRICS and its significance, reflecting its unique perspective as a potential member. All newspapers recognize the media’s role in shaping awareness and discourse related to BRICS, but The Buenos Aires Times specifically focuses on Argentina’s perspective and how it informs its readers about global developments. Also, unlike other newspapers, The Buenos Aires Times mentions domestic political factors, including presidential elections in Argentina and opposition to Argentina’s BRICS membership, which impact the country’s stance. The newspapers' coverage of BRICS reflects their national interests, priorities and perspectives. While geopolitical and economic aspects are prominent, the depth of analysis, the emphasis on specific economic trends and the extent of problem-driven analysis vary. These diverse viewpoints provide readers with a comprehensive understanding of BRICS and its global impact. When comparing the 11 newspapers' coverage of BRICS-related topics, it’s evident that each publication brings its unique perspective and priorities to the forefront.

While this research provides valuable insights into news patterns and their influence on political and economic development in BRICS nations, certain limitations should be acknowledged. The study’s scope primarily relies on newspaper coverage, potentially omitting perspectives from other media sources.

The practical implications of this research are profound. Policymakers can leverage insights to craft informed strategies, and businesses and investors can gain a nuanced understanding of economic trends and media practitioners refine their coverage. The findings promote cross-cultural understanding within BRICS nations, encouraging cooperation. Global stakeholders can navigate the political-economic landscape more adeptly. Ultimately, the research provides actionable knowledge, facilitating effective decision-making, enhancing collaboration and contributing to the sustainable development and stability of the BRICS countries and the broader international community.

This research carries significant social implications by encouraging a deeper comprehension of the interplay between news media, politics and economics in BRICS nations. It promotes informed civic discourse, enabling citizens to critically engage with socio-political issues. By uncovering the media’s influence, the study contributes to media literacy, empowering the public to make informed decisions. Additionally, the research enhances cross-cultural understanding, potentially mitigating biases and stereotypes. Ultimately, it strengthens the social fabric by encouraging a more informed and engaged citizenry, capable of contributing positively to the political and economic development of their respective nations within the BRICS framework.

This research contributes originality and value by offering a nuanced exploration of news patterns in BRICS nations, going beyond surface-level analysis. By focusing on macro- and sector-level economic trends, the study provides a unique perspective on the interplay between media narratives and economic development. The examination of problem-driven analysis and proposed solutions adds depth, offering insights into policy implications. Evaluating the economic implications of political decisions through news coverage enhances understanding. Furthermore, the research’s emphasis on promoting meaningful dialog and assessing the role of news in stakeholder coherence contributes distinctive insights, enhancing the broader understanding of the interconnections between media, politics and economic development in the BRICS context.

This study is intended to introduce and summarise Industry 4.0 practices in BRICS nations (the abbreviation “BRICS” is made up of the first letters of the member countries: Brazil, Russia, India, China and South Africa) and determine each nation’s current contribution to Industry 4.0 practice implementation based on past literature. As the BRICS countries continue to play an essential role in the global economy, it is significant to understand Industry 4.0, focussing on these emerging economies.

To assess the present research work on Industry 4.0 practices and research studies in BRICS nations, a systematic literature review (SLR) is performed using the articles available on the SCOPUS database. This study is a descriptive analysis based on the frequency and year of publications, the most influential universities, most influential journals and most influential articles. Similarly, this study consists of category analysis based on multi-criteria decision-making (MCDM) methods, research design used, research method utilised, different data analysis techniques and different Industry 4.0 technologies were used to solve different applications in the BRICS nations.

According to the analysis of past literature, the primary identified practices are centred on operations productivity, waste management, energy reduction and sustainable processes. It also found that despite the abundance of research on Industry 4.0, the major academic journal publications are restricted to a small number of industries and issues in which the manufacturing and automotive industries are front runners. The categorisation of selected papers based on the year of publication demonstrates that the number of publications has been rising. It is also found that China and India, out of the BRICS countries, have contributed significantly to Industry 4.0-related publications by contributing 61 percent of the total articles identified. Similarly, this study identified that qualitative research design is the most adopted framework for research, and empirical triangulation is the least adopted framework in this field. The categorisation of selected articles facilitates the identification of numerous gaps, such as that 67.14% of the literature research is qualitative.

Understanding Industry 4.0 in the BRICS nations helps to identify opportunities for international collaboration and future cooperation possibilities. This study helps to promote collaboration between BRICS countries and other nations, organisations or businesses interested in capitalising on these growing economies' assets and capabilities related to Industry 4.0 technologies. This study helps to provide essential insights into the economic, technological and societal impacts, allowing for effective decision-making and strategic planning for a sustainable and competitive future. So, this contribution links the entire world in terms of the better utilisation of resources, the reduction of downtime, improving product quality, personalised products and the development of human resource capabilities through the application of cutting-edge technologies for nearly half of the world’s population.

In this study, BRICS nations are selected due to their significant impact on the world regarding social, economic and environmental contributions. In the current review, 423 articles published up to August 2022 were selected from the SCOPUS database. The comparison analysis of each BRICS nation in the form of applications of Industry 4.0, the primary area of focus, leading industry working, industry involvement with universities and the area that needs attention are discussed. To the best of our knowledge, this is the most recent SLR and meta-analysis study about Industry 4.0 in BRICS nations, which analysed the past available literature in nine different descriptive and category-wise classifications, considering a total of 423 articles. Based on this SLR, this study makes some important recommendations and future directions that will help achieve social, economic and environmental sustainability in BRICS nations.

This study analyses the impact of the Covid-19 on stock market performance of BRICS nations together. BRICS countries comprise almost 30% of the global GDP and around 50% of the world’s economic growth. As BRICS nations have gained the attraction as financial investment destinations, their financial markets have apparently been as potential opportunities for foreign portfolio investors. While there is extensive research on the impact of the Covid-19 pandemic on individual economies and global financial markets, this paper is among the first to systematically investigate the dynamic connectedness of these emerging economies during the pandemic using the Time-Varying Parameter Vector Autoregressions (TVP-VAR) approach.

We categorise our data into two distinct periods: the pre-Covid period spanning from January 1, 2018, to March 10, 2020, and the Covid crisis period extending from March 11, 2020, to June 4, 2021. To achieve our research objectives, we employ the Time-Varying Parameter Vector Autoregressions (TVP-VAR) approach to assess dynamic connectedness.

Our findings reveal that among the BRICS nations, Brazil and South Africa serve as net transmitters of shocks, while China and India act as net receivers of shocks during the Covid crisis. However, the total connectedness index (TCI) has exhibited a notable increase throughout this crisis period. This paper makes several notable contributions to the academic literature by offering a unique focus on BRICS economies during the Covid-19 pandemic, providing practical insights for stakeholders, emphasising the importance of risk management and investment strategy, exploring diversification implications and introducing advanced methodology for analysing interconnected financial markets.

The results have important implications for the investors, the hedge funds, portfolio managers and the policymakers in BRICS stock markets. The investors, investment houses, portfolio managers and policymakers can develop investment strategies and policies in the light of the findings of this study to cope up the future pandemic crisis.

This study is one of its kind that examines the dynamic connectedness of BRICS with recently developed TVP-VAR approach across pandemic crisis.

This study investigates the correlation between economic development and scientific knowledge production indicators in the BRICS countries from 2000 to 2020, highlighting the importance of human resources, natural resources, and innovation. Addressing a gap in the existing literature, this study aims to contribute significantly to understanding this relationship.

Employing a descriptive statistical approach, this study utilizes GDP and per capita income as economic indicators and scientific data from WoS and SCOPUS databases, focusing on scientific document production and citations per document.

The analysis reveals a strong correlation between economic development and scientific performance within the BRICS nations during the specified period. It emphasizes the interdependence of economic progress and scientific prowess, underscoring that they cannot be considered independently.

However, limitations exist, notably the reliance on specific databases that might not cover the entire scientific output and the inability to capture all factors influencing economic and scientific development.

Understanding this interdependence has crucial originality. Policymakers and stakeholders in BRICS countries can leverage these insights to prioritize investments in human capital development and scientific research. This approach can foster sustainable economic growth by reducing reliance on natural resources.

The purpose of this paper is to investigate dynamics of causal interactions and financial risk contagion among BRICS stock markets under rare events.

Two methods are adopted: The new causal inference technique, namely, the Liang causality analysis based on information flow theory and the dynamic causal index (DCI) are used to measure the financial risk contagion.

The causal relationships among the BRICS stock markets estimated by the Liang causality analysis are significantly stronger in the mid-periods of rare events than in the pre- and post-periods. Moreover, different rare events have heterogeneous effects on the causal relationships. Notably, under rare events, there is almost no significant Liang's causality between the Chinese and other four stock markets, except for a few moments, indicating that the former can provide a relatively safe haven within the BRICS. According to the DCIs, the causal linkages have significantly increased during rare events, implying that their connectivity becomes stronger under extreme conditions.

The obtained results not only provide important implications for investors to reasonably allocate regional financial assets, but also yield some suggestions for policymakers and financial regulators in effective supervision, especially in extreme environments.

This paper uses the Liang causality analysis to construct the causal networks among BRICS stock indices and characterize their causal linkages. Furthermore, the DCI derived from the causal networks is applied to measure the financial risk contagion of the BRICS countries under three rare events.

BRICS (Brazil, Russia, India, China, and South Africa) a group of five emerging nations that are expected to lead the global economy by the year 2050. The growth potential of these nations attracts investors from all over the world who are in search of maximizing the return on their investments and limiting the losses to the lowest possible level. The purpose of this research study is to determine whether or not Indian stock market investors can diversify their stock market portfolios into other BRICS economies.

A daily frequency of stock market closing data for the BRICS nations over a period of 2013–2021 has been considered and several econometric techniques have been applied. Starting with the Granger causality test for checking the direction of causality. The VAR technique is applied to find out whether the movement in the Indian stock market is influenced by its own past values or the past values of the other BRICS nations, and lastly, the DCC-MGARCH technique is applied to check the degree of integration or the volatility spillover from the Indian stock market to the stock markets of other BRICS nations.

The results of the study indicated that in both the short term and long term, stock market volatility is spilling over from the Indian stock market to the stock markets of other BRICS nations. Hence, the study suggests that BRICS nations cannot be a destination for portfolio diversification for Indian stock market investors.

The stock markets of emerging nations experience high volatility, which creates confusion for investors as to whether to invest or to abstain from portfolio diversification. At present, there is a gap in the existing literature to capture the stock market volatility of BRICS nations. This research study fills this research gap and confirms that BRICS nations cannot be a destination for portfolio diversification. Moreover, equity market experts, portfolio managers and researchers can all take advantage of this study.

The purpose of this study is to explore the correlation between foreign direct investment (FDI) and carbon dioxide (CO₂) emissions in emerging economies, with a particular emphasis on Brazil, Russia, India, China and South Africa (BRICS) countries along with 10 the Organization for Economic Cooperation and Development nations.

This study uses quantitative research methods and econometric analysis to investigate the relationship between FDI inflows and CO₂ emissions in selected countries. Specifically, the research concentrates on assessing the impact of FDI on CO₂ emissions within the BRICS countries. By examining data spanning from 2000 to 2003, the study aims to shed light on the interaction between economic integration and environmental sustainability dynamics on a global scale.

The results of this study highlight notable contributors to CO₂ emissions within the BRICS countries, identifying Switzerland, Denmark and the UK as significant sources. These findings support the notion of a pollution haven, underscoring the influence of FDI in moulding environmental outcomes in developing economies.

Drawing from the study’s outcomes, suggestions are put forth to foster sustainable development strategies. It is recommended that BRICS nations prioritize the attraction of environmentally aware FDI to bolster efforts aimed at mitigating environmental harm.

This study adds to the ongoing discussion surrounding sustainable development by offering a concentrated analysis of how FDI influences CO₂ emissions within BRICS countries. Its novelty lies in questioning traditional assumptions about environmental accountability and emphasizing the necessity for cooperative endeavours between emerging and developed economies to effectively tackle global environmental issues.

This study aims to examine the role of Bilateral Investment Treaties (BITs) in attracting higher foreign direct investment (FDI) inflows into the major emerging economies namely Brazil, Russia, India, China and South Africa (BRICS) from the source developed, developing and other emerging economies over a period of 18 years from 2001 to 2018.

To estimate the results, panel data regression on a gravity-knowledge capital model has been used. To account for the problem of endogeneity we have used the two-step difference Generalised Method of Moments estimator proposed by Arellano and Bond (1991).

We find that contradictory to theory and expectations, BITs result in a fall in FDI inflows in BRICS economies. BITs ratified by BRICS economies are not able to provide a sound and secure investment environment to foreign investors, thereby discouraging FDI in these economies.

To the best of the authors’ knowledge, this study is the first to examine the impact of BITs on FDI inflows into the emerging BRICS economies. Further, the impact of BITs on FDI flows among developed nations, i.e. north-north FDI and from developed to developing countries, i.e. north-south FDI has already been studied by many researchers. But so far, no study has examined this impact on FDI among developing and emerging economies (south-south FDI), despite an increase in FDI flows among these economies. Therefore, this study seeks to overcome the limitations of previous studies and tries to find out the impact of BITs on FDI inflows in BRICS economies not only from source developed but also from source developing and other emerging economies.