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Article
Publication date: 12 July 2021

Imran Abbas Jadoon, Raheel Mumtaz, Jibran Sheikh, Usman Ayub and Mohammad Tahir

The international institutions, policymakers and governments are promoting green growth as a policy objective for global financial stability (FS) without sound empirical…

Abstract

Purpose

The international institutions, policymakers and governments are promoting green growth as a policy objective for global financial stability (FS) without sound empirical investigation. Therefore, the purpose of this study is to investigate whether the green economy would be successful in achieving its main objective i.e. stabilizing the world financial system because the investment stakes are too high for this green transition.

Design/methodology/approach

The study used the two-step system generalized method of moments (GMM) methodology on panel data of 90 countries for 6 years from 2010 to 2015 to investigate the impact of green growth economy on FS.

Findings

The results of the current study revealed that overall green growth enhanced FS in the country for both the short and long run. However, the social inclusive dimension of green growth was irrelevant in creating FS.

Research limitations/implications

The results of the current study validate the growth-led finance hypothesis and encourage the policymakers to strengthen the policy initiative for green growth. Because green growth mitigates economic and environmental risk to create a stable financial environment. However, social inclusiveness needs to be explored through alternate paradigm in relevance to FS.

Originality/value

As per the author’s knowledge, it is a pioneer study to empirically investigate the impact of green growth on FS which would be useful in understanding the green growth and FS dynamics.

Details

Journal of Financial Regulation and Compliance, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1358-1988

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Article
Publication date: 4 May 2020

Dilvin Taşkın, Gülin Vardar and Berna Okan

The development of green economy is of academic and policy importance to governments and policymakers worldwide. In the light of the necessity of renewable energy to…

Abstract

Purpose

The development of green economy is of academic and policy importance to governments and policymakers worldwide. In the light of the necessity of renewable energy to sustain green economic growth, this study aims to examine the relationship between renewable energy consumption and green economic growth, controlling for the impact of trade openness for Organization for Economic Co-operation and Development countries over the period 1990-2015, within a multivariate panel data framework.

Design/methodology/approach

To investigate the long-run relationship between variables, panel cointegration tests are performed. Panel Granger causality based on vector error correction models is adopted to understand the short- and long-run dynamics of the data. Furthermore, ordinary least square (OLS), dynamic OLS and fully modified OLS methods are used to confirm the long-run elasticity of green growth for renewable energy consumption and trade openness. Moreover, system generalized method of moment is applied to eliminate serial correlation, heteroscedasticity and endogeneity problems. The authors used the panel Granger causality test developed by Dumitrescu and Hurlin (2012) to infer the directionality of the causal relationship, allowing for both the cross-sectional dependence and heterogeneity.

Findings

The results suggest that renewable energy consumption and trade openness exert positive effects on green economic growth. The results of long-run estimates of green economic growth reveal that the long-run elasticity of green economic growth for trade openness is much greater than for renewable energy consumption. The estimated results of the Dumitrescu and Hurlin (2012) test reveal bidirectional causality between green economic growth and renewable energy consumption, providing support for the feedback hypothesis.

Practical implications

This paper provides strong evidence of the contribution of renewable energy consumption on green economy for a wide range of countries. Despite the costs of establishing renewable energy facilities, it is evident that these facilities contribute to the green growth of an economy. Governments and public authorities should promote the consumption of renewable energy and should have a support policy to promote an active renewable energy market. Furthermore, the regulators must constitute an efficient regulatory framework to favor the renewable energy consumption.

Social implications

Many countries focus on increasing their GDP without taking the environmental impacts of the growth process into account. This paper shows that renewable energy consumption points to the fact that countries can still increase their economic growth with minimal damage to environment. Despite the costs of adopting renewable energy technologies, there is still room for economic growth.

Originality/value

This paper provides evidence on the contribution of renewable energy consumption on green economic growth for a wide range of countries. The paper focuses on the impact of renewable energy on economic growth by taking environmental degradation into consideration on a wide scale of countries.

Details

Sustainability Accounting, Management and Policy Journal, vol. 11 no. 4
Type: Research Article
ISSN: 2040-8021

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Article
Publication date: 11 December 2019

Malin Song and Qianjiao Xie

The purpose of this paper is to analyze the influence of the green talent dividend on China’s economic growth and regional differences using a theoretical derivation of…

Abstract

Purpose

The purpose of this paper is to analyze the influence of the green talent dividend on China’s economic growth and regional differences using a theoretical derivation of the Cobb–Douglas production function.

Design/methodology/approach

This study develops a measurement model with human capital based on Chinese inter-provincial panel data for 2001–2017, and analyzes the influences on economic growth of employees’ education level, per capita material capital, green labor participation rate and green jobs. The study explores the impact of the green talent dividend on regional economic growth for different regions.

Findings

Employees’ education level, per capita material capital, green labor participation rate and green jobs promote China’s economic growth. The dependency ratio hinders economic growth. The green labor participation rate impacts economic growth more than green jobs do. Furthermore, the scale of green talent in China and its dividend effect are regionally unbalanced. Therefore, to fully release the dividend of green talent, the green labor participation rate should be improved to promote the rational flow of talent among regions.

Practical implications

These findings shed light on the talent dividend, provide a theoretical basis for the formulation of relevant talent policies, and show that the demographic dividend can be transformed into the green talent dividend, which has practical significance for the sustainable development of China’s economy given its aging population.

Originality/value

This study provides a macro perspective on the green talent dividend’s impact on economic growth. The Cobb–Douglas production function in this study differs from the traditional micro perspective on green labor.

Details

International Journal of Manpower, vol. 41 no. 7
Type: Research Article
ISSN: 0143-7720

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Article
Publication date: 18 June 2020

Deniz Koçak

Nowadays, growth is the common target of all societies. But rather than growth, it is more important to ensure the sustainability of growth. Worldwide climate changes…

Abstract

Purpose

Nowadays, growth is the common target of all societies. But rather than growth, it is more important to ensure the sustainability of growth. Worldwide climate changes, damages to natural capital and financial crises necessitate the transition to green growth. The purpose of this paper is to examine the contribution of socio-economic context to green growth, which represents the sum of environmental and resource productivity, natural asset base, the environmental dimension of quality of life and technology.

Design/methodology/approach

The paper uses grey relational analysis together with the entropy method to examine the weight of 22 green growth indicators. The green growth indicators based on the compilation of the data from 36 Organization for Economic Co-operation and Development countries in 2015.

Findings

The results point out carbon dioxide emissions and environment-related technology are the most essential indicators in achieving green growth across the world.

Originality/value

It provides an objective evaluation of the green growth indicators that creates awareness-raising in green growth, enables the measurement of global developments and the determines opportunities and risks.

Details

Grey Systems: Theory and Application, vol. 10 no. 4
Type: Research Article
ISSN: 2043-9377

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Article
Publication date: 27 September 2011

Chunyan Zhou

The public‐university‐government triple helix for sustainable development has been proposed, through introducing a new element (public) into the triple helix model while…

Abstract

Purpose

The public‐university‐government triple helix for sustainable development has been proposed, through introducing a new element (public) into the triple helix model while retaining the balance between economic growth and eco‐system development (Etzkowitz and Zhou). This study aims to explore the future roles and influences of science and technology parks (STPs) on green growth in China, which is now releasing about six billion tons of CO2 a year (Maplecroft) as GDP keeps over an 8 percent growth rate.

Design/methodology/approach

The regular research methodology in social sciences is taken including data collections, interviews, and some investigation to construct the theoretical conception and findings.

Findings

Economic growth and environmental sustainability are not in conflict, but are mutually promoting. The green growth approach seeks to create an economic framework which opens up increased opportunities for maximizing the eco‐efficiency, such as sharing and transferring knowledge and technologies for eco‐efficient production processes, for renewable resource use and for integrated natural resources management as well as for creating new job opportunities.

Practical implications

The theme of the paper lies in that a triple helix must be built in order to achieve sustainable development (green growth). The triple helix embodies a couple of objectives of the innovation for economic growth and sustainable development‐triple helix twin. Its most important practical implication is to balance economic growth and sustainability and achieve green growth. STPs' roles should be emphasized.

Originality/value

University‐public‐government triple helix for sustainability is a creative development of triple helix study, which is based on the study in university‐industry‐government triple helix for innovation. The paper uses the idea originally to explore how to get green growth in China though the roles of science parks.

Details

Journal of Knowledge-based Innovation in China, vol. 3 no. 3
Type: Research Article
ISSN: 1756-1418

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Article
Publication date: 31 March 2020

Elsadig Musa Ahmed

This study aims to explain the integration of innovation and climate with the economic growth Green Productivity (GP) concept. This is drawn from the integration of two…

Abstract

Purpose

This study aims to explain the integration of innovation and climate with the economic growth Green Productivity (GP) concept. This is drawn from the integration of two important developmental strategies: productivity improvement and environmental protection. Productivity provides the framework for continuous improvement, while environmental protection provides the foundation for sustainable development. Therefore, GP is a strategy for enhancing productivity and environmental performance for overall socio-economic development.

Design/methodology/approach

Three variations of frameworks and econometric model were developed to measure green total factor productivity, green labour productivity and green capital productivity, and their contributions to green productivity and sustainable development; these were based on extensive and intensive growth theories.

Findings

The sustainability of higher economic growth will likely continue to be productivity driven. This will be through the enhancement of total factor productivity (TFP) as technological progress in nations that combined the three dimensions of sustainable development (economic development, environmental protection and social sustainable development via human capital development). Such an enhancement needs to emphasise the quality of the workforce, demand intensity, economic restructuring, capital structure, technical progress and environmental standards. It should be recalled that green productivity through green TFP demonstrates the sustainable development concept of progressing technologically. It will ensure the rights of the future, as well as current, generations for them to enjoy a better life.

Originality/value

The study fills the gaps in growth theories by developing three variations of frameworks and econometric models, and internalising pollutants emissions as private and unpriced inputs in the three models. Further, the green capital productivity model is the sole contributing model developed in this research; it has not been thought about in any previous studies. This study highlighted the green productivity that is ignored by the studies that have been awarded the Nobel Prize in economic sciences in 2018.

Details

World Journal of Science, Technology and Sustainable Development, vol. 17 no. 3
Type: Research Article
ISSN: 2042-5945

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Article
Publication date: 14 September 2018

Fortune Ganda

This study aims to examine the impact of carbon performance on firm financial performance by using Republic of South Africa CDP company data from 2014 to 2015.

Abstract

Purpose

This study aims to examine the impact of carbon performance on firm financial performance by using Republic of South Africa CDP company data from 2014 to 2015.

Design/methodology/approach

The study considered 63 companies on the Republic of South Africa CDP database. Content analysis was used to extract both carbon performance data and firm financial data. The data were analysed using panel data analysis and partial derivative approaches.

Findings

The findings indicate that carbon performance produces a positive relationship with return on equity (ROE) and return on sales (ROS). Conversely, it generates a negative relationship with return on investment (ROI) and market value added (MVA). Furthermore, the study highlights that carbon performance pays and that the relationship with financial performance (ROE, ROS, ROI and MVA) deepens as the corporate growth rate increases.

Practical implications

Companies that integrate carbon performance initiatives reap substantial financial gains, and this relationship is strengthened as the company’s growth rate increases.

Originality/value

The research questions and data collected from Republic of South African CDP firms are original and provide important evidence on the impact of carbon performance on firm financial indicators. Furthermore, many empirical studies focus on highly industrialised countries; this study examines this issue in the emerging South African economy which has experienced rapid growth of emissions in recent years. While most previous studies on the relationship between carbon performance and firm financial performance used a single class of corporate financial measures, this study used both accounting- and market-based indicators. It also investigated how firm growth moderates the association between carbon performance and diverse financial performance measures. Finally, pressure exerted by green stakeholders since the introduction of the Johannesburg Stock Exchange’s sustainability criteria in 2004, as well as government policies, has a profound impact on the South African business context; it is hence important to examine corporate environmental management activities in the context of the association between carbon performance and firm performance.

Details

Social Responsibility Journal, vol. 14 no. 4
Type: Research Article
ISSN: 1747-1117

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Expert briefing
Publication date: 15 March 2018

Green bond growth.

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Article
Publication date: 2 November 2015

Tunbosun Oyedokun, Colin Jones and Neil Dunse

The purpose of this paper is to examine the experience of the UK office market in embracing green buildings. The empirical analysis considers the spatial pattern and growth

Abstract

Purpose

The purpose of this paper is to examine the experience of the UK office market in embracing green buildings. The empirical analysis considers the spatial pattern and growth of green buildings in cities since 1990. It examines the perceived industry wisdom that the establishment of a green premium for occupation is the key to greening the office stock.

Design/methodology/approach

The paper begins by looking at the concept of a green office and then examines the evolving attitudes towards these offices and the issues for local market dynamics. The empirical analysis examines the current spatial pattern of green office buildings in the UK and then their impact on city office markets, where there is a major concentration. The latter part of the paper examines the growth of green offices since 1990. It begins with national trends and then examines the evolution of green development in individual cities.

Findings

The initial adoption of green offices was slow. There has been a dramatic rise in green offices at the peak of the past decade’s development boom and in the immediate years that followed. Market acceptance of the importance of greenness appears still to be in the melting pot with limited market transactions since 2008. Green offices represent only 2.7 per cent of office buildings and 12 per cent of total space in the market. Most green offices are in the principal cities with the largest concentration in London. London represents the only potential locality where a green market could have been established so far.

Practical implications

The paper provides an empirical assessment of the growth of green offices in the UK.

Originality/value

This is the first paper to consider the development and scale of green offices in the context of local markets. It challenges the perceived wisdom that a green premium is central to the green transformation to date.

Details

Journal of European Real Estate Research, vol. 8 no. 3
Type: Research Article
ISSN: 1753-9269

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Article
Publication date: 22 March 2013

Sang M. Lee, Sang‐Hyun Park and Silvana Trimi

The aim of this paper is to present green information technology (GIT) initiatives of leading countries and to suggest strategies for environmental sustainability for the…

Abstract

Purpose

The aim of this paper is to present green information technology (GIT) initiatives of leading countries and to suggest strategies for environmental sustainability for the follower countries.

Design/methodology/approach

A comprehensive review of greening of IT and greening by IT programs for sustainable growth in leading countries, the growing GIT market, and possible GIT strategies for the follower countries is provided.

Findings

Green IT initiatives and practices in leading countries mirror each country's IT infrastructure and governmental efforts for green growth society. Some of the best practices of these countries should be benchmarked by the follower countries that have recently experienced dramatic increases in energy consumption and CO2 emission.

Research limitations/implications

Each country has its own unique political, social, and economic conditions. Thus, a universal set of GIT initiatives is not suggested in this study.

Practical implications

GIT should be a critical national strategy for any country. The findings of this study provide guidance to government and corporate leaders, especially for the developing countries, on how to develop effective GIT programs for sustainable green society.

Originality/value

This study presents a comprehensive discussion of GIT initiatives and practices of leading countries and the exploding GIT market around the world. It also provides new insights for GIT for the follower countries.

Details

Management Decision, vol. 51 no. 3
Type: Research Article
ISSN: 0025-1747

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