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This paper empirically examines the influences of economic complexity performance on environmental innovation implementation.
Abstract
Purpose
This paper empirically examines the influences of economic complexity performance on environmental innovation implementation.
Design/methodology/approach
The research is based on four measures designed to assess the effectiveness of environmental innovations in 24 European countries, including the percentage of enterprises implementing environmental innovation investment (% of surveyed firms), the percentage of enterprises implementing environmental innovation activities (e.g. implementation of resource efficiency actions, sustainable products or ISO 14001 certificates) measured, a number of enterprises having new ISO 14001 registration and a number of environmental innovation related patents. After conducting various tests for longitudinal correlations and asymmetry of the studied series, we examine the relationship between product proximity, economic complexity and environmental innovation (EI) implementation using the panel-corrected standard error model (PCSE) model in the following section. The feasible generalized least squares (FGLS) model is employed to further verify our findings by taking into account heteroscedasticity. An application of the two-step generalized mixed model (GMM) is considered to resolve an endogeneity issue. In addition, the dynamic fixed-effects estimate (DFE) estimator is applied to the autoregressive distributed lag (ARDL) method in order to calculate both the short-run and long-run effects. As indicated by Ha (2022a, b) and Ha and Thanh (2022), the DFE-ARDL method can be used to identify both time-fixed effects and country-fixed effects.
Findings
The authors provide empirical evidence to propose the mechanism through which economic complexity encourages the implementation of environmental innovation through favorable impacts of economic complexity on environmental innovation investments of firms and governments and the public's awareness regarding the importance of environmental innovations.
Practical implications
This research provides important implications for policymakers in promoting environmental innovations.
Originality/value
The study is the first to empirically examine economic complexity performance's influences on environmental innovation implementation. It is also the first to investigate the importance of institutional quality in enhancing the influence of economic complexity on environmental performance.
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This paper answers the question of whether climate-related financial policies (CRFP) enable the energy transition in the European region.
Abstract
Purpose
This paper answers the question of whether climate-related financial policies (CRFP) enable the energy transition in the European region.
Design/methodology/approach
By using various econometric techniques (namely a panel-corrected standard errors [PCSE] model and a feasible generalized least square estimates [FGLS] model, this study examines a link between CRFP and energy security (ES).
Findings
Using seven indicators, this paper examines four parts of energy security: acceptability, availability, sustainability and developability. The author has performed econometric analyses on 17 European countries during the period 2010–2020 to reveal critical findings. The results show a relationship between CRFP and energy intensity, energy consumption, nonfossil energy consumption, renewable energy consumption and CO2 emissions. This finding suggests that CRFP involvement benefits the energy system’s acceptability, developability and sustainability. Moreover, the author observes long-term cointegration between CRFP and ES, and the findings validate their short-term and long-term effects. The author also finds that ES is influenced by past and future CRFP participation.
Practical implications
This study focuses on countries in a European Union (EU) region, which contribute significantly to secure ES and represent a varied spectrum of rich and emerging economies.
Originality/value
In this paper, the author contributes to the research in three ways. First, to the best of the author’s knowledge, this is the first empirical study to explore CRFP as a contributor to the security of the energy system. This research contributes to the existing body of information by investigating the influence of CRFP on environmental quality as assessed by various dimensions. Second, this paper uses a PCSE model based on cross-sectional dependence and stationarity tests. Furthermore, the findings can be further verified using FGLSs considering heteroscedasticity. Long-term and short-term impacts of autoregressive distributed lag methods were also investigated using pooled mean groups (PMG).
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The present study investigates a nexus between digital public services (DPS) and international tourism empirically.
Abstract
Purpose
The present study investigates a nexus between digital public services (DPS) and international tourism empirically.
Design/methodology/approach
This article analyzes the nexus of DPS and international tourism by using the international sample of 23 European countries in the span of nearly 10 years from 2011 to 2019. Various econometric techniques, including the panel-corrected standard error (PCSE) model and the feasible generalized least squares (FGLS) model, are employed to confirm the author’s findings. Furthermore, the autoregressive distributed lag (ARDL) method is applied to measure the short- and long-run effects of DPS on international tourism developments.
Findings
Tourism is positively influenced by digitalization, implying that the enhancement of digital public service usage results in the development of the tourism industry. However, when looking at the effect of DPS in the short term, a negative impact can be found on tourism, as the density reported in the previous analysis stated a negative response to the tourism density. This effect spans the course of several facets, such as international tourism arrivals, international tourism receipt, international tourism, receipts (% of total exports) and global tourism expenditure (% of total imports). Although the result is unfavorable in the short term, digitalization promises great prospects for tourism in the long term. Notably, an improvement in economic growth, financial development as well a reduction in the pervasiveness of corruption and an improvement of environmental quality are transmission channels through which DPS have favorable influences on tourism activities.
Practical implications
The author’s findings are vital for managers and policymakers to establish a comprehensive grasp of digitalization's role in deciding tourist adoption. This is because digitalization has been proven to play a role in determining tourism adoption.
Originality/value
The present study is the first to examine the relationship between DPS and international tourism empirically. The author is also the first to distinguish the effects of digitalization in the short and long run.
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This study aims to investigate two issues: (1) a nexus between climate-related financial policies (CRFP) and global value chains (GVC) and (2) the government’s policies to help…
Abstract
Purpose
This study aims to investigate two issues: (1) a nexus between climate-related financial policies (CRFP) and global value chains (GVC) and (2) the government’s policies to help countries enhance the efficient use of CRFP in improving a country’s likelihood to participate in GVC.
Design/methodology/approach
To investigate the connection between GVC and CRFP, the authors incorporate that backward participation is measured using foreign value-added, while domestic value-added is used to measure forward participation, quantified as proportions of gross exports. The study analyses yield significant insights across a span of 20 developing countries and 26 developed countries over the period from 2010 to 2020.
Findings
Regarding the first issue, the authors affirm the presence of a linear link between GVC and CRFP, implying that involvement in CRFP is advantageous for both backward and forward participation. Furthermore, the authors identify long-term GVC and CRFP cointegration and confirm its long-term effects. Notably, the expression of a linear relationship between GVC and CRFP appears to be stronger in developing countries.
Research limitations/implications
The study findings, together with previous research, highlight the importance of financial policies relating to climate change (CRFP) in the context of economic growth. Climate change’s consequences for financial stability and GVC highlight the importance of expanded policymakers and industry participation in tackling environmental concerns.
Practical implications
Regarding the second issue, the study findings suggest critical policy implications for authorities by highlighting the importance of financial stability and expanded policymakers in promoting countries' participation in GVC.
Originality/value
This paper investigates the link between GVC performance and CRFP, offering three significant advances to previous research. Moreover, as a rigorous analytical method, this study adopts a typical error model with panel correction that accounts for cross-sectional dependency and stationarity.
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This study aims to examine connections between five variables, including innovation in environment-related technology (EI), trade openness (TRADE), CO2 emissions (CO2) and foreign…
Abstract
Purpose
This study aims to examine connections between five variables, including innovation in environment-related technology (EI), trade openness (TRADE), CO2 emissions (CO2) and foreign direct investment (FDI) from 1994 to 2019.
Design/methodology/approach
This study used an extended joint connectedness technique and the time-varying parameter vector autoregression (TVP-VAR) method. The analysis focuses on the variables of innovation in environment-related technology (EI), trade openness (TRADE), CO2 emissions (CO2) and foreign direct investment (FDI) using data from 1994 to 2019.
Findings
The results demonstrate that innovation in environment-related technology and an openness to the global network captured by FDI are identified as crucial net transmitters of shocks. In addition, an openness to the global trade network captured by TRADE turns from a transmitter to a receiver of shocks and vice versa. Moreover, it can be seen that the impact of EI was significant in the first five years of the observed period, and it transmitted the largest shock in 1997.
Practical implications
With regard to policy implications, the findings offer valuable insights for investors and policymakers. As the tradeoff between business efficiency and environmental sustainability diminishes, it is essential for Vietnam’s economy and enterprises to embrace green and sustainable growth in line with global trends. In a world characterized by uncertainties and risks, enterprises need to develop strategies to manage risks and shocks arising from geopolitical tensions, input material supply, financial–monetary instability and natural disasters.
Originality/value
This study contributes to the existing literature in two significant ways. First, as previously emphasized, this paper represents the first attempt to investigate the relationship between economic globalization and environmental innovation. Second, this study proposes a novel methodology that is better suited for analyzing volatility interlinkages across different market types.
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Le Thanh Ha, Thanh Trung To, Nguyen Thi Thanh Huyen, Ha Quynh Hoa and Tran Anh Ngoc
This study aims to analyze the effects of e-government on corruption prevalence by using a sample of 29 European countries over the period 2012–2019.
Abstract
Purpose
This study aims to analyze the effects of e-government on corruption prevalence by using a sample of 29 European countries over the period 2012–2019.
Design/methodology/approach
This paper uses the panel corrected standard errors (PCSE) model to mitigate the problems of cross-sectional dependence. The PCSE model is also considered to reexamine the findings when the presence of heteroscedasticity, fixed effects and endogeneity issues are taken into account. The theoretical model incorporates one-year-lagged explanatory variables to deal with endogeneity. The autoregressive distributed lag method using the dynamic fixed effects estimator is chosen to deal with the time and country-fixed effects in the effort to measure the short- and long-run effects of e-government more precisely.
Findings
The results indicate that e-government plays a critical role in improving the population’s perception of corruption. Furthermore, e-government appears to have an effect in the short run. Notably, the estimation results show that there is a nonlinear relationship between e-government, especially user centricity and key enablers and the corruption perception index in the U-shaped curve.
Practical implications
The short-run and nonlinear effects of e-government on corruption prevalence suggest that the fight against corruption requires countries to pursue a consistent and continuous improvement and development of the e-government system.
Originality/value
The authors contribute to the literature by providing a consistent and precise answer to this relationship in the case of European countries. Another contribution of the work is to use diverse indicators to reflect e-government in a typical country, which helps us confirm the reliability and robustness of the findings.
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The article is the first attempt to investigate the association between the size of trade values in environmental commodities (TVEC) and environmental quality (EQ).
Abstract
Purpose
The article is the first attempt to investigate the association between the size of trade values in environmental commodities (TVEC) and environmental quality (EQ).
Design/methodology/approach
The authors employ two dimensions, including human health’s and ecosystem’s protection, to capture the environmental performance. The six-digit level of the 2007 version of the Harmonized System was used to extract data on commerce in the Combined List of Environmental Goods (CLEG) goods from the UN Comtrade database (HS 2007). The authors apply the formal empirical estimation procedure to a global sample of 28 low-income and lower-middle-income (LI&LMICs) and 19 upper-middle-income (UMICs) and 31 high-income (HICs) during the 2000–2019 period.
Findings
The estimates indicate that the size of TVEC has a favorable impact on QE. The authors find robust results by utilizing various econometric techniques and various measures of TVEC. To shed light on the TVEC-QE nexus, the authors demonstrate the short-run and long-run effects of TVEC on QE and compare the influence of TVEC on QE in the subsamples based on a country’s income level. The results suggest that the TVEC-QE linkage is more likely to exist either in the long-run or high-income economies. Notably, the authors find that the influences of TVEC become more pronounced in a country characterized by a well-developed institutional system.
Practical implications
Governments should develop a more efficient policy framework to improve the relationship between trading activities and environmental performance. There has been a substantial increase in the global demands and requirements for environmental commodities, and the authors also realize the world economy has become greener and fairer. Therefore, it is vital for both developing and developed countries to catch this trend and satisfy the global demands and requirements to survive in foreign markets.
Originality/value
The article is the first attempt to investigate the association between trade values of environmental goods and environmental innovation.
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Keywords
We investigate connections between the development of Fintech and the blue economy from September 14th, 2020, to August 11th, 2023.
Abstract
Purpose
We investigate connections between the development of Fintech and the blue economy from September 14th, 2020, to August 11th, 2023.
Design/methodology/approach
In this research, we use a cutting-edge model-free connectedness approach to investigate the relationships between FinTech and blue bond volatility. Our work is the first to investigate the effects of unknown events, such as the COVID-19 pandemic and Ukraine–Russia conflicts, on the interconnection of volatility derived from FinTech development and blue bond volatility.
Findings
Our results highlight the two-way relationship between the development of Fintech and the blue economy during our sample period. The net total connectedness shows that the blue economy index is a net shock receiver, especially in late 2021 and the second half of 2022, while most of the fintech indexes in our sample are mainly net shock transmitters. The Ukraine–Russia tension threatens the development of a sustainable blue economy. The development of Fintech plays an important role in promoting the blue economy.
Practical implications
Our results have important policy implications for investors and governments, as well as methods from the spillovers across the various indicators and their interconnections. Sharp information on the primary contagions among these indicators aids politicians in designing the most appropriate policies.
Originality/value
Our paper contributes to the literature in at least four ways. First, as previously stated, our article is the first to investigate the relationship between FinTech and blue bond volatility. Second, this study presented a framework for studying volatility interconnections between distinct variables that is more suited to analyzing these interconnections. In this research, we use a cutting-edge model-free connectedness approach to investigate the relationships between FinTech and blue bond volatility. Third, our work is the first to investigate the effects of unknown events such as the COVID-19 pandemic and Ukraine–Russia conflicts on the interconnection of volatility deriving from FinTech development and blue bond volatility. Lastly, our research provides a daily dataset for the BNP Paribas Easy ECPI Global ESG Blue Economy UCITS ETF to analyze 50 businesses from various markets that are at the forefront of the responsible application of ocean resources and other ESG standards. The Global X FinTech ETF (FINX) and the ARK FinTech Innovation ETF (ARKF) seek exposure to companies developing financial technology innovations. The development sectors include insurance, investment, fundraising and third-party lending by utilizing cutting-edge mobile and digital technologies. Our time series runs from September 14th, 2020, to August 11th, 2023. By using this database, we provide a comprehensive analysis of the link between the volatilities arising from various markets.
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This paper analyzes variations in the effects of monetary and fiscal shocks on responses of macroeconomic variables, determinacy region, and welfare costs due to changes in trend…
Abstract
Purpose
This paper analyzes variations in the effects of monetary and fiscal shocks on responses of macroeconomic variables, determinacy region, and welfare costs due to changes in trend inflation.
Design/methodology/approach
The authors develop the New-Keynesian model, in which the central banks can employ either nominal interest rate (IR rule) or money supply (MS rule) to conduct monetary policies. They also use their capital and recurrent spending budgets to conduct fiscal policies. By using the simulated method of moment (SMM) for parameter estimation, the authors characterize Vietnam's economy during 1996Q1–2015Q1.
Findings
The results report that consequences of monetary policy and fiscal policy shocks become more serious if there is a rise in trend inflation. Furthermore, the money supply might not be an effective instrument, and using the government budget for recurrent spending produces severe consequences in the high-trend inflation economy.
Practical implications
This paper's findings are critical for economists and monetary and fiscal authorities in effectively designing both the monetary and fiscal policies in confronting the shift in the inflation targets.
Originality/value
This is the first paper that examines the effects of trend inflation on the monetary and fiscal policy implementation in the case of Vietnam.
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This study aims to empirically connect green logistics performance, renewable energy, non-renewable energy, CO2 emissions and gross domestic product in Vietnam from 2000 to 2022.
Abstract
Purpose
This study aims to empirically connect green logistics performance, renewable energy, non-renewable energy, CO2 emissions and gross domestic product in Vietnam from 2000 to 2022.
Design/methodology/approach
Within this study, the author uses innovative tools, specifically a R2 decomposed linkage method, to scrutinize the connections between green logistics, environmental issues and the use of green and dirty energy.
Findings
The results highlight the two-way relationship between green logistics and energy security in Vietnam. Green logistics plays various roles in diverse periods, from a net shock transmitter to a net shock receiver in the designed system. Using a dynamic and contemporaneous dynamic linkage method, this study emphasizes the change in the role and the dominance of green logistics and renewable energy consumption. Notably, the unexpected shocks also lead to changes in these variables’ roles.
Originality/value
This paper presents two significant contributions to the existing body of literature. Firstly, as previously emphasized, this research marks a pioneering effort to examine the connection between green logistics, environmental issues and the use of green and dirty energy when it comes to developing nations such as Vietnam. Secondly, this research introduces a novel approach to investigating the interconnectedness of volatility across diverse markets, offering a more suitable method for such analyses. Within this study, the author uses innovative tools, specifically an R2 decomposed linkage method, to scrutinize the connections between green logistics, environmental issues and the use of green and dirty energy. In this analysis, the author examined data from 2000 through 2022. A thorough analysis is presented using the data, exploring the connections between the volatilities resulting from various problems in Vietnam.
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