Search results

Literature has pointed that conventional financial development theories have inconclusive role on motivating new businesses. New ventures often consider the conventional system that passes through risk and provides fixed-interest lending as a burden. Comparatively, Islamic finance contributes using participative and equitable substitute for startups and has a potential in promoting new businesses. This study aims to investigate the holistic financial development index quadratic effect on entrepreneurship and include the moderating role of Islamic financing at national level.

Islamic banks of 21 nations constitute the unbalanced panel data. Financial development and entrepreneurship indices were developed using factor analysis and panel median regression to estimate the nonlinear financial market development effects and Islamic financing moderation model.

The results indicated that low financial market development is entrepreneurship deterring because of interest burden effect, which could be eased with a proportional increase in the Islamic financing, which is participative. The moderating effect has led to the categorization of the sample countries into entrepreneurship promoting and entrepreneurship discouraging with respect to the current incidence of financial market development and Islamic financing, which can help policymakers in understanding the entrepreneurship promoting combination of financial development and Islamic financing.

Central banks and Shari’ah advisory councils can adopt Islamic financing transition in the national financial inclusion policy for new business facilitation.

This study is instrumental in exploring the assessment of introducing Islamic financing while developing the financial sector on multidimensional entrepreneurship.

This study has incorporated competitiveness by considering it a significant factor behind determining as well as moderating industrial value added in the environmental Kuznets curve (EKC) framework. This study aims to explore the moderating role of competitiveness policy in EKC with an aim to promote business led sustainability at national level.

Considering the environmental deterioration aspect of industrialization, this study tests the existence of EKC for SAARC countries using the data from 1996 to 2021 using second-generation static panel data model.

Estimated results have validated that moderating effect is responsible for improving environmental sustainability in SAARC countries. Furthermore, population density is responsible for increasing while trade openness is responsible for decreasing carbon emissions.

Higher industrial activities are a symbol of upward-moving economic growth. But its other impact is in the form of environmental deterioration. However, the relationship between industrialization and environmental quality can be identified through EKC.

Increased trapped heat in the atmosphere leads to global warming and economic activity is the primary culprit. This study proposes the nonlinear impact of economic activity on cooling degree days to develop a climate Kuznets curve (CKC). Further, this study explores the moderating role of higher education and renewable energy in diminishing the climate-altering effects of economic activity.

All the selected BRICS economies range from 1992 to 2020. The CKC analysis uses a distribution and outlier robust panel quantile autoregressive distributed lagged model.

Results confirmed a U-shaped CKC, controlling for population density, renewable energy, tertiary education enrollment and innovation. The moderating role of renewable energy and education can be exploited to tackle the progressively expanding climate challenges. Hence, education and renewable energy intervention can help in reducing CKC-based global warming.

This study highlighted the incorporation of climate change mitigating curriculum in education, so that the upcoming economic agents are well equipped to reduce global warming which must be addressed globally.

This study is instrumental in developing the climate change-based economic activity Kuznets curve and assessing the potential of higher education and renewable energy policy intervention.

Social development is the ultimate goal of every nation, and climate change is a major stumbling block. Climate Risk Index has documented several climate change events with their devastations in terms of lives lost and economic cost. This study aims to link the climate change and renewable energy with the social progress of extreme climate affected countries.

This research used the top 50 most climate-affected countries of the decade and estimated the impact of climate risk on social progress with moderation effects of renewable energy and technology. Several competing panel data models such as quantile regression, bootstrap quantile regression and feasible generalized least square are used to generate robust estimates.

The results confirm that climate hazards obstruct socioeconomic progress, but renewable energy and technology can help to mitigate the repercussion. Moreover, improved institutions enhance the social progress of nations.

Government should improve the institutional quality that enhances their performance in terms of Voice and Accountability, Political Stability and Absence of Violence, Government Effectiveness, Regulatory Quality, Rule of Law and Control of Corruption to increase social progress. In addition, society should use renewable energy instead of fossil fuels to avoid environmental degradation and health hazards. Innovation and technology also play an important role in social progress and living standards, so there should be free hand to private business research and development, encouraging research institutes and universities to come forward for innovation and research.

The ultimate goal of all human struggle is to have progress that facilitates human beings to uplift their living standard. One of the best measures that can tell us about a nation’s progress is Social Progress Index (SPI), and one of many factors that can abruptly change it is the climate; so this study is an attempt to link the relationship among these variables and also discuss the situation where the impact of climate can be reduced.

Although social progress is an important concept of today’s economics discussion, relatively few studies are using the SPI to measure social well-being. Similarly, there is consensus about the impact of climate on people, government and crops but relatively less study about its overall impact on social progress, so this study attempts to fill the gap about the relationship between social progress and climate change.

The main contribution of this study is the solution for the impact of climate risk. Climate risk is not in human control, and we cannot eliminate it, but we can reduce the negative impacts of climate change. Moderator impact of renewable energy decreases the negative impact of climate change, so there is a need to use more renewable energy to mitigate the bad consequences of climate on social progress. Another moderator is technology; using technology will also mitigate the negative consequences of the climate, so there is a need to facilitate technological advancement.

Money laundering (ML) is the process used to convert the proceeds of crimes into lawful form. This global problem promotes social ills, corruption and organized crimes. Various instruments are used to counter individual illicit behavior. However, in low-income countries, these regulations are not common because of weak institutions, poor governance and a lack of awareness about the negative consequences of ML. In these countries, multinational corporations take advantage of poor law and order, lower environmental regulations and corruption and shift their domestic operations into foreign countries.

This study uses a multiple mediator model to investigate the link between foreign direct investment (FDI), environmental degradation measured as CO₂ emissions (CE), exports and ML for 118 countries between 2008 to 2018.

Results indicate that FDI promotes exports and CE, leading to illicit financial flows.

Policymakers should enforce checks on foreign funds flow and adopt illicit flow mitigation measures to minimize ML globally.

The ailing agriculture sector in Pakistan demands a supportive financial sector. The low adoption of Salam financing by Islamic banks does not match the potential demand. Empirical studies identified demand-led issues that led to a low proportion of Salam financing, but the exploration of supply-side constraints is overlooked.

This study has applied Interpretive Phenomenological Analyses on 20 interviews with the experts in the Islamic banking industry who play a role in decisions on Salam financing to the agriculture sector. The purpose of the study is to explore the determinants of low adoption of Salam financing by Islamic banks.

The experiences led to the major reasons for the low adoption of Salam financing categorized as intentions, attitudes and behavior control which corresponds to the theory of planned behavior.

This study is instrumental in exploring the supply-side constraints to Salam financing and helps find aligning theory to intervene via Islamic banking regulations.