Financial Efficiency and Its Impact on Renewable Energy Demand and CO2 Emissions: Do Eco-Innovations Matter for Highly Polluted Asian Economies?
Abstract
:1. Introduction
2. Model, Methods, and Data
3. Results and Discussion
4. Conclusions and Implications
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Conflicts of Interest
References
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Variables | Symbol | Definitions | Sources * |
---|---|---|---|
Renewable energy consumption | REC | Total energy consumption from nuclear, renewables, and other (quad Btu) | https://www.eia.gov/international/data/world |
CO2 emissions | CO2 | CO2 emissions (kt) | https://databank.worldbank.org/source/world-development-indicators |
Environment innovation | EI | Development of environment-related technologies, % all technologies | https://stats.oecd.org/Index.aspx?DataSetCode=green_growth |
Educational attainment | Education | School enrollment, secondary (% gross) | https://databank.worldbank.org/source/world-development-indicators |
Financial development | FD | Financial development index | https://data.imf.org/?sk=F8032E80-B36C-43B1-AC26-493C5B1CD33B |
Financial institutions efficiency | FIE | Financial institutions efficiency index | https://data.imf.org/?sk=F8032E80-B36C-43B1-AC26-493C5B1CD33B |
Financial markets efficiency | FME | Financial markets efficiency index | https://data.imf.org/?sk=F8032E80-B36C-43B1-AC26-493C5B1CD33B |
GDP per capita | GDP | GDP per capita (constant 2015 US$) | https://databank.worldbank.org/source/world-development-indicators |
Environmental policy stringency | EPS | Environmental policy stringency index | https://databank.worldbank.org/source/world-development-indicators |
Mean | Median | Maximum | Minimum | Std. Dev. | Skewness | Kurtosis | Jarque–Bera | Probability | |
---|---|---|---|---|---|---|---|---|---|
REC | 3.792 | 2.968 | 21.02 | 0.800 | 3.789 | 2.848 | 10.97 | 463.9 | 0.000 |
CO2 | 6.283 | 6.189 | 7.062 | 5.800 | 0.316 | 1.143 | 3.362 | 25.88 | 0.000 |
EI | 8.677 | 8.670 | 15.71 | 3.730 | 2.265 | 0.216 | 2.589 | 1.715 | 0.424 |
Education | 1.894 | 1.957 | 2.030 | 1.624 | 0.124 | −0.834 | 2.274 | 15.98 | 0.000 |
FIE | 0.635 | 0.673 | 0.834 | 0.265 | 0.141 | −0.933 | 3.060 | 16.85 | 0.000 |
FME | 0.818 | 0.904 | 1.015 | 0.280 | 0.223 | −1.006 | 2.749 | 19.88 | 0.000 |
GDP | 3.738 | 3.780 | 4.561 | 2.737 | 0.575 | −0.040 | 1.805 | 6.932 | 0.031 |
EPS | 1.175 | 0.854 | 3.500 | 0.310 | 0.793 | 1.247 | 3.852 | 33.56 | 0.000 |
LLC | IPS | ADF-Fisher | ||||
---|---|---|---|---|---|---|
I(0) | I(1) | I(0) | I(1) | I(0) | I(1) | |
REC | 1.225 | −3.321 *** | 1.821 | −3.785 *** | 1.897 | −3.752 *** |
CO2 | −1.098 | −3.875 *** | −1.654 * | −1.565 * | ||
EI | 0.278 | −8.021 *** | −0.578 | −8.412 *** | −0.512 | −6.845 *** |
Education | −0.654 | −4.854 *** | 0.534 | −3.977 *** | 0.542 | −3.598 *** |
FD | −0.324 | −1.621 * | 0.785 | −3.785 *** | 0.857 | −3.758 *** |
FIE | −1.152 | −3.321 *** | −1.195 | −6.245 *** | −1.132 | −5.745 *** |
FME | −1.187 | −2.145 * | −1.625 * | −1.675 * | ||
GDP | −1.565 * | 0.432 | −1.987 ** | 0.534 | −1.875 ** | |
EPS | 0.189 | −5.321 *** | 1.023 | −5.321 *** | 1.123 | −4.225 *** |
REC | CO2 | |||||||
---|---|---|---|---|---|---|---|---|
(1) | (2) | (3) | (4) | |||||
Variable | Coefficient | t-Stat | Coefficient | t-Stat | Coefficient | t-Stat | Coefficient | t-Stat |
Long-run | ||||||||
EI | 0.164 *** | 2.852 | 0.212 *** | 3.747 | −0.046 ** | −2.204 | −0.052 *** | −3.316 |
Education | 1.151 ** | 2.328 | 1.283 *** | 6.391 | −0.306 ** | −2.098 | −0.470 ** | −1.976 |
FD | 0.656 | 0.502 | 0.942 | 0.925 | ||||
FIE | 0.735 *** | 2.844 | 1.514 *** | 5.796 | ||||
FME | 0.045 * | 1.695 | 0.109 *** | 2.960 | ||||
GDP | 4.883 *** | 3.046 | 3.521 *** | 5.144 | 0.526 | 1.150 | 0.918 *** | 9.346 |
EPS | 1.782 *** | 9.772 | 1.370 *** | 3.013 | −0.498 ** | −2.355 | −0.137 ** | −2.384 |
Short-run | ||||||||
D(EI) | 0.106 | 0.798 | 0.162 * | 1.724 | −0.011 | −1.388 | −0.021 | −0.170 |
D(EI(-1)) | 0.163 ** | 1.964 | −0.010 | −0.233 | ||||
D(EI(-2)) | 0.101 *** | 2.600 | ||||||
D(EDUCATION) | 1.002 | 1.064 | 0.719 | 0.141 | −0.354 | −1.322 | −0.220 | −0.667 |
D(EDUCATION(-1)) | 0.999 | 1.175 | −0.792 | −1.636 | ||||
D(EDUCATION(-2)) | 0.037 | 0.584 | ||||||
D(FD) | 1.355 | 1.114 | 0.034 | 0.453 | ||||
D(FIE) | −1.012 | −0.915 | 0.047 | 0.219 | ||||
D(FIE(-1)) | −0.455 | −0.095 | 0.011 | 0.061 | ||||
D(FIE(-2)) | −0.166 | −0.504 | ||||||
D(FME) | −0.981 | −0.975 | 0.008 ** | 2.516 | ||||
D(FME(-1)) | 0.641 | 1.188 | 0.065 | 1.123 | ||||
D(FME(-2)) | 0.875 | 1.081 | ||||||
D(GDP) | 2.728 | 1.223 | 1.757 | 1.117 | 0.753 *** | 3.505 | 0.837 * | 1.906 |
D(GDP(-1)) | 0.865 | 0.666 | 0.049 | 0.171 | ||||
D(EPS) | 0.289 | 0.991 | 0.969 | 1.171 | 0.505 | 0.189 | 0.203 | 0.111 |
D(EPS(-1)) | 0.340 | 0.901 | 0.009 | 1.396 | ||||
C | 7.501 ** | 2.367 | 9.851 ** | 2.416 | −2.584 | −1.479 | −1.186 ** | −2.040 |
Diagnostics | ||||||||
Kao cointegration | −3.141 *** | −1.678 * | −2.817 *** | −3.255 *** | ||||
ECM(-1) | −0.393 ** | −2.217 | −0.565 * | −1.828 | −0.416 ** | −2.434 | −0.392 ** | −1.900 |
Log-likelihood | 20.71 | 127.3 | 347.6 | 407.5 |
REC Model | CO2 Model | ||||
---|---|---|---|---|---|
Null Hypothesis: | F-Stat | Prob. | Null Hypothesis: | F-Stat | Prob. |
EI → REC | 4.450 | 0.018 | EI → CO2 | 2.836 | 0.063 |
REC → EI | 0.535 | 0.587 | CO2 → EI | 0.627 | 0.536 |
EDUCATION → REC | 0.325 | 0.723 | EDUCATION → CO2 | 6.434 | 0.002 |
REC → EDUCATION | 3.980 | 0.016 | CO2 → EDUCATION | 4.838 | 0.010 |
FIE → REC | 0.442 | 0.644 | FIE → CO2 | 0.729 | 0.485 |
REC → FIE | 0.358 | 0.700 | CO2 → FIE | 0.989 | 0.376 |
FME → REC | 0.175 | 0.840 | FME → CO2 | 0.330 | 0.720 |
REC → FME | 0.043 | 0.958 | CO2 → FME | 1.592 | 0.209 |
GDP → REC | 1.494 | 0.229 | GDP → CO2 | 4.621 | 0.012 |
REC → GDP | 0.306 | 0.737 | CO2 → GDP | 3.061 | 0.051 |
EPS → REC | 0.168 | 0.845 | EPS → CO2 | 1.494 | 0.229 |
REC → EPS | 0.174 | 0.841 | CO2 → EPS | 1.326 | 0.270 |
EDUCATION → EI | 1.673 | 0.193 | EDUCATION → EI | 1.673 | 0.193 |
EI → EDUCATION | 0.175 | 0.840 | EI → EDUCATION | 0.175 | 0.840 |
FIE → EI | 0.120 | 0.887 | FIE → EI | 0.120 | 0.887 |
EI → FIE | 3.884 | 0.024 | EI → FIE | 3.884 | 0.024 |
FME → EI | 0.326 | 0.722 | FME → EI | 0.326 | 0.722 |
EI → FME | 1.800 | 0.170 | EI → FME | 1.800 | 0.170 |
GDP → EI | 0.527 | 0.592 | GDP → EI | 0.527 | 0.592 |
EI → GDP | 2.008 | 0.140 | EI → GDP | 2.008 | 0.140 |
EPS → EI | 0.182 | 0.834 | EPS → EI | 0.182 | 0.834 |
EI → EPS | 0.727 | 0.486 | EI → EPS | 0.727 | 0.486 |
FIE → EDUCATION | 0.440 | 0.646 | FIE → EDUCATION | 0.440 | 0.646 |
EDUCATION → FIE | 0.254 | 0.776 | EDUCATION → FIE | 0.254 | 0.776 |
FME → EDUCATION | 0.386 | 0.681 | FME → EDUCATION | 0.386 | 0.681 |
EDUCATION → FME | 0.807 | 0.449 | EDUCATION → FME | 0.807 | 0.449 |
GDP → EDUCATION | 0.947 | 0.391 | GDP → EDUCATION | 0.947 | 0.391 |
EDUCATION → GDP | 2.222 | 0.114 | EDUCATION → GDP | 2.222 | 0.114 |
EPS → EDUCATION | 0.402 | 0.670 | EPS → EDUCATION | 0.402 | 0.670 |
EDUCATION → EPS | 0.478 | 0.622 | EDUCATION → EPS | 0.478 | 0.622 |
FME → FIE | 0.124 | 0.884 | FME → FIE | 0.124 | 0.884 |
FIE → FME | 4.455 | 0.014 | FIE → FME | 4.455 | 0.014 |
GDP → FIE | 0.031 | 0.969 | GDP → FIE | 0.031 | 0.969 |
FIE → GDP | 1.034 | 0.359 | FIE → GDP | 1.034 | 0.359 |
EPS → FIE | 0.641 | 0.529 | EPS → FIE | 0.641 | 0.529 |
FIE → EPS | 1.361 | 0.261 | FIE → EPS | 1.361 | 0.261 |
GDP → FME | 0.786 | 0.459 | GDP → FME | 0.786 | 0.459 |
FME → GDP | 1.502 | 0.228 | FME → GDP | 1.502 | 0.228 |
EPS → FME | 0.333 | 0.718 | EPS → FME | 0.333 | 0.718 |
FME → EPS | 0.272 | 0.763 | FME → EPS | 0.272 | 0.763 |
EPS → GDP | 0.261 | 0.771 | EPS → GDP | 0.261 | 0.771 |
GDP → EPS | 0.532 | 0.589 | GDP → EPS | 0.532 | 0.589 |
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Hafeez, M.; Rehman, S.U.; Faisal, C.M.N.; Yang, J.; Ullah, S.; Kaium, M.A.; Malik, M.Y. Financial Efficiency and Its Impact on Renewable Energy Demand and CO2 Emissions: Do Eco-Innovations Matter for Highly Polluted Asian Economies? Sustainability 2022, 14, 10950. https://doi.org/10.3390/su141710950
Hafeez M, Rehman SU, Faisal CMN, Yang J, Ullah S, Kaium MA, Malik MY. Financial Efficiency and Its Impact on Renewable Energy Demand and CO2 Emissions: Do Eco-Innovations Matter for Highly Polluted Asian Economies? Sustainability. 2022; 14(17):10950. https://doi.org/10.3390/su141710950
Chicago/Turabian StyleHafeez, Muhammad, Saif Ur Rehman, C. M. Nadeem Faisal, Juan Yang, Sana Ullah, Md. Abdul Kaium, and Muhammad Yousaf Malik. 2022. "Financial Efficiency and Its Impact on Renewable Energy Demand and CO2 Emissions: Do Eco-Innovations Matter for Highly Polluted Asian Economies?" Sustainability 14, no. 17: 10950. https://doi.org/10.3390/su141710950