In the wake of recent pandemic of COVID-19, we explore its unprecedented impact on the cryptocurrencies' market. Specifically, we check how the changing intensity of the COVID-19 represented by the ...daily addition in new infections worldwide affects the daily returns of the top 10 cryptocurrencies according to the market capitalization. The results from Quantile-on-Quantile Regression (QQR) approach reveal that the changing intensity levels of the COVID-19 affect the Bearish and the Bullish market scenarios of cryptocurrencies differently (asymmetric impact). Additionally, there are differences between these currencies in their responses to the changing levels of this pandemic's intensity. Most of the currencies absorbed the small shocks of COVID-19 by registering positive gains but failed to resist against the huge changes except Bitcoin, ADA, CRO, and up to some extent Ethereum. Our results reveal new and asymmetric dynamics of this emerging asset class against an extremely stressful and unpredictable event (COVID-19). Moreover, these results are robust to the use of alternative proxy (COVID-19 deaths) for pandemic intensity. Our findings help to improve investors and policymakers' understanding of the cryptocurrencies' market dynamics, especially in the times of extremely stressful and unseen events.
•We study the impact of COVID-19 outbreak on the top 10 cryptocurrencies' returns.•The QQR approach reveals an asymmetric impact of pandemic intensity on othe Bearish and Bullish scenarios in cryptocurrencies.•Majority of the cryptocurrencies performed better against small shocks of COVID-19.•Bitcoin, ADA, CRO and Ethereum performed better against the negative effects of the highest intensity of COVID-19.•Our results are robust to the use of alternative proxy for the pandemic.
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GEOZS, IJS, IMTLJ, KILJ, KISLJ, NLZOH, NUK, OILJ, PNG, SAZU, SBCE, SBJE, UILJ, UL, UM, UPCLJ, UPUK, ZAGLJ, ZRSKP
The present study examines the asymmetrical effect of temperature on COVID-19 (Coronavirus Disease) from 22 January 2020 to 31 March 2020 in the 10 most affected provinces in China. This study used ...the Sim & Zhou' quantile-on-quantile (QQ) approach to analyze how the temperature quantities affect the different quantiles of COVID-19. Daily COVID-19 and, temperature data collected from the official websites of the Chinese National Health Commission and Weather Underground Company (WUC) respectively. Empirical results have shown that the relationship between temperature and COVID-19 is mostly positive for Hubei, Hunan, and Anhui, while mostly negative for Zhejiang and Shandong provinces. The remaining five provinces Guangdong, Henan, Jiangxi, Jiangsu, and Heilongjiang are showing the mixed trends. These differences among the provinces can be explained by the differences in the number of COVID-19 cases, temperature, and the province's overall hospital facilitations. The study concludes that maintaining a safe and comfortable atmosphere for patients while COVID-19 is being treated may be rational.
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•Ø This paper examines the interlinkages between temperature and COVID-19 in the top ten coronavirus affected Chinese provinces.•Ø QQ approach of Sim and Zhou is applied to explore some nuanced features of temperature and COVID-19 nexus.•We find mostly positive relationship for Hubei, Hunan and Anhui between temperature and COVID-19.•Zhejiang and Shandong provinces are showing mostly negative impacts between temperature and COVID-19.
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GEOZS, IJS, IMTLJ, KILJ, KISLJ, NLZOH, NUK, OILJ, PNG, SAZU, SBCE, SBJE, UILJ, UL, UM, UPCLJ, UPUK, ZAGLJ, ZRSKP
Embracing energy efficiency (EE) and renewable energy (RE) is essential for improving environmental quality. This research investigates the asymmetric impacts of EE, RE, and other factors on CO
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...emissions in BRICS (i.e., Brazil, Russia, India, China, and South Africa) countries from 1990 to 2014. In contrast to previous studies, the present study considers EE as a major cause of CO
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emissions in BRICS countries. By using the new hidden panel cointegration and nonlinear panel autoregressive distributive lag model, this study is the first of its kind that unfolds the asymmetric links among EE, RE, and CO
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emissions. Findings clearly explain that the impact of the selected variables on CO
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emissions is asymmetric, and both EE and RE help to lower CO
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emissions in BRICS countries. In the long run, positive shocks in EE and RE can significantly mitigate CO
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emissions in BRICS economies. In particular, a 1% fluctuation in the positive sum of EE reduces CO
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emissions by 0.783% in the long run. On the other hand, a 1% fluctuation in the positive component of RE reduces CO
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emissions by 0.733%. Moreover, individual country estimates suggest the heterogeneous effects among BRICS countries. Based on the empirical findings, policymakers should consider the asymmetric behavior of the EE, RE, and economic growth while formulating, energy, environment, and growth policies of BRICS countries.
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CEKLJ, EMUNI, FIS, FZAB, GEOZS, GIS, IJS, IMTLJ, KILJ, KISLJ, MFDPS, NLZOH, NUK, OILJ, PNG, SAZU, SBCE, SBJE, SBMB, SBNM, UKNU, UL, UM, UPUK, VKSCE, ZAGLJ
On one side, the rapid progress in financial development boosts economic growth. On the other hand, it forces both the developed and emerging countries to play the role of good governance that help ...save the environment. The current study aims to identify the role of national governance in the relationship between financial inclusion and ecological footprints. To attain the study’s objective, we use a novel method of moments quantile regression (MMQR) on a panel data set of 65 countries from 2004 to 2017. The empirical outcomes reveal that financial inclusion has a significant positive and heterogeneous impact on ecological footprints. This effect varies across quantiles, and when moving from lower to upper quantiles, the impact of financial inclusion on environment escalates. National governance plays an important role to moderate the relationship between financial inclusion and ecological footprint negatively. Moreover, GDP and REC display a significant positive and negative influence on ecological footprints, respectively. We obtain similar and robust findings from the alternative panel estimation techniques, including FMOLS, FEOLS, and DOLS. The policy implications from this research can be considered to achieve sustainable and eco-friendly environmental goals.
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CEKLJ, EMUNI, FIS, FZAB, GEOZS, GIS, IJS, IMTLJ, KILJ, KISLJ, MFDPS, NLZOH, NUK, OILJ, PNG, SAZU, SBCE, SBJE, SBMB, SBNM, UKNU, UL, UM, UPUK, VKSCE, ZAGLJ
As regional economic integration and climate change are among the most important phenomena influencing economic and social sustainability in the modern world, a huge volume of research is directed ...towards these topics nowadays. The aim of this study is to explore the impact of financial globalization and human capital on environmental degradation in One Belt One Road (OBOR) countries in a cultural context that is largely under-explored in spite of being immensely crucial for fulfilling the United Nations’ agenda on climate change mitigation. Owing to the presence of vast cultural differences, we check if the national scores on “Power Distance Index” and “Uncertainty Avoidance” in these countries matter for the environment. To this end, we use the latest and annual data set comprising 31 OBOR countries from 1996 to 2018, and employ panel econometric techniques that effectively deal with the threat of endogeneity. Results show that human capital improves environment while financial globalization deteriorates it. Interestingly, high power distance and uncertainty avoidance can reverse the positive impact of human capital. Similarly, financial globalization is favorable for environment in countries with low power distance and uncertainty avoidance. The findings are robust to the use of alternative specifications. Theoretical underpinnings and implications are discussed arising from the interesting reversal of traditional impacts in different cultural scenarios. Specifically, we recommend a culture of entrepreneurship, innovation, and inclusivity, promoted through increased tolerance towards risk-taking and participative decision-making to reap the benefits of human capital and globalization in improving the environment. Our results have important implications for climate change mitigation endeavors in OBOR countries and understanding the cultural context in this regard. Additionally, our study opens a vast avenue for the related research work in the future.
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CEKLJ, EMUNI, FIS, FZAB, GEOZS, GIS, IJS, IMTLJ, KILJ, KISLJ, MFDPS, NLZOH, NUK, OILJ, PNG, SAZU, SBCE, SBJE, SBMB, SBNM, UKNU, UL, UM, UPUK, VKSCE, ZAGLJ
The present study provides empirical evidence on how chief executive officer (CEO) tenure influences the corporate social and environmental disclosures (CS&ED) of all listed non-financial Chinese ...firms from 2008 to 2016. We used fixed-effect panel data regression model to test our hypothesis. The findings show a negative impact of CEO tenure on CS&ED. Our study provides evidence that CS&ED increases in the early service tenure of CEOs than in their later service periods, as the early increase followed by a decline indicates the presence of non-linear inverted U-shaped association between CEO tenure and disclosure practices. In further analyses, we find that the negative effect of CEO tenure on CS&ED is more pronounced for the firms having a larger number of information intermediaries and independent directors, such as higher level of institutional ownership, analyst’s coverage, and more independent directors in a firm. We found the stronger and robust outcomes after controlling the endogeneity problem. In conclusion, this study can be useful for policymakers to link CS&ED with firm economic practices to attain sustainable development goals. Moreover, CS&ED implementation can be an effective means for the managers to mitigate career-concerns.
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CEKLJ, EMUNI, FIS, FZAB, GEOZS, GIS, IJS, IMTLJ, KILJ, KISLJ, MFDPS, NLZOH, NUK, OILJ, PNG, SAZU, SBCE, SBJE, SBMB, SBNM, UKNU, UL, UM, UPUK, VKSCE, ZAGLJ
This paper analyzes the extent to which CEO (chief executive officer) tenure affects the corporate social and environmental performance of all nonfinancial Chinese firms listed in Shanghai and ...Shenzhen stock exchanges during 2009–2015. The study uses a fixed-effect panel regression model by considering the overtime data across the firms. 2SLS regression model then is used to control the problem of endogeneity. The study confirms the negative effect (8.8%) of the increase in CEO tenure on the corporate social and environmental performance. The findings also explain that the corporate social and environmental performance of CEOs increases significantly in the initial years of service than in their later years. The study concludes that an inverse relationship between CEO tenure and corporate social and environmental performance is more pronounced with a higher percentage of independent directors, where CEOs have longer anticipated employment tenure and firms under state control, consistent with the signalling explanation of career concern and career horizon effect. Finally, the impact of CEO tenure on corporate social and environmental performance has become stronger in recent years.
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CEKLJ, EMUNI, FIS, FZAB, GEOZS, GIS, IJS, IMTLJ, KILJ, KISLJ, MFDPS, NLZOH, NUK, OILJ, PNG, SAZU, SBCE, SBJE, SBMB, SBNM, UKNU, UL, UM, UPUK, VKSCE, ZAGLJ
The rapid urbanization growth has not only improved the living standards of people but also raised concerns for environmental sustainability over the globe. In this regard, the issue of excessive ...urban concentration or over-agglomeration in metropolitan areas is nowadays the prime concern for urban planning and building energy-efficient and eco-friendly infrastructures. In response to rising interest in the dynamic linkage between urban concentration and environment, the current research empirically examines the crucial nexus between urban agglomerations and environmental degradation in top ten urban agglomerated countries in the world from 1960Q1 to 2014Q4. The current research is the pioneer empirical work in the area of urbanization by applying recently developed and innovative methods of quantile-on-quantile (QQ) approach and quantile Granger causality in relatively less explored area of urban agglomeration at the cross-country level. Our mainstream findings indicate that urban agglomeration has a strong positive effect on CO
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emissions in most of our sample countries, and this effect is more pronounced in higher quantiles of respective variables. These results imply that excessive levels of urban concentration in big cities cause environmental degradation, which could be attributed to extreme population density, overcrowding, traffic congestion and extensive demand for energy consumption. However, some countries such as Israel, Paraguay and Columbia exhibit overall declining and negative trends about the relationship between urban agglomerations and CO
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emissions. Moreover, quantile Granger causality results confirm the previous findings of QQ regression and verify the existence of bidirectional causal nexus between urban agglomerations and CO
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emissions in the majority of the lower, middle and upper quantiles in our selected top ten countries except for Kuwait. However, the unidirectional causal relationship also exists for several countries for extreme lower, middle and extremely higher quantiles. Our findings extend the previous work on agglomeration-environment nexus by determining the asymmetric magnitude of linkage between these two variables demanding cautious and individual-focused policies for urban planning and environmental sustainability.
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CEKLJ, EMUNI, FIS, FZAB, GEOZS, GIS, IJS, IMTLJ, KILJ, KISLJ, MFDPS, NLZOH, NUK, OILJ, PNG, SAZU, SBCE, SBJE, SBMB, SBNM, UKNU, UL, UM, UPUK, VKSCE, ZAGLJ
The worldwide outbreak of COVID-19 disease has caused immense damage to our health and economic and social life. This research article helps to determine the impact of climate on the lethality of ...this disease. Air quality index and average humidity are selected from the family of climate variables, to determine its impact on the daily new cases of COVID-19-related deaths in Wuhan, China. We have used wavelet analysis (wavelet transform coherence (WTC), partial (PWC), and multiple wavelet coherence (MWC), due to its advantages over traditional time series methods, to study the co-movement nexus between our selected data series. Findings suggest a notable coherence between air quality index, humidity, and mortality in Wuhan during a recent outbreak. Humidity is negatively related to the COVID-19-related deaths, and bad air quality leads to an increase in this mortality. These findings are important for policymakers to save precious human lives by better understanding the interaction of the environment with the COVID-19 disease.
Sustainable development and reducing environmental pressure are major issues that concern developed as well as developing countries. Although researchers widely use carbon dioxide emissions and ...ecological footprint within the scope of environmental degradation, a more comprehensive ecological indicator is needed to assess environmental sustainability. In this context, the load capacity factor enables a comprehensive environmental sustainability assessment through the simultaneous analysis of biocapacity and ecological footprint. However, there are few studies analyzing the determinants of load capacity factor and this study aims to fill this gap for Indonesia. Using the recently developed Fourier quantile causality test, this study investigates the impact of income, export diversification, non-renewable and renewable energy consumption on the load capacity factor for Indonesia during 1965Q1–2014Q4. The results show unidirectional causality from non-renewable energy consumption to the load capacity factor at all quantiles, while income, export diversification, and renewable energy are the causes of environmental quality at middle and higher quantiles (within 0.5, 0.7, and 0.9). Most importantly, renewable energy and export diversification increase the load capacity factor and thus support environmental quality. In contrast, an increase in income and consumption of non-renewable energy reduces the load capacity factor. These results highlight the importance of renewable energy and export diversification for the sustainable development of Indonesia.
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