We provide some preliminary estimates about the behaviour of oil-stock nexus during COVID-19 pandemic. Consequently, we conduct distinct analyses for periods before and after the announcement of the ...pandemic. A panel Vector Autoregressive (pVAR) model is constructed to analyse the response of oil and stocks to shocks. A panel Logit model is also formulated to evaluate the probability of having negative oil price and stock returns between the two data samples. The pVAR analyses suggest that both oil and stock markets may experience greater initial and prolonged impacts of own and cross shocks during the pandemic than the period before it. This outcome is further corroborated by the panel Logit estimates suggesting that the probability of having negative oil and stock returns during the pandemic may be due uncertainty associated with the relevant markets.
•Examine the impact of financial inclusion on CO2 emissions in Asia from 2004 to 2014.•Three proxies of financial inclusion are built based on principal component analysis.•Estimate the model by ...Hoechle (2007) procedure for Driscoll-Kraay standard errors.•Financial inclusion appears to have led to higher emissions of CO2 in the region.•No policy synergies were found between financial inclusion and mitigating emissions.
This study examines the impact of financial inclusion on CO2 emissions using a sample of 31 Asian countries during the period 2004–2014. Three composite indicators for financial inclusion are constructed using principal component analysis (PCA) based on normalized variables. To estimate the model, we adopted the Hoechle (2007) procedure which produces Driscoll-Kraay standard errors for linear panel models that are not only heteroskedasticity consistent but also robust to general forms of cross-sectional dependence. We find that income, energy consumption, industrialization, urbanization, FDI and financial inclusion appear to have led to higher emissions of CO2 in the region. Meanwhile, increased openness to trade seems to have reduced CO2 emissions. The findings are qualitatively robust to different proxies of financial inclusions and reasonable modifications to specification of the model. The empirical results imply that there are currently no policy synergies between growing financial inclusion and mitigating CO2 emissions. Thus, financial inclusion should be integrated into climate change adaptation strategies at local, national and regional levels, especially to address the side effect of higher CO2 emissions associated with improved financial inclusion.
The motives behind self-employment and the differences between women and men are a hot topic in entrepreneurship debate. This paper empirically explores the interaction of three types of motivation ...on the entrepreneurial activities of women and men in 24 European countries: opportunity-driven motivation, necessity-driven motivation and mixed motivation. Employing a dynamic method, a panel data analysis in the timeframe from 2009 to 2012 is conducted. In this regard, the paper explores entrepreneurship at the two levels of established businesses (EBs) and total early-stage entrepreneurial activities (TEAs). The findings suggest that all three motivational dimensions positively influence females’ self-employment at both levels. Also, the findings reveal that, at the established business level, there is a significant and positive relationship between entrepreneurship by men and opportunity-seeking motivation.
The objective of the present paper is to determine the existence of a link between energy, CO2 emissions, economic growth, and urbanization worldwide level. Therefore, to achieve our goal, we ...approached a series of statistical techniques that allow us to study the cointegration between variables, impulse response function to follows the effect of a shock that occurred, and not least we investigated the types of causality that are established through the Granger causality test. We selected annual data for the period of 1990–2014, for a number of 106 countries. The empirical results confirmed the presence of long-term associations. The impulse response functions and the variance decomposition gave us an overview on how the variables: renewable energy consumption, types of energy, economic growth, CO2, and urbanization are explained by the others variables. Following the Granger causality test, both unidirectional and bidirectional causal relationships were identified. We are confident that our empirical results should be of interest to researchers, regulatory institutions, and investors as well.
•In case of upper middle-income countries a unidirectional relationship was found between the economic growths towards the variable employed.•For low income nations, a bidirectional link was found among growth and energy intensity level of primary energy.•We observe unidirectional relationships from CO2 emission to electric power consumption, age dependency ratio and unemployment.•Our study used traditional unit root tests that do not check for presence of structural break tests.
China, which is the largest carbon emitter and the largest developing country in the world, faces the challenge of achieving energy conservation and emission reduction without sacrificing economic ...development. Improving carbon productivity consists a possible way to seek a coordination between economic development and carbon emission reduction. Therefore, it is of great significance to examine the effects of socioeconomic development on China's carbon productivity and accordingly provide policy suggestions for China's low-carbon economic development. However, this topic has not been adequately addressed in previous studies. In order to fill this gap, this study detailed an empirical investigation into the impacts of socioeconomic development on China's carbon productivity. First, aided by spatial analysis methods, a detailed analysis of the spatiotemporal patterns and dynamics of China's province-level carbon productivity was conducted. Moreover, using an extended STIRPAT model and panel data modeling technique, the effects of a range of socioeconomic factors on China's carbon productivity were quantitatively examined. The results indicated that China's carbon productivity increased gradually between 1997 and 2016, and carbon productivity in East China was much higher than that of their counterparts in Central China and West China. Provincial administrative units with highly developed economies witnessed spectacular increases in carbon productivity. Panel data analysis demonstrated that GDP per capita, technology level, trade openness, and foreign direct investment exerted positive effects, while energy consumption structure, industrial proportion, and urbanization level exerted negative effects, on China's carbon productivity. Based on the findings of this study, a series of policy suggestions with respect to improving China's carbon productivity were proposed.
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•We apply spatial analysis method and STIRPAT model to evaluate China's carbon productivity.•The impacts of socioeconomic factors on China's carbon productivity were investigated.•Evident regional imbalances exist in China's province-level carbon productivity.•GDP per capita, technology, trade openness, and FDI increase carbon productivity.•Energy mix, industrialization, and urbanization decrease carbon productivity.
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•Examines the determinants of the load capacity factor in 17 APEC economies.•Employs second-generation panel data techniques.•Environmental technologies, natural resources, and ...renewable energy enhance LCF.•Economic growth degrades environmental quality.•APEC countries should adopt renewable and clean energy technologies.
The rapid development in environmental-related technologies, economic growth and natural resources has promoted many undesirable environmental influences that affect living standards and human health. Consequently, the present research employed an inclusive indicator to quantify ecological eminence known as the load capacity factor. Considering this view, the existing body of literature has not provided a sufficiently supportive indication to discover the factors influencing the load capacity factor in terms of ecological excellence. To do this, the present study employs various panel data estimators and causality tests considering cross-sectional dependence and slope heterogeneity for the period 1990–2019 to analyze the environmental impacts of environmental technologies, economic growth, natural resources, renewable energy consumption, and urbanization for 17 Asian-Pacific Economic Cooperation (APEC) countries. The study results suggest that economic growth reduces environmental quality.
In contrast, natural resources, technological development, urbanization, and renewable energy increase the load capacity factor, which indicates environmental sustainability while considering nature's supply and demand aspects. Based on these findings, APEC policymakers should take advantage of technological development, urbanization, and renewable energy. They should transform their current economic growth models into an environmentally friendly structure to achieve their environmental goals and contribute to a sustainable world order.
In this study, a sample of 3605 points of firm-level panel data is analyzed to examine the impacts of the attention to and deviation of online public opinions on stock price synchronicity (SPS) in ...China. The empirical findings demonstrate that higher levels of online public opinions, including viewing and commenting on posts, as well as positive and negative posts, significantly reduce SPS. Furthermore, the attention to and sentiments of online public opinions can amplify their deviation. Specifically, increases in the numbers of post views and positive posts, as well as the deviation of public opinion, lead to a notable decrease in SPS.
•A true correlation between NSL data and statistical CO2 emissions was proved.•Spatiotemporal CO2 emission dynamics at 1km resolution in China were modeled.•CO2 emissions from national down to urban ...agglomeration scales were analyzed.
China’s rapid industrialization and urbanization have resulted in a great deal of CO2 (carbon dioxide) emissions, which is closely related to its sustainable development and the long term stability of global climate. This study proposes panel data analysis to model spatiotemporal CO2 emission dynamics at a higher resolution in China by integrating the Defense Meteorological Satellite Program’s Operational Linescan System (DMSP-OLS) nighttime stable light (NSL) data with statistic data of CO2 emissions. Spatiotemporal CO2 emission dynamics were assessed from national scale down to regional and urban agglomeration scales. The evaluation showed that there was a true positive correlation between NSL data and statistic CO2 emissions in China at the provincial level from 1997 to 2012, which could be suitable for estimating CO2 emissions at 1km resolution. The spatiotemporal CO2 emission dynamics between different regions varied greatly. The high-growth type and high-grade of CO2 emissions were mainly distributed in the Eastern region, Shandong Peninsula and Middle south of Liaoning, with clearly lower concentrations in the Western region, Central region and Sichuan–Chongqing. The results of this study will enhance the understanding of spatiotemporal variations of CO2 emissions in China. They will provide a scientific basis for policy-making on viable CO2 emission mitigation policies.
This paper addresses the empirical question of whether trade and financial openness can help explain the recent pace in financial development, as well as its variation across countries in recent ...years. Utilising annual data from developing and industrialised countries and dynamic panel estimation techniques, we provide evidence which suggests that both types of openness are statistically significant determinants of banking sector development. Our findings reveal that the marginal effects of trade (financial) openness are negatively related to the degree of financial (trade) openness, indicating that relatively closed economies stand to benefit most from opening up their trade and/or capital accounts. Although these economies may be able to accomplish more by taking steps to open
both their trade and capital accounts, opening up one without the other could still generate gains in terms of banking sector development. Thus, our findings provide only partial support to the well known Rajan and Zingales hypothesis, which stipulates that both types of openness are necessary for financial development to take place.
Can renewable energy investments and technologies help achieve carbon neutrality goals? The answer to this question has been neglected until now due to a lack of data. The novelty of this study lies ...in its exploration of the influence of renewable energy investments and renewable energy technologies on reducing petroleum-derived carbon emissions for the first time in the Group of seven (G7) countries. An additional novel aspect of the study is to discuss how governance indicators, such as regulatory quality, political stability, and democracy, can influence the carbon neutrality targets of the G7 nations. To this end, the study applies second-generation panel data methods, such as the cross-sectionally augmented Dickey-Fuller unit root test, the Durbin-Hausmann panel cointegration test, and the panel augmented mean group estimator. The findings illustrate that renewable energy investments and technologies help reduce carbon emissions in different models. Additionally, while economic growth is beneficial to the environment, governance indicators have no effect on carbon emissions. Overall, the outcomes suggest that G7 countries should increase their investments in renewable energy and support clean technologies to achieve their carbon neutral targets. The study also points out that reducing oil consumption by promoting renewable energy technologies and investments is a critical step toward carbon neutrality for G7 policymakers.
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•Scrutinizes the role of renewable energy investments on carbon neutrality targets.•Employs second-generation panel methods.•Institutional factors do not contribute to carbon neutrality goals.•Renewable energy investments and technologies reduce CO2 emissions.•Any effort to achieve carbon neutrality must involve renewable energy strategies.
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