The implication of technological innovation and tourism development on FDI-growth-environment nexus in Association of Southeast Asian countries: a simultaneity modeling analysis

ABSTRACT

This study examines the causal link between foreign direct investment inflows, ecological footprint, and economic growth using panel estimators from five Southeast Asian countries from 1990 to 2017. Results show that technological innovation, ecological footprint, and FDI inflows all have a positive impact on economic growth. Technological innovation and economic growth are both significant and positive determinants of FDI inflows. While FDI inflows, tourism, and the effects of economic growth are all positive factors, they all contribute to Southeast Asia’s ecological footprint. Moreover, we have found two-way causal link between ecological footprint and tourism, technological innovation, and ecological footprint. The results also revealed a one-way causal relationship between FDI inflows, industrialization, technological innovation, and tourist arrivals. Therefore, ASEAN countries are encouraged to foster environmental awareness among travel service providers by incorporating environmental concerns into their operations and activities, such as green restaurants, green hotels, green destinations, and green transportation.

Graphical Abstract

KEYWORDS:

• Ecological footprint
• economic growth
• fdi inflows
• simultaneous-equation models
• asean countries

List of Abbreviations

Table

References

• Abdouli, M., and S. Hammami. 2016. Economic Growth, FDI Inflows and Their Impact on the Environment: An Empirical Study for the MENA Countries. Quality & Quantity 51 (1):121–46. doi:https://doi.org/10.1007/s11135-015-0298-6.
   Google Scholar
• Abdouli, M., and S. Hammami. 2018. “Economic Growth, Environment, FDI Inflows, and Financial Development in Middle East Countries: Fresh Evidence from Simultaneous Equation Models.” Journal of the Knowledge Economy July. Springer US, 1–33. doi:https://doi.org/10.1007/s13132-018-0546-9.
   Web of Science ®Google Scholar
• Ahmad, M., S. I. Khattak, A. Khan, and Z. U. Rahman. 2020. Innovation, Foreign Direct Investment (FDI), and the Energy–Pollution–Growth Nexus in OECD Region: A Simultaneous Equation Modeling Approach. In Environmental and Ecological Statistics, March, 1–30. Springer Science and Business Media LLC. doi:https://doi.org/10.1007/s10651-020-00442-8.
   Google Scholar
• Ali, Q. M., T. I. Khan, and M. N. I. Khan. 2018. Dynamics between Financial Development, Tourism, Sanitation, Renewable Energy, Trade and Total Reserves in 19 Asia Cooperation Dialogue Members. Journal of Cleaner Production 179:114–31. 179. Elsevier Science Ltd:. doi:https://doi.org/10.1016/j.jclepro.2018.01.066.
   Web of Science ®Google Scholar
• Ambashi, M. 2010. Innovation Policy in/for ASEAN. Asean, China.
   Google Scholar
• Anwar, S., and S. Sun. 2011. Financial Development, Foreign Investment and Economic Growth in Malaysia. Journal of Asian Economics 22(4):335–342. doi. North-Holland. doi:https://doi.org/10.1016/j.asieco.2011.04.001.
   Google Scholar
• Asghari, M. 2013. Does FDI Promote MENA Region’s Environment Quality? Pollution Halo or Pollution Haven Hypothesis. International Journal of Scientific Research in Environmental Sciences (IJSRES) 1 (6):92–100. doi:https://doi.org/10.12983/ijsres-2013-p092-100.
   Google Scholar
• Azam, M., M. M. Alam, and M. H. Hafeez. 2018. Effect of Tourism on Environmental Pollution: Further Evidence from Malaysia, Singapore and Thailand. Journal of Cleaner Production 190:330–38. (July). Elsevier Ltd. doi:https://doi.org/10.1016/j.jclepro.2018.04.168.
   Web of Science ®Google Scholar
• Baloch, M. A., J. Zhang, K. Iqbal, and Z. Iqbal. 2019. The Effect of Financial Development on Ecological Footprint in BRI Countries: Evidence from Panel Data Estimation. Environmental Science and Pollution Research 26(6):6199–208. Springer Verlag. doi:https://doi.org/10.1007/s11356-018-3992-9.
   PubMed Web of Science ®Google Scholar
• Barrell, R., and N. Pain. 1997. Foreign Direct Investment, Technological Change, and Economic Growth Within Europe. The Econometrics Journal 107 (445):1770–86.
   Google Scholar
• Bengoa, M., and B. Sanchez-Robles. 2003. Foreign Direct Investment, Economic Freedom and Growth: New Evidence from Latin America. European Journal of Political Economy 19(3):529–45. North-Holland:. doi:https://doi.org/10.1016/S0176-26800300011-9.
   Google Scholar
• Blackburne, E. F., and M. W. Frank. 2007. Estimation of Nonstationary Heterogeneous Panels. Stata Journal 7(2):197–208. SAGE PublicationsSage CA: Los Angeles, CA:. doi:https://doi.org/10.1177/1536867x0700700204.
   Web of Science ®Google Scholar
• Breitung, J. 2005. A Parametric Approach to the Estimation of Cointegration Vectors in Panel Data. Econometric Reviews 24(2):151–73. Taylor & Francis Group :. doi:https://doi.org/10.1081/ETC-200067895.
   Web of Science ®Google Scholar
• Broughel, J., and A. Thierer. 2019. Technological Innovation and Economic Growth: A Brief Report on the Evidence.
   Google Scholar
• Çetin, M. 2013. The Hypothesis of Innovation-Based Economic Growth: A Causal Relationship. International Journal of Economic and Administrative Studies 6 (11):1–16.
   Google Scholar
• Chang, K., H. Chien, H. Cheng, and H.-I. Chen. 2018. The Impacts of Tourism Development in Rural Indigenous Destinations: An Investigation of the Local Residents’ Perception Using Choice Modeling. Sustainability 10(12):4766. MDPI AG:. doi:https://doi.org/10.3390/su10124766.
   Web of Science ®Google Scholar
• Chudik, A., and M. Hashem Pesaran. 2015a. Common Correlated Effects Estimation of Heterogeneous Dynamic Panel Data Models with Weakly Exogenous Regressors. Journal of Econometrics 188(2):393–420. Elsevier Ltd:. doi:https://doi.org/10.1016/j.jeconom.2015.03.007.
   Web of Science ®Google Scholar
• Chudik, A., and M. Hashem Pesaran. 2015b. Common Correlated Effects Estimation of Heterogeneous Dynamic Panel Data Models with Weakly Exogenous Regressors. Journal of Econometrics 188(2):393–420. North-Holland:. doi:https://doi.org/10.1016/j.jeconom.2015.03.007.
   Web of Science ®Google Scholar
• Cole, M. A., and J. R. E. Robert. 2003. Determining the Trade-Environment Composition Effect: The Role of Capital, Labor and Environmental Regulations. Journal of Environmental Economics and Management 46(3):363–83. Academic Press Inc.:. doi:https://doi.org/10.1016/S0095-06960300021-4.
   Web of Science ®Google Scholar
• Danish, and Z. Wang. 2018. Dynamic Relationship between Tourism, Economic Growth, and Environmental Quality. Journal of Sustainable Tourism 26(11):1928–43. Routledge:. doi:https://doi.org/10.1080/09669582.2018.1526293.
   Web of Science ®Google Scholar
• De Bruyn, S. M. 1997. Explaining the Environmental Kuznets Curve: Structural Change and International Agreements in Reducing Sulphur Emissions. Environment and Development Economics 2(4):485–503. Cambridge University Press:. doi:https://doi.org/10.1017/S1355770X97000260.
   Google Scholar
• Destek, M. A., and S. A. Sarkodie. 2019. Investigation of Environmental Kuznets Curve for Ecological Footprint: The Role of Energy and Financial Development. Science of the Total Environment February). Elsevier B.V. 650:2483–89. doi:https://doi.org/10.1016/j.scitotenv.2018.10.017.
   PubMed Web of Science ®Google Scholar
• Ditzen, J. 2018. Estimating Dynamic Common-Correlated Effects in Stata. Stata Journal 18(3):585–617. SAGE PublicationsSage CA: Los Angeles, CA:. doi:https://doi.org/10.1177/1536867x1801800306.
   Web of Science ®Google Scholar
• Dogan, E., R. Ulucak, E. Kocak, and C. Isik. 2020. The Use of Ecological Footprint in Estimating the Environmental Kuznets Curve Hypothesis for BRICST by Considering Cross-Section Dependence and Heterogeneity. Science of the Total Environment 723:138063. (June). Elsevier B.V. doi:https://doi.org/10.1016/j.scitotenv.2020.138063.
   PubMed Web of Science ®Google Scholar
• Dong, K., R. Sun, and G. Hochman. 2017. Do Natural Gas and Renewable Energy Consumption Lead to Less CO2 Emission? Empirical Evidence from a Panel of BRICS Countries. Energy 141:1466–78. (December). Elsevier Ltd:. doi:https://doi.org/10.1016/j.energy.2017.11.092.
   Web of Science ®Google Scholar
• Driscoll, J. C., and A. C. Kraay. 1998. Consistent Covariance Matrix Estimation with Spatially Dependent Panel Data. Review of Economics and Statistics 80(4):549–59. MIT Press Journals:. doi:https://doi.org/10.1162/003465398557825.
   Web of Science ®Google Scholar
• Dumitrescu, C. Hurlin, and E.-I. Ivona. 2012. Testing for Granger Non-Causality in Heterogeneous Panels. Economic Modelling 29 (4):1450–60. doi:https://doi.org/10.1016/j.econmod.2012.02.014.
   Web of Science ®Google Scholar
• Eberhardt, M. 2012. Estimating Panel Time-Series Models with Heterogeneous Slopes. Stata Journal 12 (1):61–71. doi:https://doi.org/10.1177/1536867x1201200105.
   Web of Science ®Google Scholar
• Eberhardt, M., and F. Teal. 2010. “Productivity Analysis in Global Manufacturing Production.” DEGIT Conference Papers. DEGIT, Dynamics, Economic Growth, and International Trade, Niels Bohrs Vej 9, 6700 Esbjerg, Denmark.
   Google Scholar
• Fang, Z., and Y. Chen. 2017. Human Capital and Energy in Economic Growth – Evidence from Chinese Provincial Data. Energy Economics 68:340–58. (October). Elsevier B.V. doi:https://doi.org/10.1016/j.eneco.2017.10.007.
   Web of Science ®Google Scholar
• Grimes, P., and J. Kentor. 2003. “Exporting the Greenhouse: Foreign Capital Penetration and CO? Emissions 1980–1996.” Journal of World-Systems Research August. University Library System, University of Pittsburgh, 261–75. doi:https://doi.org/10.5195/jwsr.2003.244.
   Google Scholar
• Grossman, G., and A. Krueger. 1991. Environmental Impacts of a North American Free Trade Agreement. National Bureau of Economic Research Cambridge, MA. doi:https://doi.org/10.3386/w3914.
   Google Scholar
• Gui-Diby, S. L., and M. F. Renard. 2015. Foreign Direct Investment Inflows and the Industrialization of African Countries. World Development October). Elsevier Ltd:. 74:43–57. doi:https://doi.org/10.1016/j.worlddev.2015.04.005.
   Web of Science ®Google Scholar
• Hamid, I., and P. K. Jena. 2020. Linear and Non-Linear Granger Casuality Between Foreign Direct Investment and Economic Growth: Evidence From India. Copernican Journal of Finance & Accounting 9 (2):25. doi:https://doi.org/10.12775/cjfa.2020.006.
   Google Scholar
• Hashem, P. M., Y. Shin, and R. P. Smith. 1999. Pooled Mean Group Estimation of Dynamic Heterogeneous Panels. Journal of the American Statistical Association 94(446):621. JSTOR. doi:https://doi.org/10.2307/2670182.
   Web of Science ®Google Scholar
• Hashem, P. M., and R. Smith. 1995. Estimating Long-Run Relationships from Dynamic Heterogeneous Panels. Journal of Econometrics 68(1):79–113. North-Holland:. doi:https://doi.org/10.1016/0304-40769401644-F.
   Web of Science ®Google Scholar
• Hassan, S. T., E. Xia, N. H. Khan, and S. M. Ali Shah. 2019. Economic Growth, Natural Resources, and Ecological Footprints: Evidence from Pakistan. Environmental Science and Pollution Research 26(3):2929–38. Environmental Science and Pollution Research:. doi:https://doi.org/10.1007/s11356-018-3803-3.
   PubMed Web of Science ®Google Scholar
• Heidarian, J., and R. D. Green. 1989. The Impact of Oil-Export Dependency on a Developing Country. The Case of Algeria. Energy Economics 11 (4):247–61. doi:https://doi.org/10.1016/0140-98838990041-8.
   Web of Science ®Google Scholar
• Hoffmann, R., C. G. Lee, B. Ramasamy, and M. Yeung. 2005. FDI and Pollution: A Granger Causality Test Using Panel Data. Journal of International Development 17(3):311–17. John Wiley & Sons, Ltd:. doi:https://doi.org/10.1002/jid.1196.
   Google Scholar
• Holtz-Eakin, D., W. Newey, and H. S. Rosen. 1988. Estimating Vector Autoregressions with Panel Data Author. Econometrica 56 (6):1371–95. doi:https://doi.org/10.2307/1913103.
   Web of Science ®Google Scholar
• Howells, J. 2005. Innovation and Regional Economic Development: A Matter of Perspective? Research Policy 34(8):1220–34. North-Holland:. doi:https://doi.org/10.1016/j.respol.2005.03.014.
   Web of Science ®Google Scholar
• Hussain, J., A. Khan, and K. Zhou. 2020. The Impact of Natural Resource Depletion on Energy Use and CO 2 Emission in Belt & Road Initiative Countries : A Cross-Country Analysis. Energy 199:117409. Elsevier Ltd:. doi:https://doi.org/10.1016/j.energy.2020.117409.
   Web of Science ®Google Scholar
• Ibrahiem, D. M. 2020. Do Technological Innovations and Financial Development Improve Environmental Quality in Egypt? Environmental Science and Pollution Research 27(10):10869–81. Springer. doi:https://doi.org/10.1007/s11356-019-07585-7.
   PubMed Web of Science ®Google Scholar
• Ibrahiem, D. M., and S. A. Hanafy. 2020. Dynamic Linkages amongst Ecological Footprints, Fossil Fuel Energy Consumption and Globalization: An Empirical Analysis. Management of Environmental Quality: An International Journal 31(6):1549–68. Emerald Group Holdings Ltd.:. doi:https://doi.org/10.1108/MEQ-02-2020-0029.
   Google Scholar
• Im, K. S., M. Pesaran, and Y. Shin. 2003. Testing for Unit Roots in Heterogeneous Panels. Journal of Econometrics North-Holland:. 115 (1):53–74. doi:https://doi.org/10.1016/S0304-4076(03)00092-7.
   Web of Science ®Google Scholar
• Jalil, A., and M. Feridun. 2011. “The Impact of Growth, Energy and Financial Development on the Environment in China. A. Cointegration Analysis.”. Energy Economics. 33. 2. North-Holland. 284–91. https://doi.org/10.1016/j.eneco.2010.10.003.
   Web of Science ®Google Scholar
• Kahouli, B. 2018. The Causality Link between Energy Electricity Consumption, CO2 Emissions, R&D Stocks and Economic Growth in Mediterranean Countries (MCs). Energy 145:388–99. (February). Elsevier Ltd:. doi:https://doi.org/10.1016/j.energy.2017.12.136.
   Web of Science ®Google Scholar
• Kahouli, B., and N. Kadhraoui. 2012. Consolidation of Regional Groupings and Economic Growth: Empirical Investigation by Panel Data. International Journal of Euro-Mediterranean Studies 5(1):71–92. EMUNI Press. doi:https://doi.org/10.1007/s40321-012-0003-7.
   Google Scholar
• Kao, C. 1999. Spurious Regression and Residual-Based Tests for Cointegration in Panel Data. Journal of Econometrics 90(1):1–44. North-Holland:. doi:https://doi.org/10.1016/S0304-4076(98)00023-2.
   Web of Science ®Google Scholar
• Kapetanios, G., M. Hashem Pesaran, and T. Yamagata. 2011. Panels with Non-Stationary Multifactor Error Structures. Journal of Econometrics 160(2):326–48. North-Holland:. doi:https://doi.org/10.1016/j.jeconom.2010.10.001.
   Web of Science ®Google Scholar
• Khan, A., Y. Chenggang, J. Hussain, S. Bano, and A. Nawaz. 2020a. Natural Resources, Tourism Development, and Energy-Growth-CO2 Emission Nexus_ A Simultaneity Modeling Analysis of BRI Countries. Resources Policy 68:101751. Elsevier. doi:https://doi.org/10.1016/j.resourpol.2020.101751.
   Web of Science ®Google Scholar
• Khan, A., Y. Chenggang, W. X. Yi, J. Hussain, L. Sicen, and S. Bano. 2020b. Examining the Pollution Haven, and Environmental Kuznets Hypothesis for Ecological Footprints: An Econometric Analysis of China, India, and Pakistan. Journal of the Asia Pacific Economy. doi:https://doi.org/10.1080/13547860.2020.1761739.
   Google Scholar
• Khan, A., J. Hussain, S. Bano, and Y. Chenggang. 2019 December. The Repercussions of Foreign Direct Investment, Renewable Energy and Health Expenditure on Environmental Decay? An Econometric Analysis of B&RI Countries. Journal of Environmental Planning and Management 1–22. doi:https://doi.org/10.1080/09640568.2019.1692796.
   Web of Science ®Google Scholar
• Lee, J. W. 2013. The Contribution of Foreign Direct Investment to Clean Energy Use, Carbon Emissions and Economic Growth. Energy Policy 55:483–89. (April). Elsevier. doi:https://doi.org/10.1016/j.enpol.2012.12.039.
   Web of Science ®Google Scholar
• Levin, A., C.-F. Lin, and C.-S. J. Chu. 2002. Unit Root Tests in Panel Data: Asymptotic and Finite-Sample Properties. Journal of Econometrics Elsevier. 108 (1):1–24. doi:https://doi.org/10.1016/S0304-4076(01)00098-7.
   Web of Science ®Google Scholar
• Long, X. 2019. Scientific and Technological Innovation Related to Real Economic Growth. China Political Economy 2(1):108–22. Emerald. doi:https://doi.org/10.1108/cpe-04-2019-0012.
   Google Scholar
• Loukil, K. 2016. Foreign Direct Investment And Technological Innovation In Developing Countries. Oradea Journal of Business and Economics University of Oradea, Faculty of Economics. 1 (2):31–40. doi:https://doi.org/10.47535/1991ojbe008.
   Google Scholar
• Maddala, G. S., and W. Shaowen. 1999. A Comparative Study of Unit Root Tests with Panel Data and a New Simple Test. Oxford Bulletin of Economics and Statistics 61(s1):631–52. John Wiley & Sons, Ltd (10.1111). doi:https://doi.org/10.1111/1468-0084.0610s1631.
   Google Scholar
• Manzoor, F., L. Wei, M. Asif, M. Z. U. Haq, and H. U. Rehman. 2019. The Contribution of Sustainable Tourism to Economic Growth and Employment in Pakistan. International Journal of Environmental Research and Public Health 16(19). doi:https://doi.org/10.3390/ijerph16193785.
   Google Scholar
• Mao, G., and Y. Shen. 2019. Bubbles or Fundamentals? Modeling Provincial House Prices in China Allowing for Cross-Sectional Dependence. China Economic Review 53:53–64. (February). Elsevier B.V. doi:https://doi.org/10.1016/j.chieco.2018.08.001.
   Web of Science ®Google Scholar
• Maradana, R. P., R. P. Pradhan, D. B. Saurav Dash, K. G. Zaki, M. Jayakumar, A. K. Sarangi, and A. K. Sarangi. 2019. Innovation and Economic Growth in European Economic Area Countries: The Granger Causality Approach. IIMB Management Review 31(3):268–82. Elsevier Ltd. doi:https://doi.org/10.1016/j.iimb.2019.03.002.
   Web of Science ®Google Scholar
• Mayor, K., and S. J. T. Richard. 2010. Scenarios of Carbon Dioxide Emissions from Aviation. Global Environmental Change 20(1):65–73. Pergamon. doi:https://doi.org/10.1016/j.gloenvcha.2009.08.001.
   Web of Science ®Google Scholar
• McKinnon, R. I. 1964. Foreign Exchange Constraints in Economic Development and Efficient Aid Allocation. The Economic Journal 74(294):388. Oxford University Press (OUP). doi:https://doi.org/10.2307/2228486.
   Web of Science ®Google Scholar
• Mishra, B. R., and P. K. Jena. 2019. Bilateral FDI Flows in Four Major Asian Economies: A Gravity Model Analysis. Journal of Economic Studies 46 (1):71–89. doi:https://doi.org/10.1108/JES-07-2017-0169.
   Web of Science ®Google Scholar
• Mtar, K., and W. Belazreg. 2020. “Causal Nexus Between Innovation, Financial Development, and Economic Growth: The Case of OECD Countries.” Journal of the Knowledge Economy January. Springer, 1–32. doi:https://doi.org/10.1007/s13132-020-00628-2.
   Google Scholar
• Mujtaba, A., and P. K. Jena. 2021. Analyzing Asymmetric Impact of Economic Growth, Energy Use, FDI Inflows, and Oil Prices on CO2 Emissions through NARDL Approach. Environmental Science and Pollution Research 2020. doi:https://doi.org/10.1007/s11356-021-12660-z.
   Google Scholar
• Mujtaba, A., P. K. Jena, and D. Mukhopadhyay. 2020. Determinants of CO2 Emissions in Upper Middle-Income Group Countries: An Empirical Investigation. Environmental Science and Pollution Research 27 (30):37745–59. doi:https://doi.org/10.1007/s11356-020-09803-z.
   PubMed Web of Science ®Google Scholar
• Naz, S., R. Sultan, K. Zaman, A. M. Aldakhil, A. A. Nassani, and M. M. Q. Abro. 2019. Moderating and Mediating Role of Renewable Energy Consumption, FDI Inflows, and Economic Growth on Carbon Dioxide Emissions: Evidence from Robust Least Square Estimator. Environmental Science and Pollution Research 26 (3):2806–19. doi:https://doi.org/10.1007/s11356-018-3837-6.
   PubMed Web of Science ®Google Scholar
• Neuts, B. 2019. Tourism and Urban Economic Growth: A Panel Analysis of German Cities. Tourism Economics 26(3):519–27. SAGE Publications Inc. doi:https://doi.org/10.1177/1354816619833553.
   Web of Science ®Google Scholar
• Ohlan, R. 2017. The Relationship between Tourism, Financial Development and Economic Growth in India. Future Business Journal 3(1):9–22. Springer Science and Business Media LLC. doi:https://doi.org/10.1016/j.fbj.2017.01.003.
   Web of Science ®Google Scholar
• Omri, A., A. Chaibi, and A. Omri. 2014. Nuclear Energy, Renewable Energy, and Economic Growth in Developed and Developing Countries: A Modelling Analysis from Simultaneous-Equation Models. In Renew Sustain Energy Rev. (January). Department of Research, Ipag Business School 184, Boulevard Saint-Germain 75006 Paris France, Vol. 42, 1012–22.
   Google Scholar
• Omri, A., D. K. Nguyen, and C. Rault. 2014. Causal Interactions between CO2 Emissions, FDI, and Economic Growth: Evidence from Dynamic Simultaneous-Equation Models. Economic Modelling 42(42):382–89. October 2014. doi:https://doi.org/10.1016/j.econmod.2014.07.026.
   Google Scholar
• Osano, H. M., and P. W. Koine. 2015. Role of Foreign Direct Investment on Technology Transfer and Economic Growth in Kenya: A Case of the Energy Sector. Journal of Innovation and Entrepreneurship 5 (1). doi: https://doi.org/10.1186/s13731-016-0059-3.
   Google Scholar
• Owusu, P. A., S. Asumadu-Sarkodie, and S. Dubey. 2016. A Review of Renewable Energy Sources, Sustainability Issues and Climate Change Mitigation. Cogent Engineering 3 (1):1–14. doi:https://doi.org/10.1080/23311916.2016.1167990.
   Web of Science ®Google Scholar
• Pao, H. T., and C. M. Tsai. 2011. Multivariate Granger Causality between CO2 Emissions, Energy Consumption, FDI (Foreign Direct Investment) and GDP (Gross Domestic Product): Evidence from a Panel of BRIC (Brazil, Russian Federation, India, and China) Countries. Energy 36 (1):685–93. doi:https://doi.org/10.1016/j.energy.2010.09.041.
   Web of Science ®Google Scholar
• Paramati, S. R., N. Apergis, and M. Ummalla. 2017. Financing Clean Energy Projects through Domestic and Foreign Capital: The Role of Political Cooperation among the EU, the G20 and OECD Countries. Energy Economics 61:62–71. (January). Elsevier B.V. doi:https://doi.org/10.1016/j.eneco.2016.11.001.
   Web of Science ®Google Scholar
• Patlitzianas, K. D., and A. Flamos. 2016. Driving Forces for Renewable Development in GCC Countries. Energy Sources, Part B: Economics, Planning and Policy 11 (3):244–50. doi:https://doi.org/10.1080/15567249.2011.616571.
   Web of Science ®Google Scholar
• Pedroni, P. 1999. Critical Values for Cointegration Tests in Heterogeneous Panels with Multiple Regressors. Oxford Bulletin of Economics and Statistics 61(s1):653–70. John Wiley & Sons, Ltd (10.1111). doi:https://doi.org/10.1111/1468-0084.0610s1653.
   Google Scholar
• Pedroni, P. 2004. Panel Cointegration: Asymptotic and Finite Sample Properties of Pooled Time Series Tests with an Application to the PPP Hypothesis. Econometric Theory 20(3):597–625. Cambridge University Press. doi:https://doi.org/10.1017/S0266466604203073.
   Web of Science ®Google Scholar
• Pesaran, M. H. 2007. A Simple Panel Unit Root Test in the Presence of Cross-Section Dependence. Journal of Applied Econometrics 22(2):265–312. John Wiley & Sons, Ltd. doi:https://doi.org/10.1002/jae.951
   Web of Science ®Google Scholar
• Pesaran, M. H., and T. Yamagata. 2008. Testing Slope Homogeneity in Large Panels. Journal of Econometrics 142(1):50–93. North-Holland. doi:https://doi.org/10.1016/J.JECONOM.2007.05.010.
   Web of Science ®Google Scholar
• Pesaran, M. H. 2006. Estimation and Inference in Large Heterogeneous Panels with a Multifactor Error Structure. Econometrica John Wiley & Sons, Ltd. doi: https://doi.org/10.1111/j.1468-0262.2006.00692.x.
   Google Scholar
• Pradhan, R. P., M. B. Arvin, J. H. Hall, and M. Nair. 2016. Innovation, Financial Development and Economic Growth in Eurozone Countries. Applied Economics Letters 23(16):1141–44. Routledge. doi:https://doi.org/10.1080/13504851.2016.1139668.
   Web of Science ®Google Scholar
• Rafique, M. Z., L. Yafei, A. R. Larik, and M. P. Monaheng. 2020. The Effects of FDI, Technological Innovation, and Financial Development on CO2 Emissions: Evidence from the BRICS Countries. Environmental Science and Pollution Research 27 (19):23899–913. doi:https://doi.org/10.1007/s11356-020-08715-2.
   PubMed Web of Science ®Google Scholar
• Ramzi, T., and J. Wiem. 2019. Causality Nexus between Economic Growth, Inflation and Innovation. Journal of the Knowledge Economy 10(1):35–58. Springer New York LLC. doi:https://doi.org/10.1007/s13132-016-0432-2.
   Web of Science ®Google Scholar
• Rustam, A., Y. Wang, and H. Zameer. 2020. Environmental Awareness, Firm Sustainability Exposure and Green Consumption Behaviors Adeela. Journal of Cleaner Production 268.
   Google Scholar
• Samimi, A. J., S. Sadeghi, and S. Sadeghi. 2013. The Relationship between Foreign Direct Investment and Tourism Development: Evidence from Developing Countries. Institutions and Economies (Formerly Known as International Journal of Institutions and Economies) 5 (2):59–68. Faculty of Economics and Administration, University of Malaya.
   Google Scholar
• Sarkodie, S. A., and V. Strezov. 2019. Effect of Foreign Direct Investments, Economic Development and Energy Consumption on Greenhouse Gas Emissions in Developing Countries. Science of the Total Environment 646:862–71. (January). Elsevier B.V. doi:https://doi.org/10.1016/j.scitotenv.2018.07.365.
   PubMed Web of Science ®Google Scholar
• Seker, F., H. M. Ertugrul, and M. Cetin. 2015. The Impact of Foreign Direct Investment on Environmental Quality: A Bounds Testing and Causality Analysis for Turkey. Renewable and Sustainable Energy Reviews 52:347–56. Elsevier Ltd. doi:https://doi.org/10.1016/j.rser.2015.07.118.
   Web of Science ®Google Scholar
• Shahbaz, M., S. Nasreen, F. Abbas, and O. Anis. 2015. Does Foreign Direct Investment Impede Environmental Quality in High-, Middle-, and Low-Income Countries? Energy Economics 51:275–87. (September). Elsevier. doi:https://doi.org/10.1016/j.eneco.2015.06.014.
   Web of Science ®Google Scholar
• Shaheen, K., K. Zaman, R. Batool, M. A. Khurshid, A. Aamir, A. M. Shoukry, M. A. Sharkawy, F. Aldeek, J. Khader, and S. Gani. 2019. “Dynamic Linkages between Tourism, Energy, Environment, and Economic Growth: Evidence from Top 10 Tourism-Induced Countries.” Environmental Science and Pollution Research August. Springer Berlin Heidelberg, 1–11. doi:https://doi.org/10.1007/s11356-019-06252-1.
   Google Scholar
• Škrinjarić, T. 2019. Examining the Causal Relationship between Tourism and Economic Growth: Spillover Index Approach for Selected CEE and SEE Countries. Economies MDPI, Open Access Journal. 7 (1):1–19. doi:https://doi.org/10.3390/economies7010019.
   Web of Science ®Google Scholar
• Sohag, K., R. A. Begum, S. M. Syed Abdullah, and M. Jaafar. 2015. Dynamics of Energy Use, Technological Innovation, Economic Growth and Trade Openness in Malaysia. Energy 90:1497–507. (October). Elsevier Ltd. doi:https://doi.org/10.1016/j.energy.2015.06.101.
   Web of Science ®Google Scholar
• Sokhanvar, A. 2019. Does Foreign Direct Investment Accelerate Tourism and Economic Growth within Europe? Tourism Management Perspectives 29:86–96. (January). Elsevier B.V. doi:https://doi.org/10.1016/j.tmp.2018.10.005.
   Web of Science ®Google Scholar
• Sun, X., Y. Chenggang, A. Khan, J. Hussain, and S. Bano. 2020. “The Role of Tourism, and Natural Resources in the Energy-Pollution-Growth Nexus: An Analysis of Belt and Road Initiative Countries.” Journal of Environmental Planning and Management October. Routledge, 1–22. doi:https://doi.org/10.1080/09640568.2020.1796607.
   Google Scholar
• Sun, Y., L. Yonglong, T. Wang, M. Hua, and H. Guizhen. 2008. Pattern of Patent-Based Environmental Technology Innovation in China. Technological Forecasting and Social Change 75 (7):1032–42. doi:https://doi.org/10.1016/j.techfore.2007.09.004.
   Web of Science ®Google Scholar
• Tomohara, A. 2016. Japan’s Tourism-Led Foreign Direct Investment Inflows: An Empirical Study. Economic Modelling 52:435–41. 52 (January). Elsevier. doi:https://doi.org/10.1016/j.econmod.2015.09.024.
   Web of Science ®Google Scholar
• Turkay, M. 2017. Heterogeneity across Emerging Market Central Bank Reaction Functions. Central Bank Review 17(3):111–16. Elsevier. doi:https://doi.org/10.1016/j.cbrev.2017.06.002.
   Web of Science ®Google Scholar
• Uddin, G. A., M. Salahuddin, K. Alam, and J. Gow. 2017. Ecological Footprint and Real Income: Panel Data Evidence from the 27 Highest Emitting Countries. Ecological Indicators 77:166–75. (June). Elsevier B.V. doi:https://doi.org/10.1016/j.ecolind.2017.01.003.
   Web of Science ®Google Scholar
• UNCTAD. 2013. Sustainable Tourism: Contribution to Economic Growth and Sustainable Development.
   Google Scholar
• Usman, M., R. Kousar, and M. S. Amjad Makhdum. 2020. The Role of Financial Development, Tourism, and Energy Utilization in Environmental Deficit: Evidence from 20 Highest Emitting Economies. Environmental Science and Pollution Research 27 (34):42980–95. doi:https://doi.org/10.1007/s11356-020-10197-1.
   PubMed Web of Science ®Google Scholar
• Wang, J., and K. Dong. 2019. What Drives Environmental Degradation? Evidence from 14 Sub-Saharan African Countries. Science of the Total Environment 656:165–73. (March). Elsevier B.V. doi:https://doi.org/10.1016/j.scitotenv.2018.11.354.
   PubMed Web of Science ®Google Scholar
• Westerlund, J. 2005. New Simple Tests for Panel Cointegration. Econometric Reviews 24 (3):297–316. doi:https://doi.org/10.1080/07474930500243019.
   Web of Science ®Google Scholar
• Wheeler, D. 2001. Racing to the Bottom? Foreign Investment and Air Pollution in Developing Countries. The Journal of Environment & Development 10(3):225–45. SAGE Publications Inc. doi:https://doi.org/10.1177/10704965-0101003-02.
   Google Scholar
• WTTC. 2015. Environmental, Social & Governnance Reporting in Travel and Tourism Trends, Outlook and Guidance.
   Google Scholar
• WTTC. 2019. The World Travel & Tourism Council (WTTC) Represents the Travel & Tourism Sector Globally.
   Google Scholar
• Wu, J., M. Zhenzhong, and S. Zhuo. 2017. Enhancing National Innovative Capacity: The Impact of High-Tech International Trade and Inward Foreign Direct Investment. International Business Review 26(3):502–14. Elsevier Ltd. doi:https://doi.org/10.1016/j.ibusrev.2016.11.001.
   Web of Science ®Google Scholar
• Yasmeen, H., Y. Wang, H. Zameer, and Y. A. Solangi. 2020b. Decomposing Factors Affecting CO2 Emissions in Pakistan: Insights from LMDI Decomposition Approach. Environmental Science and Pollution Research 27 (3):3113–23. doi:https://doi.org/10.1007/s11356-019-07187-3.
   PubMed Web of Science ®Google Scholar
• Yii, K. J., and C. Geetha. 2017. The Nexus between Technology Innovation and CO2 Emissions in Malaysia: Evidence from Granger Causality Test. Energy Procedia 105:3118–24. Elsevier Ltd. doi:https://doi.org/10.1016/j.egypro.2017.03.654.
   Google Scholar
• Zameer, H., H. Yasmeen, R. Wang, J. Tao, and M. N. Malik. 2020a. An Empirical Investigation of the Coordinated Development of Natural Resources, Financial Development and Ecological Efficiency in China. Resources Policy 65:101580. (December 2019). doi:https://doi.org/10.1016/j.resourpol.2020.101580.
   Web of Science ®Google Scholar
• Zameer, H., H. Yasmeen, M. W. Zafar, A. Waheed, and A. Sinha. 2020b. Analyzing the Association between Innovation, Economic Growth, and Environment: Divulging the Importance of FDI and Trade Openness in India. Environmental Science and Pollution Research 27 (23):29539–53. doi:https://doi.org/10.1007/s11356-020-09112-5.
   PubMed Web of Science ®Google Scholar
• Zarsky, L. 1999. Havens, Halos and Spaghetti: Untangling the Evidence About Foreign Direct Investment and the Environment. In Foreign Direct Investment and the Environment, 47–74. 2, rue André Pascal 75016 Paris: Organisation for economic co-operation and development.
   Google Scholar
• Zhang, C., and X. Zhou. 2016. Does Foreign Direct Investment Lead to Lower CO2 Emissions? Evidence from a Regional Analysis in China. Renewable and Sustainable Energy Reviews Elsevier Ltd. doi:https://doi.org/10.1016/j.rser.2015.12.226.
   Google Scholar