Influence of green technology, tourism, and inclusive financial development on ecological sustainability: exploring the path toward green revolution

Figures & data

Figure 1. Trends in ecological footprints and green technology innovations in China. Source: Data from GFN and OECD.stats, developed by authors.

Table 1. Description of the variables.

Variable name	Abbreviation	Measurement	Source
Tourism	TOR	It is measured through the number of tourists arrival during a year	WDI
Green technology innovation	GTI	It is measured through environmental technologies as a percentage of total technologies	OECD.stat
Financial development	FD	It is measured through FD index based on nine set of indices that summarize how developed financial markets and financial institutions are.	IMF.org
Gross domestic product	GDP	It is measured through the gross domestic product in USD during a year	WDI
Ecological footprints	EFP	It is measured as ecological footprints constant per capita (total).	GFN

Source: Authors compilation.

Table 2. Results of descriptive statistics.

Variables	Mean	SD	Min	Max	J-B Stats
EFP	3.051	0.653	1.920	3.720	60.352***
TOR	8.092	0.081	7.921	8.211	36.200***
GTI	2.998	0.527	1.940	3.7	31.205***
FD	0.511	0.096	0.344	0.637	62.058***
GDP	12.684	0.374	12.083	13.155	26.505***

Source: Authors estimation.

The asterisk ***, ** and * represent level of significance at 1%, 5% and 10% respectively.

Table 3. Results of unit root test.

Variables	ADF (Level)	ADF (Δ)	ZA (Level)	Break year	ZA (Δ)	Break year
EFP	−2.368	−3.369***	−2.368	20/05/2013	−8.010***	10/05/2014
TOR	−0.272	−4.159***	−1.105	23/08/2012	−7.159***	05/08/2015
GTI	−1.159	−3.357***	−2.375	03/08/2010	−6.159***	11/06/2018
FD	−0.015	−6.519***	−1.159	03/05/2017	−8.269***	19/01/2018
GDP	−1.152	−5.205***	−2.753	09/10/2018	−6.057***	10/05/2016

Note: The values in the table specify statistical values of the ADF and ZA test.

Source: Author estimation.

The asterisk ***, ** and * represent level of significance at 1%, 5% and 10%, respectively.

Table 4. Results of quantile autoregressive distributed lag (QARDL) for EFP.

Quantiles	Constant	ECM	Long-run estimation				Short-run estimation
(τ)	α∗(τ)	ρ∗(τ)	βTOR(τ)	βGTI(τ)	βFD(τ)	βGDP(τ)	φ1(τ)EFP	ω0(τ)TOR	λ0(τ)GTI	θ0(τ)FD	έ0(τ)GDP
0.05	−0.018	−0.264	−0.210*	−0.365**	0.150	0.628***	0.128***	−0.062***	−0.023	0.005	0.052*
	(−0.005)	(−0.793)	(−1.715)	(−2.205)	(1.10)	(4.367)	(3.201)	(−3.521)	(−0.413)	(0.604)	(1.735)
0.10	−0.016	−0.210	−0.201*	−0.139**	0.257	0.352***	0.432***	−0.020***	−0.028	0.050	0.057*
	(−0.010)	(−0.713)	(−1.812)	(−2.307)	(1.607)	(3.520)	(4.028)	(−4.204)	(−0.624)	(1.267)	(1.851)
0.20	−0.027	−0.201	−0.198*	−0.157*	0.369	0.208***	0.632**	−0.057***	−0.037	0.033*	0.024**
	(−0.003)	(−0.739)	(−1.819)	(−1.807)	(0.263)	(3.628)	(3.268)	(−3.820)	(−0.368)	(1.670)	(2.207)
0.30	−0.023	−0.210	−0.428**	−0.109*	0.178***	0.207***	0.159**	−0.030***	−0.063	0.010*	0.034**
	(−0.007)	(−0.813)	(−2.068)	(−1.737)	(2.985)	(4.027)	(2.250)	(−4.638)	(−0.105)	(1.871)	(2.108)
0.40	−0.024	−0.180	−0.159**	−0.063	0.157**	0.206***	0.257**	−0.052	−0.019***	0.037*	0.027***
	(−0.004)	(−0.898)	(−2.962)	(−1.07)	(2.401)	(3.270)	(2.715)	(−1.357)	(−2.985)	(1.747)	(3.087)
0.50	−0.007	−0.226*	−0.041***	−0.037	0.125**	0.358*	0.325***	−0.017	−0.075***	0.065*	0.037**
	(−0.003)	(−1.782)	(−3.659)	(−1.030)	(2.05)	(1.83)	(3.637)	(−0.752)	(−4.230)	(1.678)	(2.538)
0.60	−0.016	−0.237**	−0.237***	−0.216**	0.287**	0.507	0.405***	−0.058	−0.266***	0.028**	0.037**
	(−0.004)	(−2.055)	(−3.62)	(−2.13)	(1.997)	(1.128)	(3.753)	(−1.105)	(−3.205)	(2.052)	(1.990)
0.70	−0.010	−0.212**	−0.152***	−0.150***	0.347***	0.038	0.539***	−0.015	−0.057***	0.017**	0.037
	(−0.002)	(−2.676)	(−3.652)	(−3.375)	(3.204)	(0.357)	(4.563)	(−1.108)	(−4.432)	(1.995)	(0.811)
0.80	−0.012	−0.215***	−0.207***	−0.385***	0.052***	0.652***	0.852***	−0.035***	−0.027***	0.048**	0.015**
	(−0.003)	(−4.357)	(−3.635)	(−3.670)	(3.635)	(4.201)	(5.027)	(−3.332)	(−4.528)	(1.991)	(2.018)
0.90	−0.012	−0.207***	−0.251***	−0.013***	0.228***	0.163***	0.357***	−0.015	−0.034***	0.027***	0.016*
	(−0.013)	(−3.758)	(−2.996)	(−4.407)	(4.280)	(2.952)	(4.201)	(−1.205)	(−3.239)	(2.981)	(1.893)
0.95	−0.022	−0.208***	−0.262***	−0.096***	0.108***	0.528***	0.357***	−0.057*	−0.083***	0.035***	0.09*
	(−0.007)	(−4.723)	(−3.004)	(−4.816)	(3.698)	(2.937)	(4.159)	(−1.87)	(−4.057)	(2.938)	(1.917)

Note: The table reports the quantile estimation results. The t-statistics are between brackets.

Source: Author estimations.

*** , ** and * indicate significance at the 1%, 5% and 10% levels, respectively.

Table 5. Results of the Wald test for the constancy of parameters.

Variables	Wald-statistics [F-statistics]
ρ	36.020***
	[0.000]
βTOR	50.871***
	[0.000]
βGTI	19.202***
	[0.000]
βFD	22.540**
	[0.000]
βGDP	16.052***
	[0.000]
φ1	8.516***
	[0.000]
ω0	0.837
	[0.561]
λ0	8.672***
	[0.000]
θ0	0.319
	[0.910]
έ0	7.201***
	[0.000]

Source: Author estimations.

The p-values are between square brackets. ***, ** and * indicate significance at the 1%, 5% and 10% levels, respectively.