Effects of green finance and financial innovation on environmental quality: new empirical evidence from China

References

• Ahmad, F., Draz, M. U., Chandio, A. A., Ahmad, M., Su, L., Shahzad, F., & Jia, M. (2022). Natural resources and environmental quality: Exploring the regional variations among Chinese provinces with a novel approach. Resources Policy, 77, 102745. https://doi.org/10.1016/j.resourpol.2022.102745
   Web of Science ®Google Scholar
• Ahmed, W. M. (2020). Asymmetric impact of exchange rate changes on stock returns: Evidence of two de facto regimes. Review of Accounting and Finance, 19(2), 147–173.
   Web of Science ®Google Scholar
• Allen, F. (2012). Trends in financial innovation and their welfare impact: An overview. European Financial Management, 18(4), 493–514. https://doi.org/10.1111/j.1468-036X.2012.00658.x
   Web of Science ®Google Scholar
• Bahmani-Oskooee, M., Akhtar, P., Ullah, S., & Majeed, M. T. (2020). Exchange rate risk and uncertainty and trade flows: Asymmetric evidence from Asia. Journal of Risk and Financial Management, 13(6), 128. https://doi.org/10.3390/jrfm13060128
   Web of Science ®Google Scholar
• Bansal, M., & Kumar, V. (2021). Forcing responsibility? Examining earnings management induced by mandatory corporate social responsibility: Evidence from India. Review of Accounting and Finance, 20(2), 194–216. https://doi.org/10.1108/RAF-06-2020-0151
   Web of Science ®Google Scholar
• Baulch, B., Do, T. D., & Le, T.-H. (2018). Constraints to the uptake of solar home systems in Ho Chi Minh City and some proposals for improvement. Renewable Energy, 118, 245–256. https://doi.org/10.1016/j.renene.2017.10.106
   Web of Science ®Google Scholar
• Chen, Z., Mirza, N., Huang, L., & Umar, M. (2022). Green Banking—Can Financial Institutions support green recovery? Economic Analysis and Policy, 75, 389–395. https://doi.org/10.1016/j.eap.2022.05.017
   PubMed Web of Science ®Google Scholar
• Chibba, M. (2009). Financial inclusion, poverty reduction and the millennium development goals. The European Journal of Development Research, 21(2), 213–230. https://doi.org/10.1057/ejdr.2008.17
   Web of Science ®Google Scholar
• Chien, F., Chau, K. Y., Jalees, T., Zhang, Y., Nguyen, V. C., & Baloch, Z. A. (2021). Crude oil price volatility and economic growth: Mediating role of macroeconomic indicators. The Singapore Economic Review, 1–25. https://doi.org/10.1142/S021759082150051X
   Web of Science ®Google Scholar
• Chishti, M. Z., & Sinha, A. (2022). Do the shocks in technological and financial innovation influence the environmental quality? Evidence from BRICS economies. Technology in Society, 68, 101828. https://doi.org/10.1016/j.techsoc.2021.101828
   Web of Science ®Google Scholar
• Clark, C., & Paunovic, K. (2018). WHO environmental noise guidelines for the European region: A systematic review on environmental noise and quality of life, wellbeing and mental health. International Journal of Environmental Research and Public Health, 15(11), 2400. https://doi.org/10.3390/ijerph15112400
   PubMed Web of Science ®Google Scholar
• D’Orazio, P., & Popoyan, L. (2019). Fostering green investments and tackling climate-related financial risks: Which role for macroprudential policies? Ecological Economics, 160, 25–37. https://doi.org/10.1016/j.ecolecon.2019.01.029
   Web of Science ®Google Scholar
• Ferrat, Y., Daty, F., & Burlacu, R. (2021). Short- and long-term effects of responsible investment growth on equity returns. The Journal of Risk Finance, 23(1), 1526–5943. https://doi.org/10.1108/JRF-07-2021-0107
   Web of Science ®Google Scholar
• Gao, J., O’Sullivan, N., & Sherman, M. (2021). Chinese securities investment funds: The role of luck in performance. Review of Accounting and Finance, 20(5), 271–297. https://doi.org/10.1108/RAF-07-2020-0182
   Web of Science ®Google Scholar
• Hafeez, M., Rehman, S. U., Faisal, C. N., Yang, J., Ullah, S., Kaium, M. A., & Malik, M. Y. (2022). Financial efficiency and its impact on renewable energy demand and CO2 emissions: Do eco-innovations matter for highly polluted Asian economies? Sustainability, 14(17), 10950. https://doi.org/10.3390/su141710950
   Web of Science ®Google Scholar
• Hmaittane, A., Bouslah, K., & M’Zali, B. (2019). Does corporate social responsibility affect the cost of equity in controversial industry sectors? Review of Accounting and Finance, 18(4), 635–662. https://doi.org/10.1108/RAF-09-2018-0184
   Web of Science ®Google Scholar
• Hu, J., Wang, K.-H., Su, C. W., & Umar, M. (2022). Oil price, green innovation and institutional pressure: A China’s perspective. Resources Policy, 78, 102788. https://doi.org/10.1016/j.resourpol.2022.102788
   Web of Science ®Google Scholar
• Huo, W., Zaman, B. U., Zulfiqar, M., Kocak, E., & Shehzad, K. (2022). How do environmental technologies affect environmental degradation? Analyzing the direct and indirect impact of financial innovations and economic globalization. Environmental Technology & Innovation, 29, 102973.
   Google Scholar
• Ielasi, F., Rossolini, M., & Limberti, S. (2018). Sustainability-themed mutual funds: An empirical examination of risk and performance. The Journal of Risk Finance, 19(3), 247–261. https://doi.org/10.1108/JRF-12-2016-0159
   Web of Science ®Google Scholar
• Le, T.-L., Abakah, E. J. A., & Tiwari, A. K. (2021). Time and frequency domain connectedness and spill-over among fintech, green bonds and cryptocurrencies in the age of the fourth industrial revolution. Technological Forecasting and Social Change, 162, 120382. https://doi.org/10.1016/j.techfore.2020.120382
   PubMed Web of Science ®Google Scholar
• Lee, K.-H., Noh, J., & Khim, J. S. (2020). The Blue Economy and the United Nations’ sustainable development goals: Challenges and opportunities. Environment International, 137, 105528. https://doi.org/10.1016/j.envint.2020.105528
   PubMed Web of Science ®Google Scholar
• Li, C., Liu, X., Bai, X., & Umar, M. (2020). Financial development and environmental regulations: The two pillars of green transformation in China. International Journal of Environmental Research and Public Health, 17(24), 9242. https://doi.org/10.3390/ijerph17249242
   PubMed Web of Science ®Google Scholar
• Li, M., Cao, X., Liu, D., Fu, Q., Li, T., & Shang, R. (2022). Sustainable management of agricultural water and land resources under changing climate and socio-economic conditions: A multi-dimensional optimization approach. Agricultural Water Management, 259, 107235. https://doi.org/10.1016/j.agwat.2021.107235
   Web of Science ®Google Scholar
• Li, X., Ozturk, I., Majeed, M. T., Hafeez, M., & Ullah, S. (2022). Considering the asymmetric effect of financial deepening on environmental quality in BRICS economies: Policy options for the green economy. Journal of Cleaner Production, 331, 129909. https://doi.org/10.1016/j.jclepro.2021.129909
   Web of Science ®Google Scholar
• Liu, Z., Vu, T. L., Phan, T. T. H., Ngo, T. Q., Anh, N. H. V., & Putra, A. R. S. (2022). Financial inclusion and green economic performance for energy efficiency finance. Economic Change and Restructuring, 55, 2359–2389. https://doi.org/10.1007/s10644-022-09393-5
   Web of Science ®Google Scholar
• Markandya, A., Galarraga, I., & Rübbelke, D. (Eds.). (2017). Climate finance: theory and practice (Vol. 2). World Scientific. https://books.google.com.pk/books?hl=en&lr=&id=VeytDgAAQBAJ&oi=fnd&pg=PR5&dq=Markandya+et+al.+2017&ots=pfC9qjNK9q&sig=8-83NoR-e04jYfyRK30r7na73k8&redir_esc=y#v=onepage&q=Markandya%20et%20al.%202017&f=false
   Google Scholar
• Meo, M. S., & Abd Karim, M. Z. (2022). The role of green finance in reducing CO2 emissions: An empirical analysis. Borsa Istanbul Review, 22(1), 169–178.
   Web of Science ®Google Scholar
• Mirza, N., Rizvi, S. K. A., Saba, I., Naqvi, B., & Yarovaya, L. (2022). The resilience of Islamic equity funds during COVID-19: Evidence from risk adjusted performance, investment styles and volatility timing. International Review of Economics & Finance, 77, 276–295. https://doi.org/10.1016/j.iref.2021.09.019
   Web of Science ®Google Scholar
• Naqvi, B., Mirza, N., Rizvi, S. K. A., Porada-Rochoń, M., & Itani, R. (2021). Is there a green fund premium? Evidence from twenty seven emerging markets. Global Finance Journal, 50, 100656. https://doi.org/10.1016/j.gfj.2021.100656
   Web of Science ®Google Scholar
• Ozturk, I., & Ullah, S. (2022). Does digital financial inclusion matter for economic growth and environmental sustainability in OBRI economies? An empirical analysis. Resources, Conservation and Recycling, 185, 106489. https://doi.org/10.1016/j.resconrec.2022.106489
   Web of Science ®Google Scholar
• Pesaran, M. H., Shin, Y., & Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289–326. https://doi.org/10.1002/jae.616
   Web of Science ®Google Scholar
• Qin, L., Raheem, S., Murshed, M., Miao, X., Khan, Z., & Kirikkaleli, D. (2021). Does financial inclusion limit carbon dioxide emissions? Analyzing the role of globalization and renewable electricity output. Sustainable Development, 29(6), 1138–1154. https://doi.org/10.1002/sd.2208
   Web of Science ®Google Scholar
• Qin, M., Su, C.-W., Zhong, Y., Song, Y., & Oana-Ramona, L. Ţ. (2022). Sustainable finance and renewable energy: Promoters of carbon neutrality in the United States. Journal of Environmental Management, 324, 116390.
   PubMed Web of Science ®Google Scholar
• Ren, X., Shao, Q., & Zhong, R. (2020). Nexus between green finance, non-fossil energy use, and carbon intensity: Empirical evidence from China based on a vector error correction model. Journal of Cleaner Production, 277, 122844. https://doi.org/10.1016/j.jclepro.2020.122844
   Web of Science ®Google Scholar
• Renzhi, N., & Baek, Y. J. (2020). Can financial inclusion be an effective mitigation measure? Evidence from panel data analysis of the environmental Kuznets curve. Finance Research Letters, 37, 101725. https://doi.org/10.1016/j.frl.2020.101725
   Web of Science ®Google Scholar
• Rizvi, S. K. A., Naqvi, B., & Mirza, N. (2022). Is green investment different from grey? Return and volatility spillovers between green and grey energy ETFs. Annals of Operations Research, 313(1), 495–524. https://doi.org/10.1007/s10479-021-04367-8
   PubMed Web of Science ®Google Scholar
• Sachs, J. D., Woo, W. T., Yoshino, N., & Taghizadeh-Hesary, F. (2019). Importance of green finance for achieving sustainable development goals and energy security. In Handbook of green finance (pp. 3–12). Singapore: Springer. https://doi.org/10.1007/978-981-13-0227-5_13
   Google Scholar
• Sohail, S., Ullah, S., & Javid, A. Y. (2022). Fiscal decentralization, institutional quality, and government size: An asymmetry analysis for Asian economies. Transnational Corporations Review, 14(3), 1–15.
   Google Scholar
• Su, C.-W., Umar, M., & Gao, R. (2022). Save the environment, get financing! How China is protecting the environment with green credit policies? Journal of Environmental Management, 323, 116178. https://doi.org/10.1016/j.jenvman.2022.116178
   PubMed Web of Science ®Google Scholar
• Su, C. W., Chen, Y., Hu, J., Chang, T., & Umar, M. (2023). Can the green bond market enter a new era under the fluctuation of oil price? Economic Research-Ekonomska Istraživanja, 36(1), 536–561. https://doi.org/10.1080/1331677X.2022.2077794
   Web of Science ®Google Scholar
• Su, C.-W., Li, W., Umar, M., & Lobonţ, O.-R. (2022). Can green credit reduce the emissions of pollutants? Economic Analysis and Policy, 74, 205–219. https://doi.org/10.1016/j.eap.2022.01.016
   Web of Science ®Google Scholar
• Su, Y., & Gao, X. (2022). Revealing the effectiveness of green technological progress and financial innovation on green economic growth: The role of environmental regulation. Environmental Science and Pollution Research, 29, 72991–73000. https://doi.org/10.1007/s11356-022-20978-5
   Google Scholar
• Sun, T.-T., Tao, R., Su, C.-W., & Umar, M. (2021). How do economic fluctuations affect the mortality of infectious diseases? Frontiers in Public Health, 9. https://doi.org/10.3389/fpubh.2021.678213
   Web of Science ®Google Scholar
• Tao, R., Su, C.-W., Naqvi, B., & Rizvi, S. K. A. (2022). Can Fintech development pave the way for a transition towards low-carbon economy: A global perspective. Technological Forecasting and Social Change, 174, 121278. https://doi.org/10.1016/j.techfore.2021.121278
   Web of Science ®Google Scholar
• Ullah, S., Ozturk, I., Usman, A., Majeed, M. T., & Akhtar, P. (2020). On the asymmetric effects of premature deindustrialization on CO2 emissions: Evidence from Pakistan. Environmental Science and Pollution Research International, 27(12), 13692–13702. https://doi.org/10.1007/s11356-020-07931-0
   PubMed Web of Science ®Google Scholar
• Umar, M., Ji, X., Mirza, N., & Naqvi, B. (2021). Carbon neutrality, bank lending, and credit risk: Evidence from the Eurozone. Journal of Environmental Management, 296, 113156. https://doi.org/10.1016/j.jenvman.2021.113156
   PubMed Web of Science ®Google Scholar
• Umar, M., Ji, X., Mirza, N., & Rahat, B. (2021). The impact of resource curse on banking efficiency: Evidence from twelve oil producing countries. Resources Policy, 72, 102080. https://doi.org/10.1016/j.resourpol.2021.102080
   Web of Science ®Google Scholar
• Wang, K.-H., Umar, M., Akram, R., & Caglar, E. (2021). Is technological innovation making world" Greener"? An evidence from changing growth story of China. Technological Forecasting and Social Change, 165, 120516. https://doi.org/10.1016/j.techfore.2020.120516
   Web of Science ®Google Scholar
• Wang, L., Ahmad, F., Luo, G., Umar, M., & Kirikkaleli, D. (2022). Portfolio optimization of financial commodities with energy futures. Annals of Operations Research, 313(1), 401–439. https://doi.org/10.1007/s10479-021-04283-x
   PubMed Web of Science ®Google Scholar
• World Bank. (2018). Poverty and shared prosperity 2018: Piecing together the poverty puzzle. The World Bank.
   Google Scholar
• Xu, Y., Umar, M., Kirikkaleli, D., Adebayo, T. S., & Altuntaş, M. (2022). Carbon neutrality target in Turkey: Measuring the impact of technological innovation and structural change. Gondwana Research, 109, 429–441. https://doi.org/10.1016/j.gr.2022.04.015
   Web of Science ®Google Scholar
• Yang, B.-M. (2020). Overview of South Korean health care system. In Health care policy in East Asia: A world scientific reference: Volume 3: Health care system reform and policy research in South Korea (pp. 1–10). World Scientific. https://doi.org/10.1142/9789813236158_0001
   Google Scholar
• Yang, L., Hui, P., Yasmeen, R., Ullah, S., & Hafeez, M. (2020). Energy consumption and financial development indicators nexuses in Asian economies: A dynamic seemingly unrelated regression approach. Environmental Science and Pollution Research International, 27(14), 16472–16483. https://doi.org/10.1007/s11356-020-08123-6
   PubMed Web of Science ®Google Scholar
• Yarovaya, L., & Mirza, N. (2022). The price reaction and investment exposure of equity funds: Evidence from the Russia–Ukraine military conflict. The Journal of Risk Finance, 23(5), 669–676. https://doi.org/10.1108/JRF-07-2022-0174
   Web of Science ®Google Scholar
• Yu, C.-H., Wu, X., Zhang, D., Chen, S., & Zhao, J. (2021). Demand for green finance: Resolving financing constraints on green innovation in China. Energy Policy, 153, 112255. https://doi.org/10.1016/j.enpol.2021.112255
   Web of Science ®Google Scholar
• Zhang, D., Mohsin, M., Rasheed, A. K., Chang, Y., & Taghizadeh-Hesary, F. (2021). Public spending and green economic growth in BRI region: Mediating role of green finance. Energy Policy, 153, 112256. https://doi.org/10.1016/j.enpol.2021.112256
   Web of Science ®Google Scholar
• Zhou, X., Tang, X., & Zhang, R. (2020). Impact of green finance on economic development and environmental quality: A study based on provincial panel data from China. Environmental Science and Pollution Research International, 27(16), 19915–19932. https://doi.org/10.1007/s11356-020-08383-2
   PubMed Web of Science ®Google Scholar