Can green finance, green technologies, and environmental policy stringency leverage sustainability in China: evidence from quantile-ARDL estimation

Can central bank green communication reduce carbon emissions of high-energy-consuming firms?

Central bank green communication is one of the key measures for achieving the Sustainable Development Goals (SDGs). Exploring its impact on the carbon emissions of high-energy-consuming firms holds significant practical implications for achieving SDGs. We collected 5066 green finance-related texts from the official website of China's central bank to construct a "Central Bank Green Communication Index.", using a ChatGPT-based text analysis method. We employ a panel model to examine its impact on the carbon emissions of high-energy-consuming firms. The results show that central bank green communication can significantly reduce carbon emissions in these firms, with a more pronounced effect in provinces with a higher frequency of communication and among large firms. Mechanism analysis further indicates that promoting technological innovation, enhancing external supervision, and alleviating financial constraints are the three main channels. Regarding policy recommendations, this study suggests that the central bank should increase both the frequency and depth of its green communication. In addition, the central bank should integrate green communication into its regulatory framework and incorporate it into its monetary policy framework.

Repercussions of environmental policy stringency on carbon, energy and non-energy productivity in highly emerging economies: perspective of green growth

Emerging economies have prioritized the enhancement of carbon and energy productivity to uphold environmental integrity. Consequently, the policymakers introduced the environmental policy stringency measure to control emission activities. Accordingly, this study explores the environmental stringency policy's impact on carbon, energy, and non-energy productivity over the period of 1995-2020. This study addresses the impact of environmental policy stringency on quality of life (exposure to environmental risk). Regardless of variation, growing economies have higher carbon productivity. It is worth noting that energy productivity compared to carbon is higher. Based on the findings derived from the CS-ARDL model, it can be concluded that environmental stringency policies significantly positively impact carbon productivity in emerging countries. Economies that implement stringent environmental rules have the potential to enhance both energy and non-energy productivity to a greater extent. Meanwhile, the environmental policy effectively reduces environmental risk exposure and increases the quality of life. Environmental technology is inefficient in promoting emerging economies' environmental productivity. Similarly, trade promotes carbon activities and may involve comparative advantage race, pollution heaven hypothesis possible to exist. This study provides empirical evidence supporting the notion that investing in human capital is crucial in enhancing productivity. The findings suggest a more comprehensive and integrated approach to environmental policy in rising economies. This all-encompassing strategy is considered crucial for making significant gains in carbon productivity and simultaneously promoting sustainable green growth.

Corporate social responsibility-an antidote for sustainable business performance: interconnecting role of digital technologies, employee eco-behavior, and tax avoidance

Small- and medium-sized enterprises (SMEs) have consistently contributed significantly to the economy's gross domestic product (GDP). Organizations are motivated to achieve sustainable performance by mitigating the adverse impacts of company operations by improving productivity and optimizing resource utilization. In order to achieve this objective, the businesses are making all their efforts and developing the systems to ensure sustainable performance. Based on the prevailing research gaps, the current study examines the role of a portfolio of responsible digital technologies (DT), which provides a competitive advantage and helps achieve sustainable firm performance (SFP). Using a simple random sampling technique, data from 294 textile manufacturing SMEs is collected and analyzed using the structural equation model (SEM) in AMOS v.24. The results indicated that digital technologies, tax avoidance, green employee behavior, and corporate social responsibility facilitated improving the SFP of SMEs. Furthermore, it is worth noting that the link connecting TA and SFP is unaffected by CSR activities aimed at the environment. This finding, however, should not lessen the importance of TA, which deserves significant attention and thought from management.