Effects of tourism and eco-innovation on environmental quality in selected ASEAN countries

Does tourism development, financial development and renewable energy drive high-quality economic development?

Tourism development is generally agreed upon to be a key tool in promoting economic growth, and green development has emerged as a significant idea and an efficient approach to accomplish this goal in a manner that is environmentally responsible. It is common knowledge that making the switch to renewable sources of energy may act as a catalyst for economic development in both developed and developing nations. Therefore, people all over the globe are beginning to realize the significance of advancing renewable energy's rising importance that suggests that it will be used extensively in the years to come. The purpose of this study is to examine the effect that increasing tourism and adopting renewable energy sources impact on green economic growth development in the region using the AMG test BRICS nations from 2001 to 2022. This research additionally makes use of a rigorous check by means of the CCEMG exam and the DCCEMG test. According to the findings, green economic growth is influenced favorably by the expansion of the tourist industry, renewable energy, and the digital economy, but urbanization and the rise financial industry are detrimental to green economic growth. D-H panel causality test results show that tourism development is causally related to green economic growth, green economic growth to urbanization, and green economic growth to the usage of renewable energy sources. According to these results, the management authorities of BRICS nations should embrace policies of green growth while also controlling environmental pollution in order to achieve sustainable economic development whereas in rural areas. The findings have major policy implications for the nations that make up the BRICS bloc. These implications pertain to the enhancement of tourist development, the digital economy (DIG), and financial institutions, all of which have the potential to improve environmental quality.

An empirical investigation of the nexus among renewable energy, financial openness, economic growth, and environmental degradation in selected ASEAN economies

This study investigates the relationship between economic growth, renewable energy consumption, financial openness, and environmental degradation in selected ASEAN (Association of Southeast Asian Nations) countries (Cambodia, Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam) from 1996 to 2018. We aim to analyze how macroeconomic situation, energy-related factors, and financial determinants contribute to environmental deprivation in selected countries whose growth has recently been substantial. To address this issue, we employ second-generation panel data regression models and quantiles with fixed-effects estimators. Initially, the cointegration analysis supports a long-run association between the variables of our interest. Empirical findings confirm the environmental Kuznets curve hypothesis, but it seems valid only for Singapore. Moreover, results highlight the ecological role of renewable energy for ASEAN countries to achieve Sustainable Development Goals, such as transitioning to a low-carbon economy and reducing air pollution. On the contrary, financial openness is a cause that positively influences CO2 emissions. This research offers practical policy recommendations for many countries, including the ASEAN economies, to attain sustainable development.

Green innovation and environmental quality in OECD countries: the mediating role of renewable energy and carbon taxes

The exceptional rise in overall economic activities has deteriorated environmental sustainability around the world. However, countries around the globe are implementing strategies for reaching the global climate objective. For this purpose, OECD countries committed many efforts, although their pledges and results are not parallel to the level of the Paris Agreement's ambition. This study examines the impact of eco-innovation, environmental taxes, and renewable energy consumption on the environmental performance of selected OECD countries over the period of 2006 to 2020. This study uses the generalized method of moments (GMM) and instrumental variables 2 stage least square (2SLS) methods. For robustness checks, this study uses a quantile regression approach. We conclude that an increase in the adoption of renewable energy and green innovation has a statistically significant impact on controlling CO2 emissions. Moreover, the empirical model is expanded by incorporating environmental taxes as an explanatory variable. The expanded model showed that the imposition of environmental taxes has a detrimental impact on the reduction of CO2 emissions. Moreover, on the contrary, an increase in economic activities, measured by GDP, is responsible for rising CO2 emissions in OECD countries. In light of the results we obtained, policy recommendations are provided.

Evaluating the resource curse hypothesis and the interplay of financial development, human development, and political stability in seven emerging economies

The present study empirically confabulates the authenticity of the "resource curse hypothesis" in selected emerging nations. Furthermore, we also assessed the interconnections of three essential economic indicators with financial development, i.e., human development, political stability, and gross domestic product. To effectuate these objectives, we used annual data for the time frame 1990 to 2020 and advanced panel estimation techniques for getting the empirical outcomes. The study's empirical outcomes illustrate the existence of the "resource curse hypothesis" in sample nations. In addition, human development index and gross domestic product play an essential part in the furtherance of financial development in the long-run. The human development index is upsurging the financial development. Furthermore, political stability is also exerting a favorable influence on financial development. A similar interconnection is observed in the short-time period; nonetheless, the amplitude of the short-run impacts is smaller if we have a look at the long-run impacts. The empirical analysis offers a few pertinent policy insights for policymakers to improve the situation in the selected sample. Note: Financial development positively interconnected with human development, GDP and political stability while negatively associated with natural resources, respectively.

Macroeconomic determinants and their impact on environmental sustainability: the role of cultural and creative product prices

China has to deal with the twin challenges of economic structural reform and carbon emission reduction against global warming. While investing in and constructing new infrastructure is great for the economy, it has also added to the carbon emissions of major cities. The product design industry has recently become increasingly interested in creating and pricing cultural and creative goods in specific provinces. Thanks to the burgeoning global cultural and creative sector, a new platform has opened up for the evolution and modernization of China's ancient cultural practices. Cultural creativity has broken the rigid design and production pattern of traditional products from a business point of view, increasing their economic advantages and competition. Also, this study examines ICT's main and moderate effect on carbon emissions in the 27 provinces of China's economy from 2003 to 2019 using panel estimators. The estimated outcomes show the positive contribution to environmental damages by physical capital, tourism, cultural product prices, innovative, creative prices, and trade openness, while ICT significantly reduces emissions. Besides the moderate role of the digital economy on physical capital, tourism, CP, ICP, and tourism significantly reduce CO2 emissions. However, the granger causality outcomes also show a robust analysis. Furthermore, this study also proposes some interesting policies to obtain environmental sustainability.

Assessing the effect of the improvement of environmental damage compensation legal system and green finance project on the re-establishment of the ecological environment

What are the relationships among environmental regulations, green finance, and environmental damages in countries? Existing literature supports the impact of green finance or green innovation on environmental quality, but rare studies query the cointegration among other core variables. We thus utilize the yearly data of 25 Chinese provinces from 2003 to 2021 to empirically examine the relationships among access to clean energy and technology, environmental regulation, renewable green investment, subsidy on green energy, and green finance index in environmental damage compensation via an augmented mean group (AMG) and other estimators. However, the current empirical research also investigates the individual linkage of green finance components with explained variables. Overall, this study confirms the existence of cointegration relationships among these variables. Moreover, the results of AMG suggest that access to clean fuels and technology, environmental regulations, and green finance can inversely affect the explained variable in the long term. Furthermore, environmental regulations and renewable green investment positively affect environmental damages, while a separate proxy of green finance also negatively affects explained variables in the selected provinces with better environmental performance. Our empirical findings offer important policy implications for overall emerging economies to promote subsidies, environmental regulations, and green finance to improve environmental damages compensation.

Coordination evaluation of urban tourism and urban development based on TOPSIS method-a case of Xiamen city

Facing the current situation of tourism and urban prosperity and development, whether there is a contradiction between urban tourism and urban development, and whether they can always coordinate with each other will affect the sustainable development of both. In this context, the coordination of urban tourism and urban development has become an urgent research object. Based on the statistics of twenty indicators of urban tourism and urban development in Xiamen from 2014 to 2018, the article uses the TOPSIS analysis method to develop the number of tourists. Research results show that (1) the selected indicators all showed significant growth characteristics, and over time the coordination coefficient increases year by year and gradually approaches the ideal optimal value. (2) Among them, 2018 has the highest coordination coefficient, 0.9534. (3) The occurrence of "big events" has a double-sided effect on urban tourism and development coordination.

What drives responsible innovation in polluting small and medium enterprises?: an appraisal of leather manufacturing sector

Responsible innovation (RI) has always been a major topic in discussions about environmental concerns, such as the depletion of natural resources, economic advancement, climate change, and social responsibility. Still, its incorporation in the business field is in its early stages, particularly among small and medium enterprises (SMEs). This research aims to investigate the influence of internal and external drivers on RI and sustainable competitive advantage (SCA). The hypotheses of the study are examined through the Structural equation modeling (SEM) technique, and data were gathered from 291 owners/managers of leather manufacturing SMEs through simple random sampling. The study found that external drivers significantly and positively impact RI strategies, whereas internal drivers have an insignificant relationship with RI strategies. Furthermore, RI strategies have a significant and positive relationship with SCA. This study adds to the existing literature by focusing on predictors that impact SCA. This initial study examines the influence of external and internal drivers on RI and SCA using dynamic capability theory and institutional theory. On these bases, relevant recommendations have been made to promote RI from the perspective of the government and SMEs.

How effective are renewable energy, tourism, trade openness, and foreign direct investment on CO2 emissions? An EKC analysis for ASEAN countries

The effects of renewable energy, tourism, foreign direct investment, and income on environmental degradation have attracted the attention of many researchers, but to date, no researcher has examined the concurrent effects of these variables on CO₂ emissions for the Association of Southeast Asian Nations (ASEAN) countries. Motivated by this gap in the literature, this study aims to analyze the determinants of carbon dioxide (CO₂) emissions under the environmental Kuznets curve (EKC) hypothesis for six ASEAN countries. To this end, the study utilizes the panel ARDL estimator and the Dumitrescu-Hurlin panel causality test from 1995 to 2018. The results show that (i) tourism and foreign direct investment increase CO₂ emissions. (ii) Real income and trade openness reduce environmental degradation. (iii) Since the long-run income elasticity is lower than the short-run, the EKC hypothesis is valid. (iv) Renewable energy reduces carbon emissions only in the short term and has no effect on environmental quality in the long term. There is also no causal relationship between renewable energy and environmental degradation. This could be due to the ineffective deployment of renewable energy in ASEAN countries. Based on these results, this study suggests that ASEAN countries should effectively use renewable energy, reduce the amount of fossil energy in the tourism sector, and support economic development to achieve a sustainable environment.

Assessing the impact of green finance and urbanization on the tourism industry-an empirical study in China

There is a dearth of empirical studies looking at the link between green economic development and tourism in quantifiable terms. Using panel data from China's 30 provinces from 2005 to 2018, this study investigates the impact of green finance on China's tourism industry. Using renewable energy, income per capita, carbon emissions, and urbanizations as explanatory factors is also utilized. According to estimation, the findings reveal that green finance substantially impacts the tourism business. This positive effect is more pronounced in provinces where economic and social conditions are better, thus boosting the region's tourism industry. The same holds for income per capita, renewable energy, and environmental factors. In addition, urbanization has a negligible effect on the variable being studied. A further way to boost the growth of tourism is through the use of green finance. The empirical findings can benefit China's green financial planning and environmental sustainability.

Does industrial up-gradation, environment regulations, and resource allocation impact on foreign direct investment: Empirical evidence from China

Because of China's tremendous increase in foreign direct investment (FDI) over the past two decades, this method of internationalization has become increasingly significant for companies worldwide. Heavy industry's dominant role in China's industrial structure must be modernized to ensure the country's long-term growth and prosperity. There are 30 provinces in China covered by this dataset, which dates back from 2005 to 2018. Augmented mean group (AMG) and common correlated effects mean groups (CCE-MG) estimations demonstrate that China's industrial upgrading and resource allocation considerably impact FDI inflows. The findings show that FDI inflows appear to be negatively affected by environmental rules. The results show that industrial upgradation and environmental regulations have not had the expected effect on FDI in China without the participation of other stakeholders. For the selected panel, the results from the control variable show that population aging reduces foreign direct investment inflows, whereas, economic growth increases FDI inflows. According to our findings and those of the empirical study, we make some policy proposals to help Chinese provinces attract more foreign direct investment by encouraging and upgrading the screening of such investments.

The Effects of Green Intellectual Capital on Green Innovation: A Green Supply Chain Integration Perspective

To demonstrate how green innovation (GI) effectively occurs, this study examines the effects of green intellectual capital (GIC) on GI from the perspective of green supply chain integration (GSCI). Based on a natural-resource-based view and knowledge-based view, the authors constructed an intermediary model of GIC-GSCI-GI, and analyzed the effects of green absorptive ability (GAA) and relationship learning ability (RLA) as moderators. An empirical survey of 328 Chinese manufacturing companies was conducted. Our results indicate that three dimensions of GIC positively impact GI. The mediating effects of internal and external GSCI exist in the relationship between GIC and GI. The moderating effects of GAA and RLA in these effects were also verified. Our study provides further empirical evidence for the relationship between GIC and GI, highlights the effects of companies' internal and external abilities on GI, and suggests new ways and implementation contexts for GI.