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Environmental performance, green finance and green innovation: What's the long-run relationships among variables?

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  • Wang, Quan-Jing
  • Wang, Hai-Jie
  • Chang, Chun-Ping

Abstract

What are the relationships among environmental performance, green finance, and green innovation in developing countries? Existing literatures support the impact of green finance or green innovation on environmental performance, but rare studies query the cointegration among such three variables. We thus utilize the yearly data of 57 developing countries from 2002 to 2016 to empirically examines the relationships among environmental performance, green finance, and green innovation, via panel covariate-augmented Dickey-Fuller unit root test and the Westerlund and Edgerton (2007) cointegration test. Overall, this study confirms the existence of cointegration relationships among these variables. Moreover, the results of pooled mean group estimation suggest that environmental performance can positively affect the green innovation in the long term in the non-emerging countries and countries with better green innovation or environmental performance. Furthermore, green finance positively affects green innovation in the emerging countries and countries with lower level of green finance, while green finance negatively affects green innovation in the countries with better green innovation or environmental performance. Our empirical findings offer important policy implications for the sample of developing countries to promote green innovation and improve environmental performance.

Suggested Citation

  • Wang, Quan-Jing & Wang, Hai-Jie & Chang, Chun-Ping, 2022. "Environmental performance, green finance and green innovation: What's the long-run relationships among variables?," Energy Economics, Elsevier, vol. 110(C).
    • Handle: RePEc:eee:eneeco:v:110:y:2022:i:c:s0140988322001761
    DOI: 10.1016/j.eneco.2022.106004
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    More about this item

    Keywords

    Green innovation; Environmental performance; Green finance; Cross-section dependence; Cointegration;
    All these keywords.

    JEL classification:

    • C01 - Mathematical and Quantitative Methods - - General - - - Econometrics
    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • Q40 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - General

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