Environmental Economics

Journal Information
ISSN / EISSN : 1998-6041 / 1998-605X
Published by: LLC CPC Business Perspectives (10.21511)
Total articles ≅ 162
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, Wilfred I. Ukpere
Published: 21 October 2022
Environmental Economics, Volume 13, pp 79-88; https://doi.org/10.21511/ee.13(1).2022.07

Abstract:
Global warming has been escalating along with its major damaging effects. One such effect is its negative impact on economic growth. This paper is premised on the fact that, in addition to its threats to economic growth, climate change can affect financial institutions unfavorably and become a significant cause of financial risk. Therefore, this study aims to investigate the nexus between the dynamics of biodiversity loss and financial system stability in sub-Saharan Africa (SSA). Using annualized data from World Bank indicators, the study adopted panel techniques. The panel data results indicate that carbon emission has no positive impact on bank non-performing loans in the short run. The findings strongly support that carbon emission in this region does not contribute significantly to financial instability in the short run. This shows that Africa may well be able to assist the world to counteract climate change by providing an essential carbon sink while resisting deforestation and effectively managing the continent’s marine resources. Based on the research findings, it is recommended that policymakers in SSA should promote economic activities that reduce climate fragility while ensuring sustainable economic development.
, Fuli Chen, Tetyana Kuts, Inna Sharko, Natalia Ryzhikova
Published: 19 October 2022
Environmental Economics, Volume 13, pp 61-78; https://doi.org/10.21511/ee.13(1).2022.06

Abstract:
Sustainability reporting has become a practice of the majority and is decided by boards of directors as the supreme governing body in the decision-making process of companies. The paper provides a high-view picture and visualizes research to portray the historical shifts in sustainability reporting nexus to corporate governance through an analysis utilizing CiteSpace software on 935 articles published in Web of Science Core Collection from 2009 to 2021.The number of papers in the area has expanded, especially since 2013 (a branching point), while the study determines a type of bifurcation spot (the year 2017) that evinces the SR-CG field maturity. The study determined the dominant countries through affiliated to them researchers (the United Kingdom, Spain, Italy, China and Australia), the most esteemed journals (Journal of Business Ethics, Business Strategy and the Environment and Accounting, Auditing & Accountability Journal), and the major co-occurrence of hot keywords (carbon disclosure project, environmental disclosure quality, integrated reporting, financial performance, foreign director, environmental reporting, public sector, sustainability assurance statement). The paper identifies principal issues where SR-CG research lags (dearth of those research in developing economies and geographical limitation of research) and unravels uncharted so far domains (jurisdictions-related studies) in the realm. Future research in the realm is likely to focus on ESG, disclosures and governance performance, as well as on specific areas (geography, industry, etc.), and will explore in depth the role of multiple factors together. This papers indicate the growing convergence between SR and CG in literature, and given predominance of ‘SR as a function of CG’ approach a more stalwart and sound CG framework could bring about more tenable SR practices. The paper puts forward an agenda for advancing forthcoming research in the realm of SR-CG interdependence. AcknowledgmentThis paper is co-funded by European Union through the European Education and Culture Executive Agency (EACEA) within the project “EU BEST PRACTICE OF LIFE CYCLE ASSESSMENT, SOCIAL, ENVIRONMENTAL ACCOUNTING AND SUSTAINABILITY REPORTING” 101047667 — EULASTING — ERASMUS-JMO-2021-HEI-TCH-RSCH https://bit.ly/3Bbvquw
Uzoma Ononye, Francis Ndudi, Judith Aloamaka, Mauryn Mba, Tobi Ejumudo
Published: 18 October 2022
Environmental Economics, Volume 13, pp 50-60; https://doi.org/10.21511/ee.13(1).2022.05

Abstract:
The concept of green manufacturing is a topical discourse in sustainability studies, but its adoption seems to be lagging due to an unclear link to financial performance. The study aims to test the relationship between green manufacturing and financial performance, with quality performance as a mediator and entrepreneurial orientation as a moderator. The partial least square (PLS) method was applied for hypotheses testing. Data were randomly obtained from 116 managerial staff in manufacturing firms operating in the polymer industry in Southern Nigeria. From the PLS results, green manufacturing is positively related to financial performance (β = 0.167, p = 0.027), and this relationship is mediated by quality performance (β = 0.194, p = 0.000) and moderated by entrepreneurial orientation (β = 0.115, p = 0.000). The results demonstrated that green manufacturing spurs financial performance directly. However, optimality can be achieved indirectly through quality performance and under generative conditions or behaviors effectuated by entrepreneurial orientation. In conclusion, quality performance and entrepreneurial orientation may account for the ways in which green manufacturing enhances financial performance significantly and positively.
, Bella Tahya Hania, Amir Ma’Ruf
Published: 7 October 2022
Environmental Economics, Volume 13, pp 38-49; https://doi.org/10.21511/ee.13(1).2022.04

Abstract:
Green Sukuk is a source of financing that supports the SDGs. Climate change, the growth of the Islamic finance industry, and the rise of socially responsible investing could make green Sukuk a vital tool for financing clean energy and sustainable infrastructure projects. Many studies have identified its potential and advantages. However, no companies have issued green corporate Sukuk in Indonesia yet. The purpose of this study is to determine the potential and main problems of issuing corporate green Sukuk in Indonesia, along with possible solutions and strategies. The research method used is the analytic network process (ANP). In this study, respondents are experts in the field of green Sukuk (involved experts were from academia, project actors, and regulators). The results of the study indicate that the first destination that has the potential to be financed with green corporate Sukuk is renewable energy. At the same time, the main problem is the lack of understanding from market participants. In terms of solutions, the incentive provided by the government is the best to encourage the issuance of green corporate Sukuk. Moreover, the first strategy is to issue green corporate Sukuk with ijarah contracts. From the research results, it is hoped that the Indonesian government can be more aggressive in providing incentives to green project actors.
, Koumou Landry Etienne
Published: 27 September 2022
Environmental Economics, Volume 13, pp 28-37; https://doi.org/10.21511/ee.13(1).2022.03

Abstract:
The question of what energy form should guarantee firm productivity in the future is becoming increasingly important, considering the risk that the gradual depletion of the world’s non-renewable energy reserves poses to the continuity of productivity. This study aims to assess the effect of individual energy forms on productivity growth of manufacturing firms in Cameroon. This paper uses a two-stage stochastic frontier method to determine the energy form that is most likely to ensure the continuity of the productivity of manufacturing firms in Cameroon in the next few years. The data for the study came from the Annual Enterprise Surveys (EAE) conducted by the National Institute of Statistics of Cameroon (NIS) from 2012 to 2019. The analysis data constitute a panel of 288 representative firms. Factors that primarily explain firm productivity were value-added, renewable and non-renewable energy, capital, labor, and raw materials. The study analyzed the entire manufacturing industry, agri-food sector, and other manufacturing industries. Despite being a group estimate, individual firms are taken into account. Across the manufacturing industry in Cameroon, the results indicate that renewable energy is the most advantageous form. Indeed, this form would cause a 9.27% increase in productivity for a one percentage point increase. However, as the impact coefficients are insignificant, it is difficult to assess the contribution of non-renewable energy to firm productivity. Acknowledgments The authors would like to sincerely thank Atanase Yene for his invaluable support in this work, helpful comments, and suggestions on the previous draft of this paper. The usual disclaimer applies, and views are the authors’ sole responsibility.
Nicolas Piluso, Edwin Le Heron
Published: 14 September 2022
Environmental Economics, Volume 13, pp 16-27; https://doi.org/10.21511/ee.13(1).2022.02

Abstract:
The paper analyzes the effects of introducing a corporate carbon tax on GDP and the effectiveness of this macroeconomic policy. The study is based on constructing a simple Keynesian model with flexible prices. It shows that the carbon tax can have a double beneficial effect on the economy in addition to its favorable effect on the environment: i.e., an increase in GDP and employment. The initial values (y = 100; C = 60; I = 18; G = 16; g(A) = 6) was used to simulate a positive shock of the carbon tax T, increasing from 1.75 to 1.9. The paper considers three different cases depending on the low (Case 1), medium (Case 2), or high (Case 3) sensitivity of the marginal propensity to consume in response to an increase in the prices of goods. In addition, case 4 is considered: stimulus policy associated with climate policy; and case 5 is: policy to increase nominal wages. The results show that the carbon tax can lead to an increase in prices. Although the tax does not excessively negatively affect consumption, it has a positive effect on GDP via the increase in green investments and the induced increase in public spending. Households are, therefore, not necessarily penalized because they benefit from the multiplier effects of the increase in public spending due to the introduction of the ecological tax. Furthermore, stimulus policy is even more effective when combined with an emissions tax.
, Noukignon Koné, Loudi Njoya
Published: 3 June 2022
Environmental Economics, Volume 13, pp 1-15; https://doi.org/10.21511/ee.13(1).2022.01

Abstract:
This paper empirically analyze the effects of environmental taxes on economic growth using data spanning the period 2009–2019 across 31 European countries (28 from the European Union, including the UK before Brexit, Iceland and Norway, which are candidates to join the EU, and Switzerland). The selected countries are also members of the European Environmental Agency countries (EEA-32). Baseline scenario with Pooled Ordinary Least Squares leads to the evidence that an increase of the environmental taxes in case of any tax policy reform will exacerbate economic growth. Robustness checks by introducing more control variables in response to omitted variables bias, coupling with GMM estimations that control for endogeneity concerns, consistently confirm the results. Deeping more with quantile analysis regression, a negative effect is confirmed in each quantile, and the results are significant at 1%. Nevertheless, there is a discrepancy between each quantile that allows highlighting evidence of countries’ threshold effects. In fact, low-income countries are more negatively affected than upper and medium-income countries. As the official communication of the EU Commission is always in demand of empirical research concerning the economic impacts of environmental policy instruments, the paper sheds light on the possibility of discussing and adapting the EU strategy based on a harmonization system. This evidence of differentiated effects among countries’ thresholds in the absence of any compensation may raise equity considerations within heterogeneous countries. Therefore, this paper fulfills the gaps in the inconclusive results in the existing literature. AcknowledgmentsAuthors would like to sincerely thank Ange Jusse Tchouto, Isaac Ketu, Arsene Mouongue Kelly for their invaluable support in this work, their helpful comments and suggestions on the previous draft of this paper. The usual disclaimer apply and views are the sole responsibility of the authors.
Published: 6 January 2022
Environmental Economics, Volume 12, pp 149-164; https://doi.org/10.21511/ee.12(1).2021.13

Abstract:
Sustainable development for transition economies is an opportunity to accelerate and complete socio-economic transformations and at the same time an additional responsibility in situations of instability and uncertainty. The chances for strengthening sustainability are growing within the organized innovation space, which makes it possible to model scenarios of ecologically oriented development and, with the help of state and international support, to start their implementation. The paper aims to analyze the possibilities and directions of creating eco-industrial parks in a transition economy. It uses an innovative helix model in its triple, quadruple and quintuple variations for functioning and sustainable development of industrial parks in Ukraine.The study adopts a descriptive comparative analysis of data on the planning and implementation of economic, primarily environmentally relevant, activities. Based on the analysis and description of exogenous factors, in particular within GEIPP, a SWOT table on the potential of eco-industrial parks was formed. The directions of development of industrial, technological, and scientific parks in Ukraine are determined using the quintuple helix model on the plane of “knowledge-innovation”, in particular on quadruple helix transition to sustainability through the simultaneous development of socially oriented and environmental activities. Within the legislation, it is proposed to approve a sustainable form of artificially separated innovation parks, namely the “eco-industrial park”. One of the conditions for advanced sustainable development in Ukraine is the creation of a national program to support the transformation of innovation parks into their environmental versions 2.0 and 3.0, as well as investing in greenfield eco-industrial parks.
, , Vladyslav Piven, , Larysa Rybina
Published: 4 January 2022
Environmental Economics, Volume 12, pp 140-148; https://doi.org/10.21511/ee.12(1).2021.12

Abstract:
Digitalization, dematerialization of production and consumption, and structural shifts in the direction of service economy forming do promote to reduction of material use and sustainable development. The paper aims to investigate the role of digital, structural, economic, and social factors in sustainable development promotion in OECD countries. The paper uses the data on digital achievements, social and economic development of OECD member states from World Bank data sources for the period 2007–2018. The random-effects GLS regression model is used, and empirical regression models to estimate the influence of key factors related to digital transformation on GDP per capita and CO2 emissions per capita are constructed. The results of the regression analysis show that using the number of Internet users as an indicator for achievement in digitalization has a positive and statistically significant influence on GDP per capita due to lower transaction costs and higher share service economy. An increase in urbanization rates (as an indicator of capital concentrations and labor specialization) by one percent promotes a GDP per capita increase of 299 USD. Also, an increase in Gini coefficient by one percentage point correlates with decrease in GDP per capita on 196 USD and the reduction of CO2 per capita by 0.12 tones due to the structural shifts in aggregate demand. Still, improvements in digital transformations have no significant environmental effect in OECD members, while processes related to urbanization, income inequality, and share of industrial output are important drivers for CO2 per capita reduction. AcknowledgmentsThe paper contains the results of a study conducted within the framework of research projects: “Sustainable development and resource security: from disruptive technologies to digital transformation of Ukrainian economy” (No. 0121U100470); “Fundamental bases of the phase transition to an additive economy: from disruptive technologies to institutional sociologization of decisions” (No. 0121U109557).
, Mykola Sychevskiy, Olena Tsyplitska, Nadiia Grebeniuk, Oleksandr Deineko
Published: 28 December 2021
Environmental Economics, Volume 12, pp 124-139; https://doi.org/10.21511/ee.12(1).2021.11

Abstract:
The close relationship between industrial development and environmental pollution is considered the main problem of negative climate changes and the deterioration of life quality leading to an increase in mortality. In this regard, the protection of environmental human rights is of great importance. The paper aims to assess the trends of industrial influence on the human environment and the level of protection of environmental human rights in different countries through reviewing and analysis of the set of relevant studies. The paper brings novelty exploring an array of objectives for protecting human environmental rights in the framework of the Sustainable Development Goals, implementation of a circular and resource-efficient economy, together with the Industry 4.0 technologies for industrialized countries, including Ukraine. Most studies consider contradictions between the economic and environmental goals of both businesses and the state the main obstacle for the ecologization of industrial production. The economic feasibility of introducing more resource-efficient business models has been proved. The impact of Ukrainian industrial companies on the environment and the state of human environmental rights protection is studied. The results of the study allow stating that the resource and energy inefficiency of industrial technology in the country, as well as the weakness of state institutions in the implementation of reforms for sustainable development, is a fundamental threat to human rights and a healthy life.
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