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Embracing energy efficiency (EE) and renewable energy (RE) is essential for improving environmental quality. This research investigates the asymmetric impacts of EE, RE, and other factors on CO 2 emissions in BRICS (i.e., Brazil, Russia, India, China, and South Africa) countries from 1990 to 2014. In contrast to previous studies, the present study considers EE as a major cause of CO 2 emissions in BRICS countries. By using the new hidden panel cointegration and nonlinear panel autoregressive distributive lag model, this study is the first of its kind that unfolds the asymmetric links among EE, RE, and CO 2 emissions. Findings clearly explain that the impact of the selected variables on CO 2 emissions is asymmetric, and both EE and RE help to lower CO 2 emissions in BRICS countries. In the long run, positive shocks in EE and RE can significantly mitigate CO 2 emissions in BRICS economies. In particular, a 1% fluctuation in the positive sum of EE reduces CO 2 emissions by 0.783% in the long run. On the other hand, a 1% fluctuation in the positive component of RE reduces CO 2 emissions by 0.733%. Moreover, individual country estimates suggest the heterogeneous effects among BRICS countries. Based on the empirical findings, policymakers should consider the asymmetric behavior of the EE, RE, and economic growth while formulating, energy, environment, and growth policies of BRICS countries. Graphical abstract

The environmental issue has become a global problem that needs to be examined frequently, motivating researchers to investigate it. Thus, the present study has investigated the asymmetric impact of natural resources, technological innovation, and globalization on the ecological footprint in the presence of environmental Kuznets curve (EKC) in Belt and Road Initiative (BRI) economies. This research divided the BRI economies into high income, middle-income, and low-income levels to capture income differences. The study has used annual time series data from 1990 to 2018. The study applied a novel Augmented Mean Group estimators method to calculate the robust and reliable outcomes. The findings show that natural resources drastically damage the environment quality, whereas technological innovations are helpful in reducing environmental degradation. Moreover, the result of the interaction term (natural resources and technological innovations) negatively impacts the ecological footprint. Interestingly, these findings are similar in the three income groups. In addition, globalization improves environmental quality in the middle-income BRI economies but reduces in high-income, low-income, and full sample countries. Furthermore, the Environmental Kuznets Curve (EKC) concept has been validated across all BRI economies. In line with these findings, several relevant policies are recommended for a sustainable environment in the BRI economies.

Achieving sustainable development requires moving beyond pollution metrics to holistic measures, such as the load capacity factor (LCF), which balances ecological demand and supply. While recent studies have provided important insights into the determinants of LCF in OECD countries, further research is needed to incorporate additional determinants and updated estimation approaches. This study addresses this gap by examining the impacts of financial innovation, forestry, urbanization, population, and economic growth on the LCF in Organization for Economic Cooperation and Development (OECD) economies from 1990 to 2023. Using second-generation panel econometric methods, including tests for cross-sectional dependence, slope heterogeneity, second-generation unit roots, and cointegration techniques, this paper confirms a stable long-run relationship among the variables. The core analysis applies the method of moments quantile regression to uncover the heterogeneous effects across the LCF distribution. The results indicate that financial innovation consistently enhances the ratio of biocapacity to ecological footprint. In contrast, economic growth and urbanization exert significant negative pressure on the LCF, whereas population size shows a uniformly detrimental effect. Forestry has a positive but less pronounced influence. Robustness checks using fully modified ordinary least squares, dynamic ordinary least squares, and panel-corrected standard errors confirm these results. The present study concludes that targeted financial innovation and stringent urban demographic policies support OECD nations in improving ecological balance and reducing ecological deficits.

PurposeThe purpose of this paper is to investigate the relationship between working capital management and corporate performance with financial constraints.Design/methodology/approachThis study uses large panel sample of Chinese listed firms over the period 2005–2015 using system generalized method of moments (GMM) estimator that controls unobserved heterogeneity of individual firms well and GMM methodology is robust to address endogeneity issues.FindingsEmpirical evidence finds inverted U-shaped relationship between working capital and corporate performance and exhibits similar evidence for financially constrained firms. Evidence shows impact of high sales and discounts on early payments at low level of working capital and dominance of opportunity cost and cost of external finance at high level of working capital. The findings of the results show that optimal working capital level of financially constrained firms is relatively lower due to high cost of external capital and debt rationing. The results also indicate that on average NET is significantly lower for firms with Tobin’s Q>1 than firms with Tobin’s Q=1, and suggest that aggressive working capital management is significantly and positively associated with higher corporate values.Originality/valueThis paper is among few that complement the existing literature by providing evidence that inverted U-shaped relationship between working capital management and corporate performance also exists in the context of Chinese listed non-financial firms. Exclusively, the relationship of working capital and corporate performance with linkage of financial constraints is scant in the context of Chinese listed non-financial firms.

Natural resource rents (NRR) and economic policies are considerably studied to determine ecological footprints. Currently, due to global uncertainty, renewable energy adoption, and increasing urbanization, every economy is facing challenges to control its ecological footprints. The available literature on the said linkages in the emerging seven economies is inconclusive. Therefore, this study is designed to re-estimate the linkages of NRR, urbanization (URB), economic policy uncertainty (EPU), energy structure (ES), and EFP under the “Environment Kuznets Curve (EKC) hypothesis.” Data from 1992 to 2020 is used for empirical evidence, along with robust econometric calculations. The EKC hypothesis does not apply to the E7 economies, according to the findings. The energy structure is assisting in limiting ecological footprints and hence aids in environmental cleanup. The role of NRR, EPU, and URB in limiting the EF, on the other hand, is not encouraging. To minimize environmental degradation, emerging economies should reconsider their economic policies, natural resource rents, and rapid urbanization.

Financial inclusion (FI) is the backbone for every economy; however, a sustainable environment is also inevitable. Therefore, this study investigates the nexus of FI and environment, i.e., ecological footprint (EF) by controlling energy consumption (EC), economic growth (Y), infrastructure (INF), and corruption (CR) in OECD countries from 2004 to 2017. To validate this nexus, the study builds an index of FI and infrastructure through “Principal Component Analysis” (PCA). Furthermore, to estimate the above-said nexus, the study uses the “augmented mean group (AMG), and common correlated effects mean group (CCE-MG)” techniques to produce reliable results. Findings report the supportive role of INF by indicating the need to promote INF to attain a sustainable environment. However, FI, EC, and CR are found to be prominent reasons for environmental degradation. The study has robust policy implications for OECD economies. Graphical abstract

Purpose The purpose of this paper is to present a “moderated-mediation model” covering the nexus between entrepreneurial self-efficacy (ESE) and entrepreneurial intentions (EIs) by comparing an emerging market (China) and a mature market (Spain). By drawing on the theory of planned behaviour and self-efficacy, this study theorizes that entrepreneurial creativity (EC) and attitudes towards entrepreneurship (ATE) mediate the relationship between ESI and EIs; moreover, entrepreneurial education (EE) moderates these relationships. Design/methodology/approach This research employs a survey-based methodology and uses a 37-item questionnaire for a total sample of 808 student respondents from both countries. Further, the study employs the structural equation modelling and confirmatory factor analysis to test the proposed hypotheses. Findings The results indicate that EC and ATE positively mediate the relationship between ESI and EI. Further, with EE, individuals can efficiently develop EC to successfully nurture their EIs, regardless of their countries’ economic maturity. Practical implications Being able to identify the importance of EC and education for future entrepreneurs is of definite concern for all the business eco-system: from intentions of young entrepreneurs to governments; new levers, facilitators and approaches, e.g. policies will be able to be adopted. Originality/value This research provides valuable insights on the importance of EC and education in the determination of EIs in two very distinct markets for the first time.

Voluntary nature of sustainability disclosures in most of the countries shifts focus of academicians towards discretion of top executives as a major determining force for firms to make their operations environmentally and socially sustainable. Based on two decade literature on the topic available at Scopus database this study aims to present a comprehensive knowledge map of intellectual structure on the relationship of top management characteristics on sustainability spending and disclosures. A bibliometric systematic review of 164 articles from 2002 to 2022 has been conducted with the help of VOSviewer and identified most influential journals, articles, and the countries whose corresponding authors have contributed in the field and influential research clusters in the literature. These research clusters are first, red cluster with 94 articles has discussed the upper echelon’s personal and professional characteristics in relation to sustainability disclosures. Second, green cluster with 60 articles has discussed particularly the gender diversity in top executives and board of directors in relationship with sustainability disclosures. Third, blue cluster with 10 articles has elaborated the influence of independent directors on sustainability disclosures of corporate sector. The findings of this study will particularly help the regulators to make regulations regarding critical mass of female on boards and top management, family-owned firms, and politically connected directors. Moreover it will also help consultants, analysts, and investment bankers to differentiate firms with pressure-resistant and pressure-sensitive institutional investors. From this review shareholders can be very much clear in the selection of their representatives and ultimately the appointment of top management team. This study also provides an insight for future direction so that unexplored dimension of this field may further be discovered by upcoming researchers.

This study aims to synthesize the literature on the top management team (TMT) characteristics influence on environmental disclosures of public organizations and identify recent trends, key themes, influential journals, and authors. Our study recruited 88 research articles on the relationship of TMT characteristics and environmental disclosures from 54 academic journals published from 2010 to 2021 for bibliometric analysis. Our study has identified three influential streams: (1) Role of Politically connections of TMT, good governance in environmental disclosures; (2) Significance of environmental disclosures and performance; and (3) institutional investors and environmental disclosures. Thematic map classifies the TMT characteristics and environmental disclosures relationship themes into four categories: Niche theme (e.g., financial expertise, CFO characteristics, CEO tenure, and board backgrounds); motor themes (e.g., environmental sustainability and climate change); emerging/declining themes (e.g., Environmental disclosure, managerial ownership, and CEO tenure); and basic/transversal themes (e.g., CEO characteristics, upper echelon theory, corporate governance). This study assists academicians, policymakers, managers, and consultants in the corporate sector to understand the role of different dimensions of TMT characteristics regarding environmental disclosures. Our study concludes with important practical implications and future research directions.

The main purpose of this article is to investigate the impact of the optimum level of cash holdings on corporate performance. Moreover, in this paper, the impact of financial constraints is tested as moderating factor between the relationship of cash holdings and corporate performance. The present study uses the system generalized method of moments (GMM) as the main estimation methodology. Using a sample of companies listed on stock exchanges of China, empirical pieces of evidence find that cash holdings-corporate performance relation is a nonlinear concave and depicts similar evidence for firms with financial constraints. The financially constrained firms maintain optimal cash holding at a higher level, which corresponds to debt rationing, difficulty to access financial markets, and the high cost of external finance. Moreover, propensity-score-matching depicts statistically significant differences in the level of cash holdings amid financially constrained and unconstrained firms. Finally, the difference-in-difference estimator shows that financial crisis affects less financially constrained firms due to low reliance on external financing.