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This study examines the impact of financial innovation on economic growth in Vietnam, using panel data analysis during 2010 to 2020 in both the whole country level and regional level. Financial innovation measurements include financial institutions innovation and financial markets innovation which are constructed based on two core sectors of the financial system. For the whole country level, the results from the difference-GMM method indicate that financial institutions innovation positively impacts economic growth in Vietnam. Meanwhile, the negative influence of financial markets innovation on economic growth is pointed out in the study. For six regions of Vietnam, the similar results as the country in five regions are documented except the Central Highlands region which shows that financial institutions innovation non-significantly influences its regional growth. Findings from this research elicit significant policies that recognize financial innovation as a crucial driver to boost economic growth in Vietnam and foster economic regions. Plain language summary Background of the research: In the context of transition countries, the paucity of research on the linkage between financial innovation and economic growth contrasts sharply with the abundant studies in developed or developing countries. In the case of a transitional country - Vietnam, this topic has been left open. Also, a large cohort of literatures tend to focus on group countries or individual countries using national aggregated data while the effects of financial innovation on economic growth at the disaggregated level are interesting. Aims and purpose of the research: To examine the effect of financial innovation on economic growth in a transition country, using Vietnam as a case study in both the whole country level and regional level. Financial innovation in this research is captured comprehensively via two core sectors of the financial system including financial institutions innovation in financial markets innovation. Methods and research design: This paper labors a panel data of 63 provinces in Vietnam over the period of 2010-2020 to examine the effect of financial innovation on economic growth in the whole country level and also divides 63 provinces into 6 regions to estimate this nexus in the regional level. Difference-GMM method is used to analyse empirical results and system-GMM technique is labored to test the robustness. Results and importance: This study documents that increasing financial institutions innovation could enhance economic growth in Vietnam while financial markets innovation might mitigate it. In six regions, similar results as the whole country in 5 regions are presented except the Central Highlands region which shows non-significant results of the effect of financial institutions innovation on its regional growth. Findings from this research elicit significant policies for laboring financial innovation as an impulse to boost economic growth in Vietnam and foster economic regions.

Financial integration plays an important role in fostering global economic growth. Energy demand, technology transfer, sustainable production, and climate change have emerged as key drivers of sustainable development. This study explores the influence of financial integration, bolstered by renewable energy-induced trade, industry-driven technology, and environmental concerns, on regional economic growth. This study analyzes a panel of 39 high- and upper-middle-income European and Central Asian countries in 2017–2021. Using a panel generalized method of moments estimator, we reveal an inverted U-shaped relationship between regional economic growth and carbon emissions. Moreover, renewable energy-induced trade contributes positively to regional growth while trade openness and technology transfer further enhance this growth. Industry-driven technology negatively impacts regional growth owing to inadequate financial integration. The absence of sustainable energy infrastructure and industrialization also negatively impacts regional growth. Our study underscores the importance of increasing financial integration to promote sustainable energy-driven trade openness and technology transfer in line with the United Nations’ sustainable development agenda.

This paper aims to explore the effect of financial innovation on economic growth in 28 transition countries from 2004 to 2021. Financial innovation is categorized based on the structure of the financial system, including commercial banks, non-commercial banks and financial markets. By applying difference GMM estimation, the research demonstrated a significant positive effect of financial innovation in commercial banks and non-commercial banks on economic growth. The results show that a greater number of financial innovations in terms of products and services, processes, technology and function in commercial banks and non-commercial banks would result in higher economic growth in transition countries. In contrast, financial innovation in financial markets indicates significantly negative effects on economic growth. Introducing complex products in stock and bond markets in underdeveloped financial markets probably lead to the volatility and fragility, reducing economic growth. The results of this research contribute to issuing crucial policies that employ financial innovation as an impulse for spurring economic growth in transition countries.

The ongoing COVID-19 pandemic has considerably promoted the usage of Digital Financial Services (DFS) in India. Therefore, exploring the various determinants influencing the DFS users is crucial for the DFS providers to understand their customers better. This study aims to identify, measure, and validate the determinants of Digital Financial Literacy (DFL) from the Indian adults who use Digital Financial Services. A sample of 384 adult DFS users from India was surveyed using a self-administered questionnaire in 2021. A multidimensional scale was developed to measure the Digital Financial Literacy in this study. The results exhibit that Digital Knowledge, Financial Knowledge, Knowledge of DFS, Awareness of Digital Finance Risk, Digital Finance Risk Control, Knowledge of Customer Right, Product Suitability, Product Quality, Gendered Social Norm, Practical Application of Knowledge and Skill, Self-determination to use the Knowledge and Skill and Decision Making are the determinants of DFL among the adults in India. Further, the users of DFS without DFL will face numerous challenges such as inability to complete the transaction, financial loss and privacy breach, etc. Hence, the study concludes that DFL is prerequisite to use DFS effectively.

We examine the consequences of alliance portfolio configuration by focusing on contingencies that affect the impact of alliance portfolio size on innovation and financial performance. While increasing alliance portfolio size is expected to positively impact innovation and financial performance, we propose that, at high levels of innovation of the focal firm, increasing alliance portfolio size dampens financial performance. We also propose that firm boundaries moderate the impact of alliance portfolio size on innovation and financial performance differently. Specifically, vertically integrated firms benefit less (more) than their vertically specialized counterparts in leveraging higher innovation (financial) performance with increasing alliance portfolio size. Our analysis suggests that both vertical scope and innovation levels of the firm play an important role in understanding how alliance portfolios impact performance.

This study examines the dual-edged role of digital finance (DF) and regional innovation (RI) in shaping corporate excess leverage (CEL) within China’s swiftly evolving economic landscape. Drawing on a comprehensive panel dataset of 1200 firm-year observations from Chinese listed firms (2011–2020). Combining theories of optimal capital structure, credit market dynamics and systemic risk, we employ fixed effects, two-stage least squares, system GMM and quantile regression techniques. The findings reveal a nuanced paradox: while digital finance significantly expands credit access, it simultaneously exacerbates corporate leverage, challenging the narrative that technological innovations invariably democratize financial markets. Moreover, regional innovation, contrary to Schumpeterian expectations, fails to independently mitigate leverage risk without robust institutional frameworks, exposing systemic vulnerabilities in debt-driven ecosystems. Notably, our analysis reveals significant heterogeneity across ownership structures: state-owned enterprises (SOEs) exploit regional innovation for policy-driven objectives and escalate leverage, whereas private firms (POEs) face heightened risks from unregulated DF due to agency costs and weaker safeguards. The study advances existing theoretical perspectives by (1) bridging the credit expansion and financial constraint framework; (2) refining the resource-based review, highlighting that state-backed resources distort innovation‒leverage dynamics, amplifying financial instability in SOEs; and (3) extending agency theory to the financial ecosystem, where regulatory asymmetries and information gaps intensify managerial risk-taking. Practically, we propose adaptive policies: AI-driven surveillance in innovation hubs for real-time risk mitigation and institutional capacity-building in underdeveloped regions to balance financial inclusion with stability.

This study employs bibliometric and visualisation techniques to analyse global trends in financial inclusion and the innovative tools that promote it. By examining a multi-database compilation of 4202 documents sourced from Scopus and Web of Science, the significant role of book chapters in disseminating research in this field is highlighted. Our analysis reveals rapid growth in publications, particularly from China and India, and identifies key influential works and authors. Additionally, it is observed that financial inclusion is approached from a multidisciplinary perspective. The findings of this study also indicate a shift in research focus from traditional concepts such as “housing” and “banking” to “digitalisation” and “sustainability.” Key research trends in financial innovative tools include regulatory frameworks, mobile money, and financial education. The issues discussed in this article seek to contribute to the ongoing dialogue on developing intellectual frameworks withing the financial inclusion literature. They offer valuable insights for policymakers, industry practitioners, and researchers in the fields of financial innovation and inclusion.

In the contemporary global landscape, understanding the nexus between financial inclusion and natural resource abundance is crucial, especially for resource-rich nations. This study uses diagnostic tests and method of moments quantile regression to examines this interplay across Australia, Brazil, Canada, China, India, Russia, and the United States. We find that achieving financial inclusion is significantly challenging for countries that heavily rely on natural resources. Diversified income sources and equitable wealth distribution are essential to mitigate these challenges. Additionally, we identify a positive correlation between economic development and financial inclusion, highlighting the mutually reinforcing relationship between growth and inclusivity. Our research also reveals a notable link between adopting renewable energy and improving financial inclusion, suggesting that environmental responsibility and financial accessibility are intertwined. Foreign direct investment has nuanced impacts on financial inclusion, adding depth to our understanding. Overall, stable income from natural resources and diversified economic development emerge as key promoters of financial inclusion. These insights advocate for regionally specific policies and lay a solid foundation for future research and informed policymaking that address financial inclusion challenges and advance sustainable development. Graphical abstract

This study aims to examine the green innovation effect of the carbon emissions pilot policy in China. First, using the difference-in-differences method and regressions of instrumental variables using the data from Chinese listed firms, we verify that the policy promotes green innovation among regulated firms and is more pronounced among state-owned enterprises, firms in the eastern region, and those with lower financing constraints. Furthermore, this positive effect spreads downstream relative to the regulated firms through input–output linkages, but reduces green innovation to upstream firms. Accordingly, such diffusion of innovation is achieved through the price mechanism. The results necessitate the introduction of various derivatives to mobilize the market to reduce the speculative volatility of carbon prices. In addition, relevant supporting policies must be established to encourage corporate innovation to reduce the crowding-out effect owing to emission reduction and the nonmarket factors.

Using unbalanced panel data on 3326 Chinese listed companies from 2014 to 2021, this study investigates the impact of corporate environmental performance on China’s excess stock returns. The results show that stocks of companies with better environmental performance earn significantly higher excess returns, indicating the existence of green returns in the Chinese stock market. We further reveal that heightened climate-change concerns can boost the stock market’s green returns, while tightened climate policies decrease green returns by increasing long-term carbon risk. Our findings are robust to endogeneity problems and hold great implications for both investors and policymakers.