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This research paper aims to explore the role of FDI inflows and stock market development on the promotion of renewable energy consumption. Furthermore, study investigates the effect of renewable energy consumption on CO₂ emissions and economic output across a panel of Brazil, China, India, and South Africa. Study utilizes annual data from 1990 to 2012 and employs various robust panel econometric techniques. The findings confirm that both FDI inflows and stock market development play an important role in promoting renewable energy consumption. The results also reveal that renewable energy consumption helps to mitigate the growth of CO₂ emissions and promotes economic development.

This paper has empirically explored the impact of macroeconomic and financial development on CO 2 emissions by utilizing a novel dynamic simulated ARDL model for annual time series data from 1982 to 2018 for Pakistan. The results of a novel dynamic simulated ARDL disclosed that the growth of stock market, FDI, economic growth, and consumption of oil wield a positive impact on CO 2 emission, while domestic credit exerts a negative effect on CO 2 emission both in the short and the long run in Pakistan. The stock market development and domestic credit wield a significant influence on carbon dioxide emission in Pakistan both in the long and the short run. FDI exerts significant impact only in the long run, while economic growth and consumption of oil wield significant impact only in the short run on CO 2 emission in Pakistan. This study opens up new visions for the economy of Pakistan to sustain financial and economic growth by protecting environment from pollution through its efficient national environmental policy, fiscal policy, and monetary policy.

This paper examines empirically the determinants of financial market development in Africa with an emphasis on banking systems and stock markets. The results show that income level, creditor rights protection, financial repression, and political risk are the main determinants of banking sector development in Africa, and that stock market liquidity, domestic savings, banking sector development, and political risk are the main determinants of stock market development. We also find that liberalizing the capital account promotes financial market development only in countries with high incomes, well- developed institutions, or both. The powerful impacts of political risk on both banking sector and stock market development suggest that resolution of political risk may be important to the development of African financial markets.

Significant demand for ecological services and diminishing environmental issues pose severe threats to the existence of humanity. Some scholars believe that the rapid development of financial sectors may add to this problem. Therefore, this study evaluates the impact of disaggregated financial development on the ecological footprint of the Next-11 countries using the panel data from 1995 to 2019. For in-depth empirical analysis, financial development is divided into three categories: banking sector development, insurance market development, and stock market development. Each class comprises four indicators, and the composite index is constructed using principal component analysis. Results of the unit tests indicate that variables are stationary at mix orders some variables are stationary at the level and others are stationary at the 1st difference. By utilizing DCCE and AMG estimations model. The study has confirmed the existence of the Environmental Kuznets Curve (EKC) hypothesis in sampled countries by showing the inverted U-shaped relation between economic growth and ecological footprints. The results also revealed that both stock market development and banking sector development decrease ecological footprints and could help protect the quality of the environment. Furthermore, the findings show that municipal is inseparably linked to environmental adversity in the Next 11 countries. Therefore, to safeguard the ecological footprint in the Next-11 countries, sustainable practices with green financial development accompanied by green urbanization are among the appropriate solutions.

We re-study the relationship between financial development and real GDP per capita growth in 48 countries. What we find is an interesting evidence that only stock market development has positive effects on growth and that banking development has an unfavorable, if not negative, effect on growth. We examine whether or not these impacts are a product of various financial and economic conditional variables. Our conditional variables consist of financial liberalization, two sets of country development dummies, crises in banking and currency dummies, the creditor protection index as well as the anti-director and corruption indices. Our results clearly show that the conditional variables of financial liberalization, high-income level, and good shareholder protection mitigate the negative impacts of banking development on growth. In contrast, the conditional variables of middle-income level, regional Latin American, Sub-Saharan African and East Asian dummies, banking and currency crises, good creditor protection, and higher corruption strengthen the negative impacts of banking development on growth. Next, the conditional variables of middle-income level, Latin American, Sub-Saharan African, and East Asian dummies strengthen the positive impacts of stock market development on growth, whereas the conditional variables of financial liberalization mitigate the positive impacts of stock market development on growth. Last, we find that the relationship between growth and bank development is better described as a weak inverse U-shape. This inverse U-shape becomes stronger when additional stock market variables are squared. Thus, financial development and growth may, in fact, be in a nonlinear form.

Studies on the determinants of environmental quality in the European Union (EU) are plentiful. However, to the best of my knowledge, there has been no research on the linkage between stock market development and environmental quality in the EU, while controlling for natural resource rents, trade openness and energy consumption at the same time. This study aided in filling the above gap using a panel data of 17 EU member countries from 1995 to 2014. In attaining the above goal, second and third generation econometric techniques that control for slope heterogeneity, cross-sectional dependence and structural breaks among others were employed for the analysis. From the cross-sectional dependence test, there were correlations in the residual terms. Also, the heterogeneity test affirmed the slope parameters to be heterogeneous in nature. Moreover, the unit root tests confirmed the series to be stationary, while the cointegration tests found the variables to be significantly related in the long run. The cross-sectional autoregressive distributed lag, Cross-sectionally augmented distributed lag and the cross-sectional augmented error correction estimators were used to explore the elasticities of the predictors, and from the results, stock market development improved environmental quality by mitigating ecological footprint. Besides, natural resource rents, trade openness and energy utilization deteriorated the ecosystem of the studied nations. On the causalities between the variables, there was no causation between stock market development and ecological pollution. However, bilateral causalities between natural resource rents and environmental degradation and between energy utilization and ecological pollution were unfolded. Finally, a causation from trade openness to ecological pollution was disclosed. Based on the findings, it was recommended among others that policymakers should force all listed entities to adopt greener practices in their operations. This could help to reduce the escalating rate of pollution in the region.

The financial system development has got considerable attention due to its association with the environment of the country. To address the apprehension of the researchers about the effect of the determinants of the financial system on the environmental quality of high-income developed countries, we analyze the data of twenty developed countries with sound and strong financial systems for the period 2001 to 2018. We consider both banking development and stock market development as the main key determinants of the financial system. We employ numerous modern-day penal data estimation techniques, namely Dynamic Penal GMM in both linear and non-linear form, Common Correlated Effect Mean Group (CCEMG), and Dynamic Fixed Effect for capturing the issues of heterogeneity, endogeneity, and cross-sectional dependence. Our results show that banking development substantiates the environmental quality in high-income developed countries. The positive gesture of the banking development on environmental quality could be the reason for the established environmentally friendly policies in the developed part of the world. Hence, we conclude that banking development in high-income developed countries significantly reduces the emissions of dangerous gases, which resultantly enhances the environmental quality. The study reveals an insignificant and tenuous impact of the market development on the environmental quality that might be due to the adoption of cleaner technologies by firms in the developed world that are environmentally friendly. The results of our long-term estimations also predict the significant effect of banking development and an insignificant effect of the market development on environmental quality. In addition, our results also demonstrate an inverted U-shaped relationship of the determinants of the financial system and environmental quality. More institutional and legal initiatives must be made for a more robust banking and stock market development framework by the policy makers with a view to substantiating the quality of the environment to a more sustainable level in the developed world.

Stock market development (SMD) which triggers economic growth can be achieved with good governance proxies. The importance of these two variables in economic growth is the starting motivation of this study. The paper aims to examine the relationship between governance indicators and stock market development and find answers to whether there is a discrepancy between developing and developed countries via Fragile Five and G8 countries by using ARDL and NARDL models, 1996 to 2020 annually. Empirical analyses on the base of the corresponding relation gave results in favor of developed countries. Besides the results of the paper, the key finding involved the fact that although World Governance Indicators of the World Bank could explain the changes in SMD index in G8 countries; additional independent variables and/or other SMD indexes were needed for determining what exactly explained or influenced SMD in other Fragile Five countries except for Brazil. The convenient result for G8 countries shows the discrepancy between developed and developing countries in terms of governance indicators and SMD and supports the aim of the paper.

This study aims to explore the relationship between economic growth, financial innovation, and stock market development of Bangladesh for the period 1980-2016. To investigate long-run cointegration, this study used the autoregressive distributed lagged (ARDL) bounds testing approach. In addition, the Granger-causality test is used to identify directional causality between research variables under the error correction term. Study findings from the ARDL bound testing approach confirm the existence of a long-run association between financial innovation, stock market development, and economic growth. Furthermore, the findings from the Granger-causality test support bidirectional causality between financial innovation, economic growth and stock market development, and economic growth both in the long run and short run. These findings support the theory that market-based financial development and financial innovation in the financial system can spur economic development.

'Investor Protection and Corporate Governance' analyzes the impact of corporate governance on firm performance and valuation. Using unique datasets gathered at the firm-level—the first such data in the region—and results from a homogeneous corporate governance questionnaire, the book examines corporate governance characteristics, ownership structures, dividend policies, and performance measures. The book's analysis reveals the very high levels of ownership and voting rights concentrations and monolithic governance structures in the largest samples of Latin American companies up to now, and new data emphasize the importance of specific characteristics of the investor protection regimes in several Latin American countries. By and large, those firms with better governance measures across several dimensions are granted higher valuations and thus lower cost of capital. This title will be useful to researchers, policy makers, government officials, and other professionals involved in corporate governance, economic policy, and business finance, law, and management.