- Abid, M. (2017). Does economic, financial and institutional developments matter for environmental quality? A comparative analysis of EU and MEA countries. Journal of environmental management, 188, 183-194.
- Acheampong, A. O. (2019). Modelling for insight: does financial development improve environmental quality?. Energy Economics, 83, 156-179.
- Acheampong, A. O., Adams, S., & Boateng, E. (2019). Do globalization and renewable energy contribute to carbon emissions mitigation in Sub-Saharan Africa?. Science of the Total Environment, 677, 436-446.
- Adams, S., & Acheampong, A. O. (2019). Reducing carbon emissions: the role of renewable energy and democracy. Journal of Cleaner Production, 240, 118245.
- Adams, S., Klobodu, E. K. M., & Apio, A. (2018). Renewable and non-renewable energy, regime type and economic growth. Renewable Energy, 125, 755-767.
- Ahmad, M., Ahmed, Z., Yang, X., Hussain, N., & Sinha, A. (2022). Financial development and environmental degradation: do human capital and institutional quality make a difference?. Gondwana Research, 105, 299-310.
- Al-Kubati, N. A. A., Karim, Z. A., Khalid, N., & Hassan, M. K. (2022). The Impact of Sub-Sector of Economic Activity and Financial Development on Environmental Degradation: New Evidence Using Dynamic Heterogeneous Panel. Mathematics, 10(23), 4481.
- Al-Mulali, U., Tang, C. F., & Ozturk, I. (2015). Does financial development reduce environmental degradation? Evidence from a panel study of 129 countries. Environmental Science and Pollution Research, 22(19), 14891-14900.
- Aslam, B., Zhang, G., Amjad, M. A., Guo, S., & Ji, M. (2023). Does the impact of financial development reinforce sustainability ecological footprint? Fresh evidence from middle and high-income economies. Journal of Cleaner Production, 429, 139573.
- Avom, D., Nkengfack, H., Fotio, H. K., & Totouom, A. (2020). ICT and environmental quality in Sub-Saharan Africa: Effects and transmission channels. Technological Forecasting and Social Change, 155, 120028.
- Baloch, M. A., Zhang, J., Iqbal, K., & Iqbal, Z. (2019). The effect of financial development on ecological footprint in BRI countries: evidence from panel data estimation. Environmental science and pollution research, 26(6), 6199-6208.
- Behboudi, D., Asgharpur, H., Fallahi, F., & Mohammadi Khaneghahi, R. (2014). Impacts of financial and economic developments on greenhouse gas emission in selected OPEC countries: A panel cointegration and dynamic ordinary least squares approach. Economic Research, 49(2), 315-335 (in Persian).
- Birdsall, N., & Wheeler, D. (1993). Trade policy and industrial pollution in Latin America: where are the pollution havens?. The Journal of Environment & Development, 2(1), 137-149.
- Aytun, C., Erdogan, S., Pata, U. K., & Cengiz, O. (2024). Associating environmental quality, human capital, financial development and technological innovation in 19 middle-income countries: A disaggregated ecological footprint approach. Technology in Society, 76, 102445.
- Claessens, S., & Feijen, E. (2007). Financial sector development and the millennium development goals (No. 89). World Bank Publications.
- Coakley, J., Fuertes, A. M., & Smith, R. (2006). Unobserved heterogeneity in panel time series models. Computational Statistics & Data Analysis, 50(9), 2361-2380.
- Dada, J. T., Adeiza, A., Ismail, N. A., & Arnaut, M. (2022). Financial development–ecological footprint nexus in Malaysia: the role of institutions. Management of Environmental Quality: An International Journal, 33(4), 913-937.
- De Hoyos, R. E., & Sarafidis, V. (2006). Testing for cross-sectional dependence in panel-data models. The stata journal, 6(4), 482-496.
- Dietz, T., & Rosa, E. A. (1994). Rethinking the environmental impacts of population, affluence and technology. Human ecology review, 1(2), 277-300.
- Dogan, E., Ulucak, R., Kocak, E., & Isik, C. (2020). The use of ecological footprint in estimating the environmental Kuznets curve hypothesis for BRICST by considering cross-section dependence and heterogeneity. Science of the total environment, 723, 138063.
- Dumitrescu, E. I., & Hurlin, C. (2012). Testing for Granger non-causality in heterogeneous panels. Economic modelling, 29(4), 1450-1460.
- Dzator, J., & Acheampong, A. O. (2020). The impact of energy innovation on carbon emission mitigation: An empirical evidence from OECD countries. In Handbook of environmental materials management (pp. 1-19). Springer, Cham.
- Eberhardt, M., & Bond, S. (2009). Cross-section dependence in nonstationary panel models: a novel estimator.
- Eberhardt, M., & Teal, F. (2010). Productivity Analysis in Global Manufacturing Production.
- Ehrlich, P. R., & Holdren, J. P. (1971). Impact of population growth. Science, 171(3977), 1212-1217.
- EPA, A. (2019). Inventory of US greenhouse gas emissions and sinks: 1990-2009. US Environmental Protection Agency, Washington, DC.
- Fakher, H. (2023). The impact of gross domestic product, financial development, energy consumption on environmental quality: with emphasis on six environmental indicators . Journal of Natural Environment, 76(2), 345-363 (in Persian).
- Frankel, J. A., & Romer, D. (2017). Does trade cause growth?. In Global trade (pp. 255-276). Routledge.
- Frankel, J., & Rose, A. (2002). An estimate of the effect of common currencies on trade and income. The quarterly journal of economics, 117(2), 437-466.
- Ghazali, A., & Ali, G. (2019). Investigation of key contributors of CO2 emissions in extended STIRPAT model for newly industrialized countries: a dynamic common correlated estimator (DCCE) approach. Energy Reports, 5, 242-252.
- Gheeraert, L., & Weill, L. (2015). Does Islamic banking development favor macroeconomic efficiency? Evidence on the Islamic finance-growth nexus. Economic modelling, 47, 32-39.
- Grossman, G. M., & Krueger, A. B. (1991). Environmental impacts of a North American free trade agreement.
- Hogarth, J. R., Haywood, C., & Whitley, S. (2015). Low-Carbon Development in Sub-Saharan Africa: Cross-Sector Transitions.
- Ipcc, I. P. C. C. (2006). Guidelines for national greenhouse gas inventories. Prepared by the National Greenhouse Gas Inventories Programme. Eggleston HS, Buendia L, Miwa K, Ngara T, Tanabe K, editors. Published: IGES, Japan.
- Jafari Samimi, A., Zaroki, S., & Amiri Largani, M. (2024). The Effect of Total Energy Subsidy, Renewable and Non-Renewable Energy Subsidy on the Environment in Selected Countries of the World. Applied Theories of Economics, 11(1), 149-174 (in Persian).
- Jalil, A., & Feridun, M. (2011). The impact of growth, energy and financial development on the environment in China: a cointegration analysis. Energy economics, 33(2), 284-291.
- Katircioğlu, S., & Katircioğlu, S. (2018). Testing the role of urban development in the conventional environmental Kuznets curve: evidence from Turkey. Applied Economics Letters, 25(11), 741-746.
- Kapetanios, G., & Yates, A. (2011). Evolving UK and US macroeconomic dynamics through the lens of a model of deterministic structural change.
- Khoza, S., & Biyase, M. (2024). The symmetric and asymmetric effect of financial development on ecological footprint in South Africa: ARDL and NARDL approach. Frontiers in Environmental Science, 12, 1347977.
- Kuznets, S. (2019). Economic growth and income inequality. In The gap between rich and poor (pp. 25-37). Routledge.
- Levin, A., Lin, C. F., & Chu, C. S. J. (2002). Unit root tests in panel data: asymptotic and finite-sample properties. Journal of econometrics, 108(1), 1-24.
- Li, K., & Lin, B. (2015). Impacts of urbanization and industrialization on energy consumption/CO2 emissions: does the level of development matter?. Renewable and sustainable energy reviews, 52, 1107-1122.
- Li, X., Li, S., Li, C., Shi, J., & Wang, N. (2023). The impact of high-quality development on ecological footprint: An empirical research based on STIRPAT model. Ecological Indicators, 154, 110881.
- Lin, S., Wang, S., Marinova, D., Zhao, D., & Hong, J. (2017). Impacts of urbanization and real economic development on CO2 emissions in non-high income countries: Empirical research based on the extended STIRPAT model. Journal of cleaner production, 166, 952-966.
- Liu, X. (2024). Analysis on the Effect of Financial Development on Urban Low-Carbon Transition Based on STIRPAT Model. Polish Journal of Environmental Studies, 33(4).
- Lohwasser, J., Bolognesi, T., & Schaffer, A. (2025). Impacts of population, affluence and urbanization on local air pollution and land transformation–a regional STIRPAT analysis for German districts. Ecological Economics, 227, 108416.
- Martínez-Zarzoso, I., & Maruotti, A. (2011). The impact of urbanization on CO2 emissions: evidence from developing countries. Ecological economics, 70(7), 1344-1353.
- Mahdavi, A., & Amir Babaei, S. (2015). Examining the effect of financial development on environmental quality in Iran. Quarterly Journal of The Economic Research (Sustainable Growth and Development), 15(4), 1-23 (in Persian).
- Mortezaeikia, V., Dehghani-Soufi, M., & Mohebi, S. (2023). Environmental concerns of wastes released from oil, gas, and petrochemical units. In Crises in Oil, Gas and Petrochemical Industries (pp. 283-305). Elsevier.
- Nasir, M. A., Huynh, T. L. D., & Tram, H. T. X. (2019). Role of financial development, economic growth & foreign direct investment in driving climate change: A case of emerging ASEAN. Journal of environmental management, 242, 131-141.
- Nasir, M. A., Canh, N. P., & Le, T. N. L. (2021). Environmental degradation & role of financialisation, economic development, industrialisation and trade liberalisation. Journal of environmental management, 277, 111471.
- Nunez, C. (2019). Carbon dioxide levels are at a record high. Here’s what you need to know. National geographic, 13.
- Olagunju, O. O., Ajasa, O., & Laguda, F. K. (2022, August). Impact of Sustainable Finance on Implementation of Environmental Sustainability Goals in Nigeria's Oil and Gas Sector. In SPE Nigeria Annual International Conference and Exhibition (p. D031S016R003). SPE.
- Omri, A., Daly, S., Rault, C., & Chaibi, A. (2015). Financial development, environmental quality, trade and economic growth: What causes what in MENA countries. Energy economics, 48, 242-252.
- Ozturk, I., & Acaravci, A. (2013). The long-run and causal analysis of energy, growth, openness and financial development on carbon emissions in Turkey. Energy economics, 36, 262-267.
- Paramati, S. R., Mo, D., & Gupta, R. (2017). The effects of stock market growth and renewable energy use on CO2 emissions: evidence from G20 countries. Energy economics, 66, 360-371.
- Pesaran, M. H. (2004). General diagnostic tests for cross section dependence in panels. Cambridge Working Papers. Economics, 1240(1), 1.
- S Pesaran, M. H. (2007). A simple panel unit root test in the presence of cross‐section dependence. Journal of applied econometrics, 22(2), 265-312.
- Pesaran, M. H., Ullah, A., & Yamagata, T. (2008). A bias‐adjusted LM test of error cross‐section independence. The econometrics journal, 11(1), 105-127.
- Pesaran, M. H. (2015). Testing weak cross-sectional dependence in large panels. Econometric reviews, 34(6-10), 1089-1117.
- Peng, J., Fu, S., Gao, D., & Tian, J. (2023). Greening China’s growth: assessing the synergistic impact of financial development and technological innovation on environmental pollution reduction—a spatial STIRPAT analysis. International Journal of Environmental Research and Public Health, 20(6), 5120.
- Raihan, A. (2024). Energy, economy, financial development, and ecological footprint in Singapore. Energy Economics Letters, 11(1), 29-40.
- Rachid, S., Nasr, M., & Boukhatem, J. (2025). Dynamic interaction between financial development, institutional quality and environmental conditions: New insights from MENA region. Development and Sustainability in Economics and Finance, 6, 100050.
- Ritchie, H., Rosado, P., & Roser, M. (2023). CO₂ and greenhouse gas emissions. Our world in data.
- Sadorsky, P. (2010). The impact of financial development on energy consumption in emerging economies. Energy policy, 38(5), 2528-2535.
- Sadorsky, P. (2011). Financial development and energy consumption in Central and Eastern European frontier economies. Energy policy, 39(2), 999-1006.
- Salari, Z., & Shahraki, M. (2024). The Interaction Effects of Financial Development with Human Capital and Institutional Quality on Environmental Degradation: Panel Cointegration Approach. Journal of Iranian Economic Development Analyses, 10(1), 207-226 (in Persian).
- Shabani, E., Gilak Hakimabadi, M. T., & Taghineghad Omran, V. (2023). Investigation of the effects of green taxes on pollutant emissions and human development index in Iran: a model of simultaneous equations. Quarterly Journal of Applied Theories of Economics, 9(4), 193-222.
- Shoha, S., Al Shiam, S. A., Abir, S. I., Saha, D., Bala, S., Dolon, M. S. A., ... & Bibi, R. Towards Carbon Neutrality: The Impact of Private AI Investment and Financial Development in the United States–An Empirical Study Using the STIRPAT Model.
- Shahbaz, M., Topcu, B. A., Sarıgül, S. S., & Vo, X. V. (2021). The effect of financial development on renewable energy demand: The case of developing countries. Renewable Energy, 178, 1370-1380.
- Shahbaz, M., Nasir, M. A., & Roubaud, D. (2018). Environmental degradation in France: the effects of FDI, financial development, and energy innovations. Energy economics, 74, 843-857.
- Shahbaz, M., Hye, Q. M. A., Tiwari, A. K., & Leitão, N. C. (2013). Economic growth, energy consumption, financial development, international trade and CO2 emissions in Indonesia. Renewable and sustainable energy reviews, 25, 109-121.
- Svirydzenka, K. (2016). Introducing a new broad-based index of financial development. International Monetary Fund.
- Taghinejad Omran, V., & Karimi Firouzjayi, H. (2018). Financial development and environmental performance, evidence from G8 and G7 countries based on a data approach. Journal Studies Public Policy, 8(29), 181-204 (in Persian).
- Tamazian, A., & Rao, B. B. (2010). Do economic, financial and institutional developments matter for environmental degradation? Evidence from transitional economies. Energy economics, 32(1), 137-145.
- Tamazian, A., Chousa, J. P., & Vadlamannati, K. C. (2009). Does higher economic and financial development lead to environmental degradation: evidence from BRIC countries. Energy policy, 37(1), 246-253.
- Usman, M., & Hammar, N. (2021). Dynamic relationship between technological innovations, financial development, renewable energy, and ecological footprint: fresh insights based on the STIRPAT model for Asia Pacific Economic Cooperation countries. Environmental Science and Pollution Research, 28(12), 15519-15536.
- Wang, M. (2024). Migration rules of petroleum pollutants in water and soil: a review. Petroleum Science and Technology, 42(25), 4281-4296.
- Wang, J., & Dong, K. (2019). What drives environmental degradation? Evidence from 14 Sub-Saharan African countries. Science of the Total Environment, 656, 165-173.
- Xiong, F., Zhang, R., & Mo, H. (2023). The mediating effect of financial development on CO2 emissions: An empirical study based on provincial panel data in China. Science of The Total Environment, 896, 165220.
- Xiong, Q., & Sun, D. (2023). RETRACTED ARTICLE: Influence analysis of green finance development impact on carbon emissions: an exploratory study based on fsQCA. Environmental Science and Pollution Research, 30(22), 61369-61380.
- Yuxiang, K., & Chen, Z. (2011). Financial development and environmental performance: evidence from China. Environment and Development Economics, 16(1), 93-111.
- Zafar, M. W., Zaidi, S. A. H., Sinha, A., Gedikli, A., & Hou, F. (2019). The role of stock market and banking sector development, and renewable energy consumption in carbon emissions: Insights from G-7 and N-11 countries. Resources Policy, 62, 427-436.
- Zaidi, S. A. H., Zafar, M. W., Shahbaz, M., & Hou, F. (2019). Dynamic linkages between globalization, financial development and carbon emissions: evidence from Asia Pacific Economic Cooperation countries. Journal of cleaner production, 228, 533-543.
- Zhang, Y. J. (2011). The impact of financial development on carbon emissions: An empirical analysis in China. Energy policy, 39(4), 2197-2203.
|