School of Economics and Management, Nanjing University of Science and Technology, Nanjing, 210094, People's Republic of China.
Institute of Management Sciences (IMS), Bahauddin Zakariya University Multan, Punjab, Pakistan.
Environ Sci Pollut Res Int. 2021 Jun;28(24):31549-31565. doi: 10.1007/s11356-021-12731-1. Epub 2021 Feb 19.
This study examines links between Morgan and Stanley capital Investment (MSCI), foreign direct investment (FDI), renewable energy, urbanization, and trade openness on environmental degradation in (Brazil, Russia, India, China, South Africa) BRICS countries. In this study, generalized method of moment (GMM) estimation is applied on a data set ranging from 1993 to 2018. Results illustrate that stock market index price (MSCI) has negative relationship on CO emissions in India, China, Russia, and South Africa and has positive relationship in Brazil. One possible reason for this is strong environmental regulations and their enforcement by Brazilian government. The study also finds that trade openness, FDI, and urbanization have a significant positive relationship on environmental degradation. The impact of stock market development on environmental degradation varies among BRICS countries. Our outcomes have significant policy implications. For example, the policy makers have to initiate effective strategies to promote the renewable energy sources to meet the increasing demand for energy by replacing the use of conventional energy such as coal, gas, and oil. This will help to reduce the CO emissions from fossil fuel and ensure sustainable stock market development in the BRICS nations. BRICS countries who have taken the initiative and formulated policies for businesses to conserve the environment play a positive role compared to those who do not.
本研究考察了摩根士丹利资本国际公司（MSCI）、外国直接投资（FDI）、可再生能源、城市化和贸易开放度与金砖国家（巴西、俄罗斯、印度、中国和南非）环境退化之间的联系。本研究采用广义矩法（GMM）估计对 1993 年至 2018 年的数据进行了估计。结果表明，股票市场指数价格（MSCI）与印度、中国、俄罗斯和南非的 CO2 排放呈负相关，而与巴西呈正相关。造成这种情况的一个可能原因是巴西政府对环境法规的严格执行。研究还发现，贸易开放度、外国直接投资和城市化与环境退化呈显著正相关。股票市场发展对环境退化的影响在金砖国家之间存在差异。我们的研究结果具有重要的政策意义。例如，政策制定者必须制定有效的战略来推广可再生能源，以满足能源需求的增长，取代煤炭、天然气和石油等传统能源的使用。这将有助于减少化石燃料的 CO2 排放，确保金砖国家的股票市场可持续发展。与那些没有制定政策的金砖国家相比，那些主动制定政策以促进企业保护环境的国家发挥了积极作用。
