Department of Economics, Eastern Mediterranean University, Via Mersin-10, KKTC, Şehitkamil, Turkey.
Department of Economics and Finance, Faculty of Economics, Administrative and Social Science, Istanbul Gelisim University, Istanbul, Turkey.
Environ Sci Pollut Res Int. 2021 Aug;28(31):41821-41833. doi: 10.1007/s11356-021-13510-8. Epub 2021 Mar 31.
In recent times, the persistent global environmental challenges have paved the way for the underpinning of climate change within the perspective of financial performance. Given this motivation, the current study further examines the interaction of foreign direct investment, fiscal development, renewable energy usage, economic growth, and CO outrush of South Africa (1970 to 2014). The unit root test of Zivot-Andrews and augmented Dickey-Fuller (ADF), vector autoregressive (VAR), and Pesaran ARDL (autoregressive distributed lag bounds) approach were employed in the data analysis. The existence of a statistically significant correlation among the series was detected by the Johansen multivariate cointegration in long term and subsequently by the long run coefficient of the vector error correction model test result. Furthermore, in the long run, significant positive correlation existed among renewable energy, GDP (economic growth), development in finance (FD), and CO outrush. While in the short run, GDP and development in finance have a statistically positive correlation with outrush of CO; renewable energy consumption exerts a negative relationship on CO in the short run. The Granger causality results show overall causality among the series; proof of bidirectional stimulus running from renewable energy to economic growth; foreign direct investment to trade; and also one causality direction running among the other variables. The policy twist is that the implementation of energy efficiency programs currently pursued by the South African government to enhance renewable energy consumption should be facilitated with more determination. In addition, the government and policymakers should thrive to align these energy efficiency programs with other macroeconomic and financial variables such as foreign direct investment (FDI), fiscal development, and trade openness to achieve minimum CO outrush level in South Africa, thus yielding environmental sustainability.
近年来，持续存在的全球环境挑战为从财务绩效角度理解气候变化奠定了基础。基于这一动机，本研究进一步考察了外国直接投资、财政发展、可再生能源使用、经济增长和南非 CO 排放之间的相互作用（1970 年至 2014 年）。数据分析中采用了 Zivot-Andrews 单位根检验和扩展 Dickey-Fuller（ADF）、向量自回归（VAR）和 Pesaran ARDL（自回归分布滞后边界）方法。Johansen 多元协整检验在长期内发现了序列之间存在统计学上显著的相关性，随后通过向量误差修正模型检验结果的长期系数进行检验。此外，在长期内，可再生能源、国内生产总值（经济增长）、金融发展（FD）和 CO 排放之间存在显著的正相关关系。而在短期内，国内生产总值和金融发展与 CO 排放之间存在统计学上的正相关关系；可再生能源消费在短期内与 CO 呈负相关关系。格兰杰因果关系结果表明，各序列之间存在总体因果关系；证明了从可再生能源到经济增长的双向刺激；外国直接投资对贸易的刺激；以及其他变量之间的一个因果关系方向。政策的转变是，南非政府目前为提高可再生能源消费而实施的能源效率计划应更坚定地加以实施。此外，政府和政策制定者应努力使这些能源效率计划与其他宏观经济和金融变量（如外国直接投资（FDI）、财政发展和贸易开放）保持一致，以实现南非 CO 排放的最低水平，从而实现环境可持续性。
