Business School, Shandong University of Technology, Zibo, 255000, China.
Adnan Kassar School of Business, Lebanese American University, Beirut, 1102-2801, Lebanon; Department of Business Administration, Faculty of Economics, Administrative and Social Sciences, Bahçeşehir Cyprus University, Nicosia, Türkiye; UNEC Research Methods Application Center, Azerbaijan State University of Economics (UNEC), Istiqlaliyyat Str. 6, Baku 1001, Azerbaijan.
J Environ Manage. 2024 Feb;351:119824. doi: 10.1016/j.jenvman.2023.119824. Epub 2023 Dec 19.
Financial development and geopolitical risks can significantly affect sustainable development. However, the roles of these factors in sustainable development are rarely investigated. Thus, this study takes into account the role of geopolitical risk while exploring the effects of financial development, natural resource rents, and eco-innovation on sustainable development in the Organization for Economic Co-operation and Development (OECD) countries. To this end, yearly data from 1990 to 2019 is analyzed using advanced econometric tests. The Common Correlated Effects Mean Group (CCEMG) results indicate that financial development and eco-innovation are significantly and positively related to sustainable development. Natural resource rents have a detrimental impact on sustainable development which confirms the presence of the resource curse hypothesis in OECD countries. Furthermore, the results revealed that controlling geopolitical risk is useful in fostering sustainable development. Lastly, the panel Granger causality test unveiled one-way causality from financial development, eco-innovation, natural resource rents, and geopolitical risk to sustainable development. Moreover, causalities are found from geopolitical risk to financial development, eco-innovation and natural resources. These findings suggest that OECD countries should prioritize financial development and eco-innovation policies for sustainable development while mitigating the negative effects of natural resource rents. The geopolitical risk can harm sustainable development, so policymakers should promote international cooperation and risk-sharing.
金融发展和地缘政治风险会对可持续发展产生重大影响。然而，这些因素在可持续发展中的作用很少被研究。因此，本研究在探讨金融发展、自然资源租金和生态创新对经济合作与发展组织（OECD）国家可持续发展的影响时，考虑了地缘政治风险的作用。为此，本研究使用先进的计量经济学检验方法，分析了 1990 年至 2019 年的年度数据。共同相关效应均值组（CCEMG）的结果表明，金融发展和生态创新与可持续发展呈显著正相关。自然资源租金对可持续发展有不利影响，这证实了 OECD 国家存在资源诅咒假说。此外，研究结果表明，控制地缘政治风险有助于促进可持续发展。最后，面板格兰杰因果检验表明，金融发展、生态创新、自然资源租金和地缘政治风险对可持续发展存在单向因果关系。此外，还发现了地缘政治风险对金融发展、生态创新和自然资源的因果关系。这些发现表明，OECD 国家应优先考虑金融发展和生态创新政策，以促进可持续发展，同时减轻自然资源租金的负面影响。地缘政治风险会损害可持续发展，因此政策制定者应促进国际合作和风险分担。
