A Governance Quality Lens on the Influence of Chinese Outward Investment on Human Development in Belt and Road Initiative Countries

Non-technical summary The research paper studies business sophistication, tax revenue policies, and ESG (Environmental, Social, and Governance) performance across 105 Belt and Road Initiative (BRI) countries spanning from 2013 to 2021. Key insights from the study underscore a positive association between business sophistication and ESG performance. This suggests that organizations leveraging advanced knowledge and innovation are better positioned to implement effective ESG strategies. Moreover, higher tax revenue is linked to better ESG, underlining a commitment to sustainability within the business landscape. Notably, Information, Communication, and Technology (ICT) emerges as a pivotal catalyst in augmenting ESG performance, particularly when integrated with business sophistication and tax revenue mechanisms. Technical summary This study examines the relationship between business sophistication, tax revenue policies, and ESG (Environmental, Social, and Governance) performance in 105 Belt and Road Initiative (BRI) countries from 2013 to 2021, focusing on the moderating role of Information, Communication, and Technology (ICT). Using advanced econometric methods like Two-Stage Least Squares (2SLS), two-step Generalized Method of Moments (GMM), and fixed-effect regression, the research also considers factors such as microfinance institutions, commercial bank financing, and the COVID-19 pandemic. The findings reveal a significant positive link between business sophistication and ESG performance, indicating that companies with advanced knowledge and innovation are more likely to implement successful ESG policies. Higher tax revenue is also positively correlated with ESG improvements, reflecting support for sustainability. ICT is crucial in enhancing ESG performance, especially when combined with business sophistication and tax revenue. Microfinance and commercial banking are vital in promoting ESG practices in BRI countries. Despite a temporary decline in ESG performance due to COVID-19, the study predicts a post-pandemic resurgence, emphasizing the need to foster an innovation culture for sustainable development. Social media summary There is a positive association between business sophistication, tax revenues, microfinance, ICT, and commercial banking, which are key drivers of better ESG performance in BRI countries.

While the Hong Kong government aims to attract more overseas students from Belt and Road Initiative (BRI) countries – part of a strategy to reduce the city-region’s traditional reliance on Chinese Mainland as a primary source market – research into the choices and decision-making processes of BRI-country students admitted to Hong Kong’s universities remains scarce. Using the push-pull model as the theoretical framework, this study interviewed 29 students from BRI countries to explore why and how they chose Hong Kong for undergraduate study. The findings revealed that, while students viewed international education as a natural post-secondary step, three key ‘pull’ factors – the ‘Three Ss’: scholarship, standard, and safety – primarily influenced their decisions. These motivations both aligned with and diverged from the branding of the Hong Kong Special Administrative Region (HKSAR). The insights gained could help refine the ‘Study in Hong Kong’ brand, boosting its effectiveness in attracting inward international student mobility (ISM).

Embodied carbon transfer between China and the Belt and Road Initiative countries

The notion of globalization and modernization encourages bilateral cooperation and strategic connections between states. In 2013, China launched the Belt and Road Initiative under the “Going global strategy.” The present study's primary goal is to investigate the relationship between political risk, globalization, and ecological footprints for 75 Belt and Road Initiative countries from 1984 to 2019. It also investigates the moderating effect of the Belt and Road Initiative on ecological footprint. Moreover, the outcomes from the Generalized Method of Moments revealed that globalization increases environmental deterioration while a better political environment enhances environmental quality by minimizing their ecological footprint.

The success of marine environmental regulations in terms of social challenges in Belt and Road Initiative (BRI) countries is the main subject of this study, which compares and contrasts them with an eye toward sustainability, the integration of digital technologies, environmental law, and reducing ecological degradation. Environmental solid governance is essential as BRI countries increase their marine activity, an important part of the world economy by systems thinking; the marine industry includes a broad range of operations about the ocean and its resources through social challenges to promote environmental legislation in terms of emissions in the countries participating in the BRI. This study evaluated the effects of institutional quality and technical advancements in marine policies between 2013 and 2024. This project aims to examine how various policy contexts relate to marine conservation, how well they comply with international environmental regulations, and how digital technology can improve the monitoring and implementation of policies through systems thinking. This study aims to determine common obstacles and best methods for enforcing marine policies by examining research from different BRI countries. The results deepen our understanding of how these policies can be best utilized to meet sustainable development objectives while preventing the degradation of marine ecosystems due to economic growth and business.

Increased globalization in urban areas raise energy consumption that leads to high carbon dioxide discharge and degrade environmental quality. Other economic activities also produce emission; however, a well-established institutional framework can overcome the issues of environmental degradation and minimize the effect of harmful factors on the environment. In this regard, this study investigates the effect of urbanization, energy consumption, and industrialization on carbon dioxide emission by taking into consideration the role of institutional quality in the Belt and Road Initiative (BRI) countries for the period of 2002 to 2019. Employing dynamic panel techniques, the results are in line with theories which show that increased urbanization, energy consumption, industrialization, and economic growth raise carbon dioxide emission and lead to environmental degradation. The study also found that international trade and political stability reduce emission; however, institutional quality as a whole positively affects carbon dioxide emission. The study also found a U-shape relationship between urbanization and carbon dioxide emission. The interaction term between institutional quality and urbanization significantly mitigates carbon dioxide emission and raise environmental sustainability. The findings of this study have considerable policy suggestions for the sample countries.

Geopolitical uncertainty can disrupt global supply chains and increase frictional costs in international trade, thus affecting firm-level decisions. This study investigates the role of geopolitical risk (GPR) in the financial leverage choices of shipping firms from Belt and Road Initiative (BRI) countries and those from non-BRI countries. The current paper uses panel data methodology and considers 118 globally-listed shipping firms for the period 1987–2017. The results indicate that shipping firms lower their financial leverage as GPR rises. However, this negative effect is observed in shipping firms from BRI countries, but not in those from non-BRI countries. Moreover, the impact of GPR on BRI firms’ financing decisions is more than twice that of the global GPR. This result remains unchanged when the relevant macroeconomic factors are controlled. The negative effect of GPR on capital structure decisions is more pronounced during periods of high freight rates, high economic growth, and tranquillity. This study can serve as input for policy formulation to facilitate shipping firms operating in BRI countries.

This study used principal component analysis (PCA) to develop composite indexes for economic growth, environmental degradation, and social well-being. The mutual relationship between these indexes was empirically tested using a panel vector autoregressive model based on a generalized method of moment approach (PVAR-GMM), and robustness was determined with Driscoll and Kraay regression. To this end, we gathered the data for 36 Belt and Road Initiative (BRI) countries over the period 1995-2016. Using a multivariate framework, the empirical results showed that environmental degradation and social well-being have a significant positive impact on the economic growth index. The social well-being index and economic growth are contributors to environmental degradation. Similarly, economic growth, in the long run, improves social well-being. The results confirm bidirectional causality between economic growth and environmental degradation. Another bidirectional causal relationship was found between economic growth and social well-being. Further, causality exists from social well-being to environmental degradation, but not vice versa. The analysis of the impulse response function exhibited the presence of the environmental Kuznets curve phenomenon in BRI countries. Moreover, the results of variance decomposition suggested that a shock in one index spills over to other indexes simultaneously. The study suggests that policymakers should consider social well-being and environmental degradation in economic activity to achieve sustainable development goals.

This paper is the first comprehensive research to examine the effect of circular economy on environment employing two environmental degradation indicators (CO2 emissions, ecological footprint) and one environmental quality indicator (load capacity factor) for 57 Belt and Road Initiative (BRI) countries during 2000-2019. The effect of other variables such as renewable energy, industrialization, and globalization was also controlled. The study applied the cross-sectional autoregressive distributed lag method (CS-ARDL), the augmented mean group (AMG), and common correlated effects mean group (CCEMG) methods as a robustness checks. The empirical findings reveal that circular economy and renewable energy have pro-environmental effects by decreasing carbon emissions and ecological footprint and increasing the load capacity factor in BRI countries. However, industrialization and globalization have detrimental effects on the environment. The result of causality shows a bidirectional causality between renewable energy, circular economy, industrialization, and three environmental indicators, but the relationship of globalization with CO2 emissions and the load capacity factor is unidirectional and with the ecological footprint is bidirectional. All the results are confirmed by the robustness tests. The study suggests policy implications for the BRI government.

This study examines financial development, economic growth, energy consumption, trade openness, urbanization, and environmental degradation in 47 Belt and Road Initiative (BRI) countries from 1980 to 2022. Panel unit root tests (IPS, LLC, PP, and ADF) ensured data correctness and stationarity. Three co-integration tests examined the variables' connections. Difference of means (DOLS) and functional moment (FMOLS) tests examined BRI economies' co-integration. A paired Granger causality test found bidirectional correlations between CO2 emissions, urbanization, financial development, economic growth, and the creation of gross fixed capital. Trade openness only correlated with ecological well-being. International study suggests regional, state, and federal policy implications. The empirical investigation used a panel causal heterogeneous test, dynamic ordinary least squares(DOLS), and fully modified ordinary least squares (MOLS) with fixed and random effects. Trade openness negatively affected CO2 emissions, but all other regressors positively affected environmental quality. Good governance and country-specific policies are needed to maximize BRI advantages. Despite conflicting energy statistics, the study found that economic development hurt the environment in all 47 countries. Industrialized nations generally use renewable energy, which minimizes ecological issues, hence their omission from the BRI full panel may explain the negative coefficient. Since most BRI economies are in emergent and growing countries, environmental preservation and renewable energy technologies need more time and money. Instead of coal, the Chinese government and other BRI nations are urged to invest in wind, hydro, solar, and biomass. Sharing green energy technology might help BRI economies. Cross-national urbanization strategy should incorporate eco-friendly solutions. The panel and governments may utilize the paper's substantial policy recommendations.

Epidemiological trends and burden of gallbladder and biliary tract cancer in Belt and Road Initiative countries: A comprehensive analysis from the Global Burden of Disease 2021 database.

Energy consumption, pollution haven hypothesis, and Environmental Kuznets Curve: Examining the environment–economy link in belt and road initiative countries

Effect of urbanization and international trade on CO2 emissions across 65 belt and road initiative countries

Estimating transportation carbon efficiency (TCE) across the Belt and Road Initiative countries: An integrated approach of modified three-stage epsilon-based measurement model

Estimating the environmental efficiency, productivity, and shadow price of carbon dioxide emissions for the Belt and Road Initiative countries