Sustainable Economic Development Research Articles

The role of sharia economics in realizing sustainable green economic development

The role of sharia economics in realizing sustainable green economic development

STOCK MARKET DEVELOPMENT AND ECONOMIC GROWTH: AN ARDL APPROACH

This research project employs the Autoregressive Distributed Lag (ARDL) approach to investigate the intricate relationship between stock market development and economic growth. The primary objective is to systematically analyze the causal links and quantify the impact of key stock market indicators on economic growth, and vice versa. The methodology encompasses a thorough literature review to establish a theoretical framework, followed by the collection and examination of relevant data over a defined timeframe. Unit root tests and cointegration analysis are applied to assess the stationarity and long-term relationships between the variables. The ARDL model is then employed to estimate the dynamic interactions, considering lagged values of the indicators. Diagnostic tests are conducted to ensure the robustness of the findings. The project aims to contribute empirical insights into both short- and long-term dynamics, shedding light on the complex interplay between stock market development and economic growth. The results are expected to offer valuable implications for policymakers and researchers, providing evidence-based guidance for fostering sustainable economic development. Ultimately, this research seeks to advance our understanding of the mechanisms driving economic growth in the context of stock market development. Keywords: Stock Market Development, Economic Growth, ARDL Approach, Causal Relationship, Lagged Variables, Unit Root Tests, Cointegration Analysis, Empirical Insights, Sustainable Economic Development, Policy Implications.

The Relationship between Corruption and Economic Development

Purpose: The general objective of the study was to explore the relationship between corruption and economic development. Methodology: The study adopted a desktop research methodology. Desk research refers to secondary data or that which can be collected without fieldwork. Desk research is basically involved in collecting data from existing resources hence it is often considered a low cost technique as compared to field research, as the main cost is involved in executive’s time, telephone charges and directories. Thus, the study relied on already published studies, reports and statistics. This secondary data was easily accessed through the online journals and library. Findings: The findings reveal that there exists a contextual and methodological gap relating to corruption and economic development. Preliminary empirical review revealed that corruption significantly impedes sustainable economic growth by undermining investor confidence, distorting market mechanisms, and perpetuating cycles of poverty and inequality. Strong institutional frameworks, democratic governance structures, and targeted policy interventions were identified as crucial in mitigating corruption risks and fostering economic development. The findings underscored the importance of transparency, accountability, and international cooperation in combating corruption and promoting inclusive growth, highlighting the need for evidence-based strategies to address corruption challenges and advance human well-being globally. Unique Contribution to Theory, Practice and Policy: The Institutional theory, Political Economy theory and Public Choice theory may be used to anchor future studies on corruption and economic development. The study offered valuable recommendations with significant contributions to theory, practice, and policy. Theoretical insights enriched our understanding of corruption's causal mechanisms, while practical recommendations guided practitioners in addressing corruption risks and promoting ethical behavior. Policy recommendations urged governments to prioritize anti-corruption reforms and enhance international cooperation. These contributions bridged the gap between theory and practice, empowering stakeholders to combat corruption effectively and foster sustainable economic development.

Legal Frameworks for the Assessment of Agricultural Lands

This study examines the legal frameworks governing the assessment of agricultural lands, focusing on the challenges and implications of existing regulations and suggesting improvements for more effective land management. Assessing agricultural land is crucial for determining its value, taxation, and eligibility for government subsidies, which directly impacts agricultural productivity and sustainability.The research methodology involves a comparative analysis of legislation in different jurisdictions, highlighting best practices and identifying gaps in current legal frameworks. Through this analysis, the study addresses how legal provisions align with the practical needs of agricultural development and land conservation, as well as discussing the impact of these laws on farmers, landowners, and the broader economic landscape.Key findings reveal that many existing laws are outdated and do not adequately accommodate modern agricultural practices or the challenges posed by climate change. The study also identifies a lack of consistency in the application of these laws, leading to disparities in land assessment and management across regions.Recommendations include integrating advanced geographic information systems (GIS) for more precise land valuation, adopting environmentally sustainable practices in legal criteria, and enhancing legal clarity to reduce administrative burdens on landowners.This research is intended for policymakers, legal experts, and stakeholders in the agricultural sector. It provides a comprehensive overview of the legal issues surrounding agricultural land assessment and proposes actionable solutions to enhance the effectiveness of these legal frameworks. By reforming agricultural land assessment laws, countries can better support their agricultural sectors, promoting economic stability and sustainable development.

Unraveling the Environmental Consequences of Trade Openness in South Africa: A Novel Approach Using ARDL Modeling

Abstract Free trade and environmental sustainability are currently top economic and environmental research priorities. While numerous theories connect trade openness with environmental quality, empirical evidence often fails to support these claims. Using data spanning from 1980 to 2020, our study examines the effect of trade openness on CO2 emissions in South Africa. By employing a novel ARDL modeling framework, our analysis confirms the presence of the Environmental Kuznets Curve (EKC) hypothesis in South Africa. Our findings reveal that while GDP square enhances environmental quality, trade openness and economic growth have a degrading effect over time. Additionally, the study identifies that energy consumption, FDI, and value-added activities all contribute to environmental degradation. Findings also highlights the influence of institutional quality on the environment, demonstrating that political stability and control of corruption lead to increased CO2 emissions, while the rule of law reduces CO2 emissions. The research suggested that the potential of green economies should be leveraged in developing renewable energy, sustainable development, the recycling industry, and green financing sectors. A shift in economic activity in this direction will thus foster long-term economic growth and sustainable development.

Hot spots, evolutionary trends, and future prospects for the sustainable development of the marine economy in the past 30 years: a comparative bibliometric analysis based on CiteSpace

How to assess the quality of sustainable development is an important issue for the marine economy. This study examined studies on sustainable development of marine economy over the past 30 years using core databases from China National Knowledge Infrastructure and Web of Science. This study introduced bibliometric analysis methods and CiteSpace software to track and comparatively analyze the hotspots of studies from 1994 to 2023. This study showed that (1) the research on sustainable development of the marine economy has achieved extensive results. Researchers have already collaborated with those in China. (2) Hotspots for Chinese research are mainly focused on building an indicator system of marine economy's sustainable development, realizing the path of sustainable development of regional marine economy, and planning the sustainable development goals of specific marine industries. In contrast, other countries focus on protecting marine ecology and identifying the path of sustainable development of the marine industry. (3) Strengthening exchange and cooperation between institutions and scholars from various countries, and further studies on the micro-paths of blue carbon sinks, marine ecological civilization and high-quality development, low-carbon development of marine industries will become new hotspots for research.

Effectiveness of policies for electric commercial vehicle adoption and emission reduction in the logistics industry

Electric commercial vehicles (ECVs) offer a promising solution to reduce carbon emissions, but barriers like high purchase costs, limited range, long charging times, and battery degradation hinder their adoption. This research develops a mathematical model to explore the impact of government policies, specifically carbon tax policy and the cap-and-trade mechanism, with or without purchase subsidy, on the mixed fleet configuration of electric and internal combustion commercial vehicles. Through a comparative analysis based on a real case in Shenzhen, this research provides insights into the impact of policies on ECV adoption and emission reduction. The findings indicate that higher tax rates and carbon prices effectively promote ECV adoption, while the carbon emission quota does not. When choosing policies, the government should consider its situation and objectives. Combining cap-and-trade mechanisms with purchase subsidies is the most effective for ECV adoption and emission reduction, assuming financially feasible. Alternatively, implementing a carbon tax policy without purchase subsidy is more practical. The cap-and-trade mechanism in the long term supports the phase-out of purchase subsidies and contributes to sustainable economic and environmental development. What's more, the findings provide guides for the government to determine an appropriate industry regulator factor when allocating quotas for the logistics industry.

Policy recommendations for integrating artificial intelligence into global trade agreements

The integration of artificial intelligence (AI) into global trade agreements presents a transformative opportunity to enhance efficiency, competitiveness, and innovation in international commerce. This review outlines policy recommendations aimed at facilitating the seamless incorporation of AI technologies into the framework of global trade agreements. As AI technologies continue to proliferate across various sectors, including manufacturing, logistics, and services, understanding the implications and challenges of their integration into trade agreements becomes paramount. This review provides insights into the current landscape of AI in global trade, highlighting both the existing challenges and opportunities for leveraging AI to drive economic growth and sustainable development. Key policy considerations include the harmonization of AI standards, addressing intellectual property rights and data ownership, facilitating cross-border data flows, ensuring transparency and accountability in AI decision-making, mitigating potential job displacement and inequality, and promoting ethical AI practices. Drawing on case studies and best practices from regional trade agreements and industry-specific implementations, this review offers actionable recommendations for policymakers, businesses, and international organizations. These recommendations emphasize the importance of collaborative efforts, capacity building, and monitoring mechanisms to effectively harness the benefits of AI while mitigating potential risks. By embracing AI as a driver of innovation and efficiency in global trade, stakeholders can foster a more inclusive and resilient trading environment that maximizes the benefits of technological advancements for all participants.

The Role of Daqu Bisnis Nusantara in Developing Economic Independence at Daarul Qur'an Islamic Boarding School

Islamic boarding schools have great resource potential. According to Islamic Boarding Schools Database 2022, currently the number of santri has reached 4,009,547 people spread across 26,974 Islamic boarding schools throughout Indonesia. As a mandate from the Decree of the Minister of Religion Number 749 of 2021 concerning the Islamic Boarding School Independence Program, a road map needs to be prepared as a guide in implementing the Daarul Qur'an independence program, in the form of a road map for economic independence. In facing various challenges, Daarul Qur'an not only strives to form intellectually qualified individuals, but also understands the need for strong planning, management and economic development to maintain institutional stability and independence, thus creating Daqu Bisnis Nusantara. This research was conducted with the aim of analyzing the role of Daqu Bisnis Nusantara as a supporting factor for economic independence at Daarul Qur'an. This research uses a qualitative approach with analytical descriptive methods, interview techniques and Forum Group Discussion to obtain data sources. As an institution operating in the field of Islamic Education, Daarul Qur'an recognizes the importance of sustainable economic development to support Daarul Qur'an's vision and mission. Daqu Bisnis Nusantara has developed by Daarul Qur’an to achieve economic independence for business units.

Correlation between Scientific and Technological Achievements of Universities and Regional Innovation System in Ensuring Sustainable Economic Development at the Meso Level

The transformation of scientific and technological achievements of universities is of great importance for regional economic development and the development of scientific and technological innovation. Based on three aspects — the input of innovative resources, the output of scientific and technological achievements and the transformation of scientific and technological achievements — this study selected 13 indicators, such as scientific and technical expenditures, the number of scientific and technical personnel, the results of publication activities, intellectual activity, patents, contracts and income from the transformation of scientific and technological achievements, to build an indicator system for the transformation of scientific and technological achievements of colleges and universities; at the same time 7 indicators were selected, such as the number of scientific and technological personnel, funding, the number of patents and scientific and technological business-incubators, to build a regional system for assessing scientific and technical potential, a system for assessing regional scientific and technical innovation potential. Based on the factor analysis method, the transformation scores of scientific and technological achievements of universities and regional scientific and technological innovations in each region of China in 2019–2021 were calculated; secondly, using the Coupling coordination degree model, the degree of relationship and coordination between the university system of transformation of scientific and technological achievements and the regional scientific and technological innovation system in different regions of China was calculated. The study showed that the level of scientific and technological achievements is uneven and not high; points of innovative development of Chinese regions have been identified. Thus, the transformation of scientific and technological achievements of universities is a necessary path for the scientific, technological and economic development of regions, when it is necessary to combine the needs of regional development, take measures to strengthen support for scientific and technological personnel, create platforms for sharing resources, and improve policies in the field of intellectual property in order to promote the industrialization of scientific and technological achievements, promote regional scientific and technological innovations and develop regional industry.

Navigating Kazakhstan’s Sustainable Economic Future: A Study of Tech Innovation, Infrastructure, and Resource Management

In a quest to illuminate Kazakhstan’s economic horizon within a sustainable context, this study delved into the complex interplay of sustainable tech innovation, investment in sustainable infrastructure, and natural resource management. The study assesses the potential for green economy development by introducing the adoption of sustainable practices as the mediator and corporate social responsibility as the moderator in the examined relationships. We employed a cluster sampling technique, focusing on government sector employees in Kazakhstan. The choice of this sector stemmed from its pivotal role in shaping national policies. A time-lagged approach was incorporated, collecting data at two distinct time points to capture the dynamic evolution of green initiatives over time. As the data unfolded, sustainable tech innovation, investment in sustainable infrastructure, and natural resource management emerged as significant predictors for adopting environmentally responsible practices leading to green economy development. This development process, we found, was further augmented by the moderating influence of corporate social responsibility. Hence, our findings contribute both practical and theoretical insights to the discourse on sustainable economic development. In addressing the intricate interplay of technological, infrastructural, and resource-related factors, this study provides guidance for Kazakhstan’s ongoing transition towards a more sustainable and resilient economic trajectory.

Well‐being in the context of Indigenous heritage management: A Hach Winik perspective from Metzabok, Chiapas, Mexico

AbstractIn this article, we examine what local well‐being means in the contexts of collaborative heritage management and national development in Mexico. Driven by the request of Lacandon Mayas (including the second author) who live in Puerto Bello Metzabok, Chiapas, Mexico, in 2018, we engaged in archeological consolidation and heritage management to promote local tourism and sustainable economic development. This collaboration raised a series of ethical and practical questions of how to engage with the Eurocentric project of development. Addressing these issues has become critical, as the Mexican president's signature infrastructure project, Tren Maya (Maya Train), is designed to promote nationwide development via increased cultural heritage tourism in Chiapas and southern Mexico. Through critical reflection on experiences with Metzabok community members, we address Eurocentrism and colonialism by enacting a Lacandon (i.e., Hach Winik) buen vivir. This form of well‐being is relational and communal and creates a common good that includes more‐than‐humans. Via this critical perspective, we argue that a decolonial project can use the tools of development as an initial step in creating Indigenous well‐being.

Public enforcement and corporate maturity mismatch

AbstractThe root of corporate maturity mismatch in developing economies may dwell in the fact that weak contract enforcement capacities suppress financial intermediates' willingness to supply long‐term credit. This study examines the impact of improvements in the legal enforcement environment on corporate maturity mismatch, focusing on the unique setting of China's free trade zones. Using data from non‐financial listed companies between 2010 and 2021, the study investigates how the establishment of FTZs, which signifies an improvement in contract enforcement efficiency, influences firms' financing decisions and maturity mismatch. We find that improvements in the contract enforcement environment significantly discipline the behavior of raising short‐term debt for long‐term investments. The effect is more pronounced for small‐to‐medium‐sized enterprises and non‐state‐owned enterprises, suggesting that such improvements alleviate ownership and size discrimination faced by firms. Mechanism test reveals that access to long‐term loans is the core mechanism. Besides, improvements in public enforcement reduce business risk and enhance firm performance. Strengthening the legal enforcement environment serves as a critical determinant to mitigate corporate maturity mismatch and foster sustained economic development.

How has FinTech become a solution for minerals management?

Effectively managing natural resources is crucial for ensuring sustainable economic development, a topic that has been widely debated in recent decades. While numerous discussions have focused on the use of technology to optimize the utilization of natural resources, the previous studies have yet to delve into the role of financial technology (FinTech) in minerals management and energy transition concerning the resource curse/blessing hypothesis. To address this research objective, this study valuably adds to the empirical literature by investigating the role of FinTech and energy transition in economic growth to manage minerals. To accomplish this goal, panel data of the top 10 resource-rich economies that range from 1990 to 2022 based on novel panel estimations such as Cross-sectional autoregressive distributive lag (CS-ARDL) and panel Granger non-causality (Juodis et al., 2021) is taken. The outcomes of the study discovered that FinTech is positively influencing GDP in both the long- and short-run. The robust outcomes further reveal that minerals management (coal, oil, minerals, and forests) becomes a part of enriching GDP to confirm the resources blessing theory. The study analysis sets down the practical implications of formulating sustainable economic development policies for stakeholders.

Analyze the Relationship Between Sustainable Economic Development and Green Employment

In the contemporary era of global climate modification and growing environmental apprehensions, sustainable finance has emerged as a pivotal mechanic to drive forward K's economic expansion. This finance approach has gained increasing implications as efforts worldwide converge towards the Sustainable Development Goals (SDGs). Sustainable finance transcends the confines of the economic world; it exercises a spacious tempt, generating societal and environmental benefits while concurrently aligning financial investments to the imperative urgency of preserving our major planet. This forward-thinking financial strategy provides support and impulse for increasing sectors that are not solely financially lucrative, but also environmentally sustainable, thereby signifying a significant deviation from conventional investment paradigms. Its pivotal function in driving the green economy towards a bright future is particularly evident in emerging sectors such as renewable energy, sustainable agriculture, and eco-friendly technology. Furthermore, sustainable finance looseness fundamentally affects caper creation within these light-green industries. By channeling resources towards these sectors, sustainable finance not only aids in mitigating the negative repercussions of climate change but also fosters employment prospects in critical areas for shaping a sustainable time. Acquiring such knowledge is essential for guiding global endeavors to accomplish an economy that is sustainable, inclusive, and environmentally resilient.

EFFECT OF FINANCIAL INCLUSION ON ECONOMIC DEVELOPMENT IN NIGERIA

Objective: The objective of this study is to investigate the effect of financial inclusion on economic development in Nigeria, with the aim of analysing the interplay between the two variables through a review of relevant literature and empirical evidence.   Theoretical Framework: The finance-growth theory posits that development of financial systems cultivates an environment conducive to growth, operating through demand-following mechanism. This theory provides a solid basis for understanding the context of the investigation.   Method: Financial inclusion was proxied through money supply, which represents the size of the banking sector, while credit to the private sector measures the size and financial depth of the banking sector.  Data were sourced from the Central Bank of Nigeria Statistical Bulletins and the World Development Indicators.   Results and Discussion: The findings indicate both short-term and long-term relationships between financial inclusion and economic growth, aligning with the theoretical framework. The implications and relationships identified are discussed within this context, including potential discrepancies and study limitations.   Research Implications: The practical and theoretical implications of this research are discussed, providing how the results can be applied or influence practices in the field of financial management. These implications could encompass inclusive economic growth and sustainable development.   Originality/Value: This study contributes to the literature by highlighting the need to design and implement interventions that promote financial inclusion while addressing the specific needs of diverse demographics. The relevance and value of this research are evidenced by its emphasis on advancing financial inclusion as a catalyst for driving economic development in Nigeria.

A Comparative Assessment of the Contribution of Foreign Direct Investment to Economic Development of Nigeria and Ghana

Generally, sub-Saharan countries suffer setbacks in regard to capital accumulation necessary to sponsor investment demands, thus promoting economic development. As a result, they look out for foreign sources such as foreign direct investment (FDI) to augment the investment-saving gap. Recently, due to global shake-ups and uncertainty, there has been a drastic fluctuation in the level of FDI inflow into the West African sub-region, especially in the two giant economies of Nigeria and Ghana. This attracted the attention of this research work. Thus, this study comparatively reassesses the contribution of FDI inflow to the economic development of these giant economies from 1980 to 2020 to determine which one of them benefits the most given the fluctuation in FDI inflows. The outcome reveals that FDI inflows have a significant influence on the economic development of both economies. In Nigeria particularly, evidence shows a strong positive correlation between FDI and Gross Domestic Product Per Capita (GDPPC), implying that the Nigerian economy is investment-driven in the period under consideration. Essentially, the Nigerian economy can achieve its desired development with FDI support. Similarly, findings indicate that FDI inflows into Ghana have a strong positive impact on economic development. Thus, a recommendation is made for the Ghanaian government to source more foreign resources by opening her economic borders wide for global integration. Pursuance of trade liberation policy for the purpose of attracting more foreign resources is critical to the attainment of sustainable economic development in both economies. Policy actions enabling stable macroeconomic conditions and a peaceful environment for smooth investment operations are key factors guaranteeing economic development.

Corporate ESG and total factor productivity: Will the fulfillment of social responsibility sacrifice productivity?

With the increasing prominence of climate and energy issues, enterprises, as the micro-subjects of economic activities, need to pay attention to environmental responsibility to promote sustainable and high-quality economic development. However, one of the crucial controversies is whether enterprises will sacrifice efficiency to fulfill their environmental responsibilities. To try our best to answer the controversy, this paper explores the impact of ESG on total factor productivity and its mechanism. The research conclusion shows that Chinese enterprises fulfilling ESG responsibilities can improve staff efficiency, reduce financing costs, ease financing constraints, and increase innovation investment, thus effectively improving total factor productivity. Compared to non-state-owned enterprises, this effect is more significant in state-owned enterprises. In addition, the promotion of ESG construction on the total factor productivity of enterprises also presents specific acceleration characteristics. This shows that in the socialist market economy environment, there is an obvious "social responsibility dividend" in the implementation of the ESG concept by Chinese enterprises, which is helpful to enhance their long-term value and realize a win-win of social value and commercial value. The conclusions of this study help deal correctly with the relationship between business value and social value of enterprises and provide inspiration for promoting healthy and sustainable economic development.

Green Logistics Development of Express Companies in the Context of “Dual Carbon” Strategy Research

In the context of "dual carbon", green logistics as an emerging concept type, not only plays an important role in environmental protection and sustainable economic development, but also can bring great economic benefits to express delivery companies. However, the current development of green logistics technology in China is not mature enough, resulting in the transformation of the courier company is facing the situation of opportunities and challenges. In this paper, we sort out the "dual carbon" background of the development of green logistics courier company status quo, analyze the courier company in the process of transition to green logistics problems and targeted to put forward the corresponding measures to solve them, and hope to be able to other courier company's green logistics development to provide reference and reference.

Retraction Note: Sustainable development economy and the development of green economy in the European Union

Retraction Note: Sustainable development economy and the development of green economy in the European Union