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The Moderating Effect of Institutional Quality on the Financial Development and Environmental Quality Nexus

Author

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  • Ahmed Imran Hunjra

    (University Institute of Management Sciences, PMAS—Arid Agriculture University Rawalpindi, Rawalpindi 46000, Pakistan)

  • Tahar Tayachi

    (Finance Department, Effat College of Business, Effat University, Jeddah 21478, Saudi Arabia
    Finance Department, FSEG Mahdia, University of Monastir, Mahdia 5100, Tunisia)

  • Muhammad Irfan Chani

    (Department of Management Sciences, COMSATS University Islamabad, Vehari Campus, Vehari 61100, Pakistan)

  • Peter Verhoeven

    (School of Economics and Finance, Queensland University of Technology, Brisbane 4000, Australia)

  • Asad Mehmood

    (Department of Management and Business Administration, University “G. d’Annunzio” of Chieti-Pescara, 65127 Pescara, Italy)

Abstract

Environmental sustainability is a major concern of contemporary societies, businesses, and governments. However, there is a lack of knowledge as to how countries can achieve the goal to end poverty, whilst protecting the planet. It is the objective of our study to examine the moderating role of institutional quality on the financial development and environmental quality nexus in South Asia. Our sample consists of panel data of five South Asian countries (India, Bangladesh, Nepal, Sri Lanka and Pakistan) from 1984 to 2018. We find that financial development increases CO 2 emissions in this region, implying that countries in South Asia have utilized financial development for capitalization, instead of improving production technology. Institutional quality moderates the negative impact of financial development on environmental sustainability. An implication of our findings is that efforts to improve institutional quality may help to promote sustainable development in South Asia.

Suggested Citation

  • Ahmed Imran Hunjra & Tahar Tayachi & Muhammad Irfan Chani & Peter Verhoeven & Asad Mehmood, 2020. "The Moderating Effect of Institutional Quality on the Financial Development and Environmental Quality Nexus," Sustainability, MDPI, vol. 12(9), pages 1-13, May.
    • Handle: RePEc:gam:jsusta:v:12:y:2020:i:9:p:3805-:d:354942
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