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Integrating Economic Development, Innovation, and Environmental Performance for Sustainable Futures: Insights from a Global Study

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  • Roberta Hoffmann Machado
  • Everton Anger Cavalheiro
  • Érico Kunde Corrêa
  • Leonardo Betemps Kontz

Abstract

This study aims to investigate the complex interplay between GDP per capita, innovation index, and environmental performance across a comprehensive dataset comprising 102 countries spanning from 2008 to 2022. Utilizing descriptive statistics, cointegration tests, and Granger causality analysis, the research delves into the intricate relationships among these pivotal variables. The findings unveil significant long-term equilibrium relationships among environmental performance, innovation, and economic development. Furthermore, bidirectional causal links are discerned, indicating that enhancements in environmental performance stimulate innovation, and conversely, innovation influences environmental performance. Likewise, economic development exerts influence on both innovation and environmental performance. These insightful revelations underscore the multifaceted dynamics among economic growth, innovation, and sustainability, thereby underscoring the imperative for integrated approaches to foster sustainable development. The comprehension and harnessing of these interrelationships are paramount for crafting efficacious policies and strategic business initiatives geared towards steering humanity toward a more sustainable and prosperous future.

Suggested Citation

  • Roberta Hoffmann Machado & Everton Anger Cavalheiro & Érico Kunde Corrêa & Leonardo Betemps Kontz, 2024. "Integrating Economic Development, Innovation, and Environmental Performance for Sustainable Futures: Insights from a Global Study," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 16(8), pages 1-16, August.
    • Handle: RePEc:ibn:ijefaa:v:16:y:2024:i:8:p:16
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    References listed on IDEAS

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    1. Shittu, Waliu & Adedoyin, Festus Fatai & Shah, Muhammad Ibrahim & Musibau, Hammed Oluwaseyi, 2021. "An investigation of the nexus between natural resources, environmental performance, energy security and environmental degradation: Evidence from Asia," Resources Policy, Elsevier, vol. 73(C).
    2. Tomer Fishman & Niko Heeren & Stefan Pauliuk & Peter Berrill & Qingshi Tu & Paul Wolfram & Edgar G. Hertwich, 2021. "A comprehensive set of global scenarios of housing, mobility, and material efficiency for material cycles and energy systems modeling," Journal of Industrial Ecology, Yale University, vol. 25(2), pages 305-320, April.
    3. Rana Muhammad Adeel-Farooq & Jimoh Olajide Raji & Ghulam Muhmmad Qamri, 2023. "Does financial development influence the overall natural environment? An environmental performance index (EPI) based insight from the ASEAN countries," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 25(6), pages 5123-5139, June.
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    More about this item

    JEL classification:

    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
    • Z0 - Other Special Topics - - General

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