Natural resources and financial development: Role of corporate social responsibility on green economic growth in Vietnam

Lu Cai and Thanh Tiep Le

Resources Policy, 2023, vol. 81, issue C

Abstract: In this study, the relationship among natural resources, financial development, and the role of corporate social responsibility (CSR) on green economic growth in Vietnam has been analyzed. We have applied the Pooled Mean Group-Autoregressive Distributed Lag (PMG-ARDL) model to assess this relationship for the period of 1990–2018. The Johansen–Fisher panel cointegration and Kao tests show that the variables are cointegrated. Accordingly, CSR, the PMG-ARDL findings, financial development, and natural resources development all have a long-term positive association but a short-term negative relationship with green economic growth. If efficient fiscal and financial management measures are not implemented, the panel nations' public debt sustainability will be jeopardized due to CSR’s overreliance on natural resources rents (NRR). Natural resources may have a detrimental impact on financial growth if laws are not implemented. CSR regulations in Vietnam may reduce greenhouse gases (GHG) emissions and promote green economic growth. If this criterion is met, NRR-related improvements in financial development may be sustained, and relevant policy recommendations may be made.

Keywords: Natural resources; Corporate social responsibility; Financial development; Green economic growth; Vietnam (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (14)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jrpoli:v:81:y:2023:i:c:s030142072200722x

DOI: 10.1016/j.resourpol.2022.103279

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