Can digital inclusive finance suppress energy ecological footprint? moderated mediation effect test based on technological innovation

Mianhao Hu, Yiling Li, Wenqi Xiong and Juhong Yuan

International Review of Economics & Finance, 2025, vol. 103, issue C

Abstract: Within the context of energy conservation, emission reduction, and the development of digital inclusion financial (DIF), this study explores the relationship between DIF and the energy ecological footprint (EEF). Using panel data from 30 provinces in China spanning 2011 to 2021, it employs a moderated mediation effect model to empirically analyze the mechanisms through which DIF affects the EEF. The findings reveal that DIF can mitigate the growth of the EEF. Specifically, it achieves this by promoting industrial structure upgrading, which in turn curbs EEF expansion. Furthermore, technological innovation enhances the positive impact of DIF on industrial structure upgrading, thereby amplifying the suppressive effect of industrial transformation on the EEF. Additional analysis highlights that regional difference—such as government digital governance capacity, environmental and financial regulations, digital infrastructure development, and digital usage—significantly influence the extent to which DIF inhibits EEF growth. The study also finds that DIF not only fosters economic inclusiveness but also demonstrates an energy ecological inclusiveness effect. Its marginal utility is particularly pronounced in regions with lower economic development and higher EEF. This research contributes to a deeper understanding of the theoretical linkage between DIF and the EEF. It also provides valuable references and decision-making insights for leveraging DIF to enhance energy efficiency and support the achievement of the “dual-carbon” goals.

Keywords: Energy ecological footprint; Digital finance inclusive; Industrial structure upgrading; Technological innovation; Moderated mediation effect model (search for similar items in EconPapers)
Date: 2025
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S1059056025006549
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:reveco:v:103:y:2025:i:c:s1059056025006549

DOI: 10.1016/j.iref.2025.104491

Access Statistics for this article

International Review of Economics & Finance is currently edited by H. Beladi and C. Chen

More articles in International Review of Economics & Finance from Elsevier
Bibliographic data for series maintained by Catherine Liu ().