Green business finance, innovation, and globalization: pathways to environmental management in MINT countries through integrated analysis

Emmanuel Samuel Udo (), Hwerien Rosemary Idamoyibo (), Bridget Imuetinyan Ibobo (), Joy Ifeoma Enemuo (), Ofonmbuk Etido Atakpa () and Nwabueze Emmanuel Enoch
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Emmanuel Samuel Udo: Akwa Ibom State University, Obio Akpa Campus
Hwerien Rosemary Idamoyibo: Delta University
Bridget Imuetinyan Ibobo: Delta University
Joy Ifeoma Enemuo: University of Nigeria Enugu Campus
Ofonmbuk Etido Atakpa: Akwa Ibom State University, Obio Akpa Campus
Nwabueze Emmanuel Enoch: University of Nigeria Enugu Campus

Quality & Quantity: International Journal of Methodology, 2025, vol. 59, issue 5, No 29, 4607-4629

Abstract: Abstract Environmental degradation significantly challenges sustainable development in emerging economies. This study examines the contributions of green finance (GFI), technological innovation (TEI), and globalization (GLOB) on environmental management (ENQ) in MINT countries (Mexico, Indonesia, Nigeria, and Turkey) from 1990 to 2023. Using Cross-Sectionally Augmented Autoregressive Distributed Lag (CS-ARDL) and Non-linear ARDL models, this study assesses both symmetric and asymmetric effects ENQ, testing the Environmental Kuznets Curve (EKC) hypothesis and integrating the STIRPAT framework for a comprehensive analysis. Results reveal that the GFI increases CO2 (0.147) and N2O (0.162) emissions, implying that GFI investments are insufficiently targeted towards clean projects. Conversely, TEI significantly reduced emissions (CO2: − 0.231, N2O: − 0.214), highlighting its potential to enhance ENQ. GLOB shows a dual effect; increasing emissions in the long run (CO2:0.169, N2O: 0.183), while its interaction with TEI reduces emissions, supporting the hypothesis that TEI diffusion through GLOB improves ENQ. The study confirms both U-shaped and N-shaped EKC patterns, indicating a complex non-linear nexus between income growth and ENQ. The study recommends robust regulatory frameworks and strategic GFI allocation towards cleaner technologies to achieve environmental benefits. By integrating the GFI, TEI, and GLOB within the EKC and STIRPAT frameworks, this study contributes to the literature by providing nuanced insights into the environmental dynamics of emerging economies and policy recommendations to balance economic growth with ENQ in MINT countries.

Keywords: Green finance; Technological innovation; Environmental management; MINT countries; EKC hypothesis (search for similar items in EconPapers)
JEL-codes: F64 G20 O31 O32 Q56 Q58 (search for similar items in EconPapers)
Date: 2025
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DOI: 10.1007/s11135-025-02190-y

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