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Environmental Impact of Business Freedom and Renewable Energy: A Global Perspective

Author

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  • Audi, Marc
  • Ali, Amjad
Abstract
This research has examined the impact of business freedom on environmental degradation in developed and developing countries from 2000 to 2022. Panel least squares and generalized method of moments have been applied for empirical analysis. Our findings show that both business freedom and renewable energy consumption have a significant and detrimental influence on environmental degradation in both developed and developing nations. Furthermore, our findings highlight the significant influence of financial development on environmental degradation in both the whole sample and developing nations. Urbanization, on the other hand, has a significant impact on environmental degradation in both developed and developing nations. Interestingly, financial development has a negative and significant impact on environmental degradation in developed nations, while energy consumption has a notable positive and significant relationship with environmental degradation across the board. These findings suggest that the encouragement of entrepreneurial independence and the use of renewable energy sources might be helpful ways for mitigating environmental damage. Addressing the negative consequences of urbanization on the environment is also critical. The short-run dynamics give useful insight for developing tailored strategies to establish a sustainable balance between economic expansion and environmental preservation at the same time.

Suggested Citation

  • Audi, Marc & Ali, Amjad, 2024. "Environmental Impact of Business Freedom and Renewable Energy: A Global Perspective," MPRA Paper 121287, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:121287
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    References listed on IDEAS

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    Citations

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    Cited by:

    1. Fiaz Ahmad Sulehri & Amjad Ali, 2024. "Nexus among Regulatory Framework, Economic Growth and Sustainable Development: Insights from Structural Equation Modeling Approach," Bulletin of Business and Economics (BBE), Research Foundation for Humanity (RFH), vol. 13(1), pages 110-117.
    2. Ayiza Arshad & Atif Khan Jadoon & Ambreen Sarwar & Maria Faiq Javaid, 2024. "Towards Asian Countries Sustainable Development: The Nexus between Information and Communication Technology, Energy Consumption and Carbon Dioxide Emission," Bulletin of Business and Economics (BBE), Research Foundation for Humanity (RFH), vol. 13(2), pages 1-8.
    3. Marc Audi & Marc Poulin & Amjad Ali, 2024. "Determinants of Business Freedom in Developing Countries: The Role of Institutional Development and Policy Mix," International Journal of Economics and Financial Issues, Econjournals, vol. 14(4), pages 188-199, July.
    4. Fiaz Ahmad Sulehri & Marc Audi & Marc Poulin & Amjad Ali, 2024. "Nexus between Innovation and Ecological Impact: A Moderated Mediation Investigation through Structural Equation Modeling Approach," International Journal of Energy Economics and Policy, Econjournals, vol. 14(4), pages 509-518, July.
    5. Roussel, Yannick & Audi, Marc, 2024. "Exploring the Nexus of Economic Expansion, Tourist Inflows, and Environmental Sustainability in Europe," MPRA Paper 121529, University Library of Munich, Germany.
    6. Sulehri, Fiaz Ahmad & Ali, Amjad, 2024. "Assessing the Pathways of Sustainable Development: A Structural Equation Modeling Investigation of Regulatory Framework, Innovation, and Economic Indicators," MPRA Paper 121286, University Library of Munich, Germany.
    7. Asif Khan & Madiha Awais & Kashif Bilal Majeed & Humaira Beenish & Muhammad Rashad, 2024. "Assessing the Impact of Technological Innovations and Trade Openness on Environmental Sustainability: An Empirical Study of South Asian Economies Using Panel ARDL Approach," Bulletin of Business and Economics (BBE), Research Foundation for Humanity (RFH), vol. 13(2), pages 243-250.
    8. Ullah, Asad & Ali, Amjad, 2024. "Investigating Corruption, Income Inequality, and Environmental Degradation in Pakistan: A Time Series Analysis," MPRA Paper 121291, University Library of Munich, Germany.
    9. Iftikhar Ahmad & Arifa Saeed & Muhammad Ibrahim Saeed & Clement Chiahemba Ajekwe, 2024. "Exports, FDI Inflows, Renewable Energy and Economic Growth: An Empirical Evidence from Singapore," Bulletin of Business and Economics (BBE), Research Foundation for Humanity (RFH), vol. 13(1), pages 850-856.
    10. Kausar Kiran & Dr. Muhammad Ali Gardezi, 2024. "Green Energy Strategies and Their Effect on Natural Resource Sustainability in Pakistan," Bulletin of Business and Economics (BBE), Research Foundation for Humanity (RFH), vol. 13(2), pages 126-135.
    11. Audi, Marc, 2024. "A Discussion on the Role of International Regimes in Mitigating Global Warming and Climate Change," MPRA Paper 121586, University Library of Munich, Germany.

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    More about this item

    Keywords

    Business freedom; renewable energy consumption; environmental degradation; urbanization; energy consumption;
    All these keywords.

    JEL classification:

    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • Q30 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - General
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth

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