Purpose This study investigates transitional dual-sector financial development (DSFD), including financial markets and institutions on sustainable green growth (SGG). Meanwhile, integrated global innovation (IGI) and its strategic components are moderate variables, along with the effect of digital economy policy. Design/methodology/approach The sample consists of 64 Green Silk Road Corridor countries with balanced panel data from 2007 to 2022. We employed panel cointegration, two-step system (GMM), and 2SLS methods. OriginPro was used to show graphical trends of the variables and to generate heatmaps for the country- and income-wise analyses. Findings This study confirmed the significantly positive dynamic nature of SGG. The findings showed that the transition of DSFD significantly enhances SGG by increasing the level of green growth and facilitating the shift from a high-intensity carbon economy to a low-carbon sustainable economy. The moderating channels of IGI and interaction terms enhance a country's global SGG path and contribute to achieving the SDGs. However, the sub-indices and interaction terms on the SGG impact appear mixed. The China Silk Road digital economy policy shock contributes positively to, and boosts, the linkage between DSFD and SGG. Hence, the Silk Road innovative digital initiatives policy shock also contributes substantially to partner countries' SGG paths. Furthermore, macroeconomic conditions, regulatory governance resilience, and energy intensity contribute positively to SGG, except for the productivity rent of natural resources. Research limitations/implications The study was limited to 64 GBRI countries that participated in the 2016 green initiatives. The theoretical contribution affirms that Green Silk Road partner countries are on a sustainable trajectory, supported by positive, genuine savings proposed by economic and endogenous green growth theories. The study suggests that nations should reinvest their financial, natural, and human capital resources into reproducible forms of capital, aligning with the “Hartwick rule” principles and facilitating the transition towards a stronger, greener path. Practical implications This study emphasizes the potential of innovative technology-enabled financial systems and resilient global interconnectedness to accelerate the transition toward green development and foster integrated societies that support sustainable green growth without compromising future needs. Social implications Dual-sector financial development, regional innovation and the digital economy primarily contribute to raising and upgrading people's living standards, integrating sustainable green growth, and alleviating poverty through societal education from environmentally friendly projects. It is concluded that the underprivileged population remains large. Therefore, in the coming year, better integrated global innovation, effective implementation mechanisms and digital economy policies supporting dual-sector financial development, comprising financial markets and financial institutions, are required to boost sustainable green growth. Originality/value The study is innovative and makes valuable contributions to this emerging concept in this field, particularly within the context of Green Silk Road Corridor countries. First, this study is pioneering and innovative in addressing the critical problem of how to model sustainable green growth based on the triple bottom line, contributing through green savings (adjusted net saving index including particulate emissions), known as the Solow model, to this domain of knowledge based on the Sustainable Development Goals, including the social dimension (SDG 4) of quality education, the economic dimension (SDG 8) of decent work and economic growth and the environmental dimension (SDG13) of climate actions, which is a key objective of the COP29 on climate change. Second, this pioneering study, in the of the Green Silk Road Corridor, explores the untapped potential of the multi-dimensional integrated global innovation index and its of tech-enabling innovation sub-indexes as moderating and interaction terms to contribute to the body of knowledge on the SDGs, especially SDG 8 (based on decent economic growth through financial integration), SGD-9 (ensuring infrastructure, industrialization, and innovation), SDG 16 (helping in strong institutions, peace, justice), and SDG-17 (strengthening the implementation means for the sustainable development). Moreover, it investigates the unified dynamic influence of dual-sector financial development, including financial institution stability and market resilience, on SDG goal 8 and related theoretical and practical knowledge. This study also intends to bridge the research gap by investigating the moderating pre- and post-policy role of the spillover effects of China's Green Silk Road Corridor digital economy policy as a policy shock on sustainable green growth, thereby contributing to the body of knowledge.

As global economies strive for net zero targets-based sustainability amidst the emergence of disruptive technologies, a comprehensive understanding of financial technology and green growth is crucial for formulating future strategies. The research explores the impact of the adoption of financial technology on sustainable green growth from 2004 to 2021 within the Belt and Road countries, investigating the moderating influence of hierarchical institutional quality, categorized as overall, higher, and lower levels. Employing the two-step system GMM, further endorsed by Driscoll-Kraay fixed-effect regression and 2-SLS methods, the results highlight that the adoption of financial technology has emerged significant positively as a prevailing tool to drive sustainable green growth. Notably, overall and higher levels of institutional quality endorse sustainable green growth, whereas weak (lower-level) institutional quality exhibits a negative moderating effect. The research incorporates several socioeconomic and business elements, including business freedom, socioeconomic conditions, urbanization, business-led-tourism, and household spending. Mixed outcomes were observed for these socioeconomic and business indicators across different levels of institutional quality. The study provides fintech-driven policy implications and encourage policymakers and governments to promote contemporary financial technologies while simultaneously prioritizing institutional quality to accelerate the transition to green economies and greener future. FinTech play a critical role in the sustainable green growth for 148 BRI countries FinTech index contains twenty-one financial and technological factors Institutional governance moderates FinTech-driven greener future Including evolutionary game, institutional governance, and green growth theories Institutional governance integration into FinTech can help to achieve SDGs of 2030

This study examines the dual-edged role of digital finance (DF) and regional innovation (RI) in shaping corporate excess leverage (CEL) within China’s swiftly evolving economic landscape. Drawing on a comprehensive panel dataset of 1200 firm-year observations from Chinese listed firms (2011–2020). Combining theories of optimal capital structure, credit market dynamics and systemic risk, we employ fixed effects, two-stage least squares, system GMM and quantile regression techniques. The findings reveal a nuanced paradox: while digital finance significantly expands credit access, it simultaneously exacerbates corporate leverage, challenging the narrative that technological innovations invariably democratize financial markets. Moreover, regional innovation, contrary to Schumpeterian expectations, fails to independently mitigate leverage risk without robust institutional frameworks, exposing systemic vulnerabilities in debt-driven ecosystems. Notably, our analysis reveals significant heterogeneity across ownership structures: state-owned enterprises (SOEs) exploit regional innovation for policy-driven objectives and escalate leverage, whereas private firms (POEs) face heightened risks from unregulated DF due to agency costs and weaker safeguards. The study advances existing theoretical perspectives by (1) bridging the credit expansion and financial constraint framework; (2) refining the resource-based review, highlighting that state-backed resources distort innovation‒leverage dynamics, amplifying financial instability in SOEs; and (3) extending agency theory to the financial ecosystem, where regulatory asymmetries and information gaps intensify managerial risk-taking. Practically, we propose adaptive policies: AI-driven surveillance in innovation hubs for real-time risk mitigation and institutional capacity-building in underdeveloped regions to balance financial inclusion with stability.

Does financial technology (FinTech) exacerbate or mitigate corporate over-leverage? We examine this question in China’s real estate sector, where systemic debt accumulation poses significant financial stability risks. Using panel data on listed firms from 2011 to 2022, we employ fixed effects, generalized structural equation modeling (GSEM), instrumental variable estimation, and two-step system GMM estimators to identify causal effects and mechanisms. We find that FinTech significantly increases excess leverage. This effect operates primarily through the easing of financing constraints, which enables managers in high-agency-cost firms to accumulate debt rather than undertake efficient investment. Governance improvements associated with FinTech provide only a modest countervailing force. However, China’s 2020 Three Red Lines macroprudential policy fundamentally restructures these relationships, neutralizing FinTech’s leverage-amplifying effect by binding the credit supply channel. Our findings reveal that FinTech’s credit-enhancing function can amplify systemic risk when agency costs are high, but demonstrate that well-designed regulation can discipline technology-driven credit expansion. These results contribute to the literature on financial innovation, corporate governance, and macroprudential policy in emerging markets.

This study is driven by the pressing need to assess how the international Paris Agreement of 2015, as a policy shock, impacts climate actions in G-20 countries, which account for most of the world's emissions. Achieving SDG-13 (Climate Actions) requires understanding the function of the G-7 policy. In this context, using a quasi-natural experiment design with Multi-year Difference-in-Differences (DID), fixed-effect DID, and propensity score matching (PSM-DID), this study examines how the Paris Agreement and G-7 climate policies affected the climate actions (SDG-13) of the G-20 countries from 2002 to 2021. The findings demonstrate that the Paris Agreement of 2015 substantially benefits climate action, with treatment effects ranging from 0.278 to 0.367, at a significance level of 1%. The findings show that covariant environmental taxes help to advance the climate efforts, whereas coal rents and the use of fossil fuels impede them. International cooperation (SDG-17) further improves outcomes. Climate change policies adopted by the G-7 have a significant long-term influence on other G-20 member nations. But their efficacy has slightly changed over the time. This study focuses on providing necessary tools for the global transition towards climate-resilient low-carbon and net-zero future pathways.

PurposeThis study aims to examine the dynamic effect of FinTech on financial stability, with the moderating role of green finance (GF), its dimensions and mechanisms in the context of the spillover effects of the COVID-19 shock. This study used balanced panel data from 148 countries, including 76 developed and 72 emerging nations, from 2005 to 2022.Design/methodology/approachThe research utilized the dynamic two-step system (GMM), and robustness was performed with the bootstrapped panel quantile regression.FindingsThe findings reveal that FinTech significantly affects financial stability across the entire sample. The overall composite of GF boosts financial stability by improving financial soundness. The GF dimensions, such as environmental, resource and financial, positively influence FS, while the GF economic dimension hurts FS. The moderating role and all interaction terms of GF dimensions with FinTech contribute positively and significantly to FS. While the interaction term GF resources with FinTech negatively impacts FS, indicating that countries should utilize resources more efficiently. Additionally, the COVID-19 spillover effect negatively influences FS across all samples. In advanced countries, FinTech and green finance positively affect FS. In emerging countries, green finance (except for the resource dimension) and FinTech interactions enhance financial stability, (except for the environmental dimension), leading to environmental hazards from their highly intensive industrial carbon policies.Practical implicationsThe findings suggest that policymakers should prioritize promoting the adoption of initiatives related to FinTech and green finance by integrating sustainable transition finance policy frameworks to maintain stability and foster low-carbon economies for a sustainable future.Social implicationsImproved financial stability has more significant social effects, such as better investment instruments, confidence and economic growth. Policymakers can leverage these findings to establish resilient financial ecosystems, fostering sustainable economic development and decreasing the risk of financial crises.Originality/valueThis study offers novel insights into how FinTech and multi-dimensional green finance effect financial stability in advanced and emerging nations. It provides unique insights into context-specific dynamics and enhances the literature on financial stability.

This study examines the effect of infrastructure development (ID) and technological innovation (TI) on financial inclusion (FI) and its subsequent influence on achieving sustainable development goals (SDGs) in the BRICS countries. Utilizing dynamic panel data models, including system generalized method of moments (GMM) estimators and Instrumental Variables (IV) methods such as two-stage least squares (2SLS), the analysis addresses endogeneity concerns to provide robust estimates. The results reveal that both ID and TI significantly enhance FI, with their interaction impact highlighting the complementary relationship between infrastructure and technological innovation in expanding financial access. The study further investigates the role of FI in driving key SDGs, indicating that greater FI contributes to poverty reduction, gender equality, and economic growth. The empirical evidence also underscores the importance of supportive policy frameworks, including regulatory environments (REG) and financial sector development (FSD), as enablers of FI. By integrating infrastructure, technology, and their interaction, this research makes a novel contribution to the financial inclusion literature and offers actionable insights for policymakers and financial stakeholders in emerging economies. The study advocates for infrastructure investments that complement digital finance strategies, stressing the need for collaboration between financial institutions, governments, and telecom providers to foster inclusive growth. Limitations of the study include a focus on emerging economies, suggesting future research could explore the role of emerging technologies such as blockchain and AI in financial inclusion and resilience.

This study examines the intricate relationships between technological innovation, financial inclusion and income inequality (GINI) in BRICS countries (Brazil, Russia, India, China, and South Africa) using advanced econometric techniques, including structural equation modeling and instrumental variable estimation. The findings exhibit that technological innovation, measured by research and development (R&D) expenditures, researcher density (RM), and mobile cellular subscriptions (MCS), significantly promotes financial inclusion with heterogeneous effects. While financial inclusion emerged as an essential channel for reducing income inequality, the direct impact of technological innovation on inequality presents a nuanced dynamic. Specifically, RM and MCS contribute to narrowing income disparities, whereas R&D reveals a counterintuitive positive relationship with GINI, indicating that knowledge-intensive innovations may disproportionately benefit higher-income groups. Macroeconomic and institutional factors, including trade openness, governance quality and inflation further shaped financial inclusion and inequality outcomes. Robustness checks, including two-stage least squares and dynamic panel estimations confirmed the causal validity of these relationships for mitigating endogeneity concerns. The findings highlight an imperative for policymakers to ensure equitable access to financial technologies by enhancing digital literacy, strengthening financial infrastructure and fostering inclusive regulatory frameworks. Future research should investigate additional moderating variables, such as education and social protection policies, and extend the analysis beyond BRICS economies to enhance the generalizability of the results.

This study investigates the impact of transition finance and green technology innovation on corporate level sustainability (measured via ESG scores) using a panel dataset of 23,660 listed firms in China from 2013 to 2022. The use of advanced statistical methods, such as cross-sectional dependence tests, slope heterogeneity tests, second-generation unit root tests, and Sys-GMM estimation, has made this study more robust. The findings indicate that transition finance and green technology innovation are key and decisive for corporate-level sustainability, as they both help to attract investment in decarbonization, sustainable projects, and activities or propose solutions aligned with pressing environmental challenges. To provide more holistic evidence about the drivers influencing corporate level sustainability, the analysis incorporates control variables that underscore the significance of corporate governance, firm efficiency, intellectual capital, firm age, and firm size in fostering sustainability at the corporate level. In addition, firm risk as a control and the Covid-19 pandemic as a shock effect were found to have negative impacts on corporate level sustainability. Bootstrap Quantile-on-quantile regression and D-K fixed effect methods of robustness checks in the end are consistent with the above results. Robustness check validate that the results are reliable and have certain significance for China's sustainable development. Thus, this study presents results that support organizations in defining strategies for investment in resource allocation. The results highlight the importance of transition financing and green technology innovation and their beneficial effects on corporate level sustainability, which are likely to incentivize organizations to shift their focus and resources to green projects and innovations.

This research explores the implementation of the sustainable digital financial policy as a quasi-natural experiment on sustainability-linked-green bonds for mitigating climate risks. The second New Silk Road summit emphasized the sustainable digital financial agreement of 2019, which aims to endorse smart cities, 5G investments, digital trade, and the Digital Silk Road. The sample comprised 19 treatment groups (advanced economies) and 23 control groups (emerging economies) panel from 2013 to 2022. This study employed advanced panel econometric techniques, such as multi-year and propensity score matching-difference-in-differences (PSM-DID) quasi-natural experiment, which further compared with the two-step system GMM method. The findings show that the policy and pandemic enhanced the sustainability-linked-green bonds market and functioned as catalysts for sustainable and climate transition. Moreover, the noteworthy covariates, global innovation linkages, carbon tax, and business environment positively affect sustainability-linked-green bonds, while macroeconomic conditions as an increase in consumer prices exert a negative effect. Furthermore, the interaction of macroeconomic conditions with global innovation linkages contributes positively to the green bond market, whereas the interaction of carbon tax with global innovation linkages has a negative impact. Granger's non-causality shows mixed one-way and both-way relationships. This research provides valuable policy implications for governments and financial institutions, and other stakeholders regarding a conducive business environment, balanced carbon taxes, fostering innovation linkages, and sustainable financing mechanisms to achieve a sustainable transition towards SDG13 and carbon neutrality in advanced and emerging economies.

This study constructs a tech-driven multidimensional financial inclusion (MFI) index to evaluate financial inclusion in the BRICS nations. Drawing on data from 2004 to 2023 sourced from the IMF Financial Access Survey (FAS), this study uses a two-stage Principal Component Analysis (PCA) to integrate the dimensions of financial access (FAI) and financial usage (FUI). This approach overcomes the limitations of conventional methods, which often rely on arbitrary weights and simplistic indices. The framework incorporates digital financial services, such as mobile money and digital transactions, to reflect their transformative effects on modern financial systems. The results indicate varied financial inclusion patterns among the BRICS countries: Brazil and Russia display robust financial access, while India and China show notable advancements in financial usage, largely due to digital transformation. South Africa's moderate performance across these dimensions suggests the need for more balanced policies. The reliability of the index is further strengthened by robust methodologies, including pre- and post-pandemic analyses and factor loadings. By introducing a technology-integrated, empirically based measurement framework, this study contributes to the advancement of financial inclusion research. It offers policymakers a precise tool for cross-country comparisons, performance evaluations, and formulating targeted digital finance policies in emerging markets.

This study analyses the energy, environmental, and economic impacts of large-scale wind-storage systems in Inner Mongolia as a replacement for traditional electricity supply. It reveals that as the substitution ratio of wind-storage systems increases, environmental and energy structure effects improve, while energy and economic effects decline. The Happiness Index increases by 28.75 % at a 100 % substitution ratio compared to the BAU scenario, suggesting that large-scale low-carbon energy substitution in Inner Mongolia has a positive societal impact.

This study explores the environmental effects of urbanization (URB) and infrastructure investment (INF) in Belt and Road Initiative (BRI). Utilizing secondary data from reputable sources such as the World Bank's World Development Indicators (WDI), International Energy Agency (IEA), and Global Forest Watch. The study employs the Augmented Mean Group (AMG) estimator to address cross-sectional dependence, System Generalized Method of Moments (GMM) to mitigate endogeneity, and Two-Stage Least Squares (2SLS) for robustness checks. The findings exhibit a dualistic nexus between urbanization, infrastructure development, and environmental degradation. Urbanization significantly increases COQ emissions and deforestation, underscoring the environmental costs of rapid urban expansion. In contrast, infrastructure investment mitigates COQ emissions, likely due to improved efficiency and cleaner technologies, but exacerbates deforestation, particularly when combined with urbanization. Institutional quality and renewable energy consumption emerge as critical variables in reducing environmental degradation, while globalization and socioeconomic development show limited direct impacts. These results highlight the need for integrated policies that balance economic growth with environmental sustainability. Specifically, BRI economies should prioritize sustainable urban planning, incorporate environmental safeguards in infrastructure projects, strengthen institutional frameworks, and promote renewable energy adoption. The study contributes to the literature by offering empirical evidence from BRI economies and providing actionable insights for policymakers to address the unique challenges of sustainable development in these regions.

The United Nations (UN) 2030 agenda for sustainable development seeks to eliminate poverty in all its forms. An estimated 1.3 billion people in the BRICS countries are below the poverty line. This study examines the nexus between digital financial inclusions (DFI) and income inequality GINI) in the context of BRICS countries, with a focus on the moderate impacts of technological innovation (TI) and infrastructure development (ID). Applying the Driscoll-Kraay (DK) and fixed effects tests, the results show that DFI significantly negatively influences income inequality, with TI and ID contributing to strengthening this effect. The findings indicate that implementing TI and ID can potentially decrease income inequality in BRICS nations by facilitating faster, more secure, cost-effective transactions and offering greater access to markets and essential services. This study emphasises the need for policymakers to prioritise the implementation of TI and ID to accomplish sustainable development goals and encourage financial inclusion for all in the BRICS countries.

This paper explores the impact of digital finance (DFI) and environmental performance (EP) on corporate financing efficiency (FE) in China's property sector. The research addresses two main questions: How do digital finance and environmental performance influence corporate financing efficiency? What are the policy implications of these influences for enhancing green transformation in the sector? Employing robust techniques, including fixed-effect regression and a difference-in-differences (DID) approach. The study reveals that DFI and EP have a significant positive effect on FE. The analysis demonstrates that higher levels of DFI and improved EP lead to more effective allocation and utilization of financial resources. The DID results further indicate that an increase in DFI contributes to a significant enhancement in FE with a one-year lag, without violating the parallel trends assumption. The study shows that integrating digital finance and environmental sustainability improves financial efficiency. It urges policymakers to promote investments in digital financial technologies.

This study investigates inflation's influence on sustainability by taking regional integration and globalization index as moderating variables. The inflation rate is an important indicator to measure economic performance and evaluate any country's sustainability goals. Globalization and regional integration are important due to connectedness among regions and countries. This study analyzed data collected from 64 Belt and Road Initiatives (BRI) countries from 2005 to 2020 using the two-step system Generalized Method of Moments method and the robustness tests for the validation. The results suggested that the inflation rate negatively impacts sustainability. BRI countries need to control the inflation rate to attain sustainability goals. However, the robust impact of the globalization index on the relationship between the inflation rate and sustainability is positive and the moderating impact of regional integration is also significantly positive on the connection between the inflation rate and sustainability. The globalization index and regional integration index have a positive impact because the global world is connected, and every country designs economic policies based on global data that is available to them. Countries are investing to enhance local manufacturing and production capacities and economic teams make decisions accordingly. Inflation rates can be managed, and sustainability can be attained by taking benefit from the concepts of globalization index and sustainability. Due to these phenomena, countries import cheap raw materials, clean and renewable technologies, and cheap goods and services from other countries to manage the supply-demand and control the inflation rate, ultimately resulting in sustainability.

China has incorporated the principle of inclusive green growth from the initiation of the Belt and Road Initiative (BRI) in 2013. Inclusive green growth is a balanced pathway that benefits economy, society, and the environment. Recognizing the trade-offs between economy and environment, it becomes imperative to analyze the influence of BRI (China-integrated pre-post Belt and Road Initiative spillover) on fostering inclusive green growth. This research is investigating the moderating impact of BRI in enhancing the effects of tourism and Fintech on inclusive green growth (comprising social, economic, technological, and environmental dimensions). This research is utilizing panel econometrics data of 148 BRI countries from 2004 to 2021 (9 years before and after BRI initiation) by employing two-step system generalized method of moments (GMM) approach, further endorsed by two-stage least square (2-SLS) technique. Outcomes reveal that the BRI region is on the path of inclusive green growth and BRI positively moderates the influence of tourism and Fintech on inclusive green growth. Control factors, such as institutional quality, KOF globalization index, and renewable energy to total energy ratio promote inclusive green growth, while urbanization, household consumption per capita, and socioeconomic conditions hinder the progress. The implications of this research are significant as it emphasis on the role of BRI in supporting tourism activities and exploring contemporary financial technologies. This study highlights that inclusive green growth and sustainable development goals (SDGs) share common objectives, so inclusive green growth would contribute to the accomplishment of SDGs. The proposed policy recommendations would serve as a valuable tool for specific stakeholders, tourism planners, institutions, legislators, urban planners, and environment ministries to achieve SDGs of 2030 (12. b, 8.8, and 14.7 are related to tourism, 17.1–17.8 are devoted to finance and technology, 16.8 is about institutional quality, 7.2 and 7.8 supports renewable energy usage, 11.3 is regarding urbanization, goal 1, 8.5, 15.9 and 17.15 are about socioeconomic conditions).

The growing inequality in availability of financial services presents a significant obstacle to achieving inclusive economic development, particularly in the BRICS countries. This addresses the urgent need to explore how the technology innovation and diffusion can bridge these gaps by enhancing access to both traditional and digital financial services, offering a way to reduce financial disparities and encourage economic equity. Using robust statistical models like fixed effects regression and feasible generalized least squares (FGLS). The study demonstrates significant and positive relationship between technology diffusion and the access of both traditional and digital financial services. However, the magnitude of this effect varies between the two dimensions, with digital financial services being more adaptable to technological innovation than traditional financial services. Similarly technological innovation have significant positive effect on access to financial services. Although technology is important for improving access to financial services, the research indicates other economic factors such as inflation, trade, and GDP influence access to financial services. From a theoretical perspective, the study highlights how technological innovation enhancing financial inclusion by decreasing inequalities in financial service accessibility. Through integrating technology into financial systems, countries can bridge the gap promoting more equal economic opportunities. Policy makers need to focus on development and implementation strategies that encourage technological innovation in the financial industry. This involves starting initiatives that support the adoption of digital finance and enhance the availability of financial services, especially for underserved communities.