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Table 2 A summary of empirical studies on FD, EC, and TI–EQ nexus

From: Does financial development moderate the link between technological innovation and environmental indicators? An advanced panel analysis

Author/s

Period

Country

Method

Indicator/s

Result

EQ–FD nexus

Udeagha and Breitenbach (2023a)

1960–2020

South Africa

ARDL

CO2

Positive

Nwani and Omoke (2020)

1971–2014

Brazil

DARDL

CO2

Negative

Ibrahiem (2020)

1971–2014

Egypt

ARDL

CO2

Positive

Aluko and Obalade (2020)

1985–2014

35 SSA

AMG

CO2

Negative

Acheampong (2019)

2000–2015

46 African countries

Dynamic sys-GMM

CO2

Positive

Charfeddine and Kahia (2019)

1980–2015

MENA

PVAR

CO2

Insignificant

Salahuddin and Gow (2019)

1980–2016

Qatar

ARDL

EI, ANS

Insignificant

EQ–EC nexus

Udeagha and Breitenbach (2023a, b)

1960–2020

South Africa

ARDL

CO2

Positive

Khan et al. (2020)

1965–2015

Pakistan

ARDL

CO2

Positive

Pata (2021)

1980–2016

USA

CCT

CO2, EFI

Positive

Ozcan et al. (2020)

2000–2014

OECD

PVAM

EPI

Positive

Destek and Sinha (2020)

1980–2014

OECD

FMOLS-MG

EFI

Positive

EQ–TI nexus

Udeagha and Breitenbach (2023a, b)

1960–2020

South Africa

ARDL

CO2

Negative

Safi et al. (2022)

1990–2018

OECD

SDM

CO2

Insignificant

Wahab et al. (2022)

1995–2018

BRICS

SDM

CO2

Positive

Wahab et al. (2021)

1996–2017

G-7

CS-ARDL

CO2

Negative

Adebayo et al. (2021)

1990–2018

Brazil

ARDL—DOLS

CO2

Negative

Ibrahim and Ajide (2021)

1990–2018

G-20

AMG—CCEMG

CO2

Negative

Usman et al. (2020)

1990–2017

APEC

FGLS-AMG

EFI

Positive

Yang et al. (2021a)

1990–2016

BICS

DSUR-FMOLS

EFI

Positive

Chen and Lee (2020)

1996–2018

96 countries

SEM

CO2

Insignificant

Samargandi (2017)

1970–2014

Saudi Arabia

ARDL

CO2

Insignificant

  1. EQ Environmental Quality, EC Energy Consumption, TI Technological Innovation, SDM Spatial Durbin Model, SSA Sub-Saharan Africa, AMG Augmented Mean Group, PVAR Panel Vector Autoregressive, BEM Big Emerging Markets, SEM Spatial Econometric Models, IV-GMM Instrumental Variable Generalized Method of Moments, CO2 Carbon Dioxide, DSUR Dynamic Seemingly Unrelated Regression, FMOLS Fully Modified Ordinary Least Squares, BICS Brazil, India, China, and South Africa, ARDL Autoregressive Distributed Lag