Financial Development and Sustainable Competitiveness in Arctic Region: A Dynamic Panel Data Analysis

• Autorzy: Yahya Farzan , Abbas Ghulam , Hussain Muhammad , Waqas Muhammad

Identyfikatory

DOI

10.35784/pe.2022.1.24

Warianty tytułu

PL

Rozwój finansowy i zrównoważona konkurencyjność w regionie Arktyki: analiza dynamiczna danych panelowych

• Języki publikacji: EN

Abstrakty

EN

The present study investigates the effect of financial development on sustainable competitiveness and its components (natural capital, resource intensity, and social cohesion) in the Arctic region. We employ bank-based, stock-market based, and composite index to measure financial development. To deal with endogeneity bias, system GMM is utilized. The results show a positive and significant effect of financial development on sustainable competitiveness. The estimates also assert that financial development encourages resource efficiency and social cohesion in the region. In contrast, we find the negative effect of financial development on natural capital. This suggests that overexploitation of natural resources may provide short-term benefits to the local and regional communities but it may threaten the long-term sustainability of the Arctic. Thus, the financial sector should be guided to support financing and investing activities in alternative eco-friendly technologies and ventures for reducing excessive natural resource utilization.

PL

W niniejszej pracy zbadano wpływ rozwoju finansowego na zrównoważoną konkurencyjność i jej komponenty (kapitał naturalny, zasobochłonność i spójność społeczną) w regionie Arktyki. Do pomiaru rozwoju finansowego stosujemy indeksy bankowe, giełdowe i złożone. Aby poradzić sobie z błędem endogenności, wykorzystywany jest system GMM. Wyniki pokazują pozytywny i znaczący wpływ rozwoju finansowego na zrównoważoną konkurencyjność. Szacunki potwierdzają również, że rozwój finansowy sprzyja efektywnemu gospodarowaniu zasobami i spójności społecznej w regionie. Z drugiej strony dostrzegamy negatywny wpływ rozwoju finansowego na kapitał naturalny. Sugeruje to, że nadmierna eksploatacja zasobów naturalnych może przynieść krótkoterminowe korzyści społecznościom lokalnym i regionalnym, ale może zagrozić długoterminowej stabilności Arktyki. Sektor finansowy powinien zatem kierować się wspieraniem finansowania i inwestowania w alternatywne technologie przyjazne dla środowiska oraz przedsięwzięcia mające na celu ograniczenie nadmiernego wykorzystania zasobów naturalnych.

Słowa kluczowe

EN

sustainable competitiveness; financial development; social cohesion; resource intensity; natural capital

PL

zrównoważona konkurencyjność; rozwój finansowy; zasobochłonność; spójność społeczna; kapitał naturalny

• Wydawca: Lublin University of Technology
• Czasopismo: Problemy Ekorozwoju
• Rocznik: 2022
• Tom: Vol. 17, nr 1
• Strony: 267--278
• Opis fizyczny: Bibliogr. 62 poz., tab.

Twórcy

autor

Yahya Farzan

• Institute of Southern Punjab, Department of Business Administration, Multan, Pakistan

• https://orcid.org/0000-0001-5666-1279

autor

Abbas Ghulam

• IBA Sukkur University, Department of Business Administration, Pakistan

autor

Hussain Muhammad

• Institute of Southern Punjab, Department of Business Administration, Multan, Pakistan

autor

Waqas Muhammad

• Department of Business Administration, Institute of Southern Punjab, Multan, Pakistan

• https://orcid.org/0000-0003-4098-5994

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Uwagi

Opracowanie rekordu ze środków MEiN, umowa nr SONP/SP/546092/2022 w ramach programu "Społeczna odpowiedzialność nauki" - moduł: Popularyzacja nauki i promocja sportu (2022-2023).