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Sustainable Economic Growth and Development: Strategies and Innovations

A special issue of Sustainability (ISSN 2071-1050). This special issue belongs to the section "Economic and Business Aspects of Sustainability".

Deadline for manuscript submissions: closed (30 April 2023) | Viewed by 15512

Special Issue Editors

Department of Economics, Eastern Mediterranean University, Via Mersin 10, Famagusta, Turkey
Interests: macroeconomics; forecasting; central banking; monetary economics; risk management; financial markets; urban & real estate economics; energy economics
Special Issues, Collections and Topics in MDPI journals
Department of Economics, Istanbul Ticaret University, Beyoğlu 34445, Istanbul, Turkey
Interests: macroeconomics; financial economics; exchange rate pass-through; oil price pass-through; uncertainty shocks; energy economics; environmental economics
Department of Economics, Istanbul Ticaret University, Beyoğlu 34445, Istanbul, Turkey
Interests: macroeconomic policy; applied econometrics; policy uncertainty; energy economics; environmental economics

Special Issue Information

“The goods and services that we all need are not just there – they need to be produced – and growth means that their quality and quantity increases”

Max Roser, May 13, 2021

Dear Colleagues,                                               

Economic growth is a cardinal requirement for improving the living standards of the people. To this end, countries across the world continue to adopt various economic policies and strategies to achieve structural transformation of their economies. Such strategies broadly focus on issues related to technology, innovation, structural change, human capital, labor and demographic patterns, macroeconomic conditions, international trade, foreign direct investment, natural resources and geography. In recent times, a voluminous body of literature has bourgeoned, with almost all pointing to the pursuit of economic growth as a major factor fueling global warming and other significant climatic changes through the accumulation of carbon dioxide and other greenhouse gases. It has been widely argued in what is referred to as the degrowth strategy that is impossible for economic growth to occur side by side with environmental protection. It has however also been argued that an attempt to prevent environmental degradation at the expense of economic growth could be counterproductive, resulting in rising unemployment and falling standards of living.

To date, there have been calls by stakeholders at national and international levels for drastic curbs on environmental degradation without ditching economic growth. An inclusive green growth strategy aimed at achieving a synergistic connection between economic growth and the environment is therefore being proposed as a viable alternative. Thus, this Special Issue invites submissions that address not only the policy puzzle between economic growth and the environment, but also costs and benefits of alternative control strategies for sustainable economic growth.

Prof. Dr. Mehmet Balcilar
Dr. Ojonugwa Usman
Dr. Godwin Olasehinde-Williams
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Sustainability is an international peer-reviewed open access semimonthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 2400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • sustainable economic growth and development
  • green energy investment
  • green energy consumption
  • green growth
  • renewable energy
  • energy transition
  • technology innovations
  • energy efficiency, climate change, and energy policy
  • green trade
  • carbon efficiency
  • energy efficiency

Published Papers (9 papers)

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Research

22 pages, 3302 KiB  
Article
The Implication of Steel-Intensity-of-Use on Economic Development
by Harimukti Wandebori and Murtyastanto
Sustainability 2023, 15(16), 12297; https://doi.org/10.3390/su151612297 - 11 Aug 2023
Viewed by 1076
Abstract
This paper identifies statistical relationships between the Steel-Intensity-of-Use and the Gross Domestic Product per Capita based on the data of ten selected countries based on judgmental sampling from the World Steel Association. Economic data such as Gross Domestic Product, Gross National Income, Gross [...] Read more.
This paper identifies statistical relationships between the Steel-Intensity-of-Use and the Gross Domestic Product per Capita based on the data of ten selected countries based on judgmental sampling from the World Steel Association. Economic data such as Gross Domestic Product, Gross National Income, Gross Domestic Product per Capita, government spending, investment, Export of Goods and Services, and manufacturing are obtained. Based on regression analysis and exploration of economic data, the relationship differs in terms of economic development stratification. We find a pattern of a waveform in terms of Correlation and Significance between Steel-Intensity-of-Use and the Gross Domestic Product per Capita along the country’s economic classification. Each classification implies that the country needs to enhance the economy related to the required steel or non-steel-related industry and the accompanying government policy. Full article
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23 pages, 3253 KiB  
Article
Assessing the Effects of Natural Resource Extraction on Carbon Emissions and Energy Consumption in Sub-Saharan Africa: A STIRPAT Model Approach
by Mehmet Balcilar, Daberechi Chikezie Ekwueme and Hakki Ciftci
Sustainability 2023, 15(12), 9676; https://doi.org/10.3390/su15129676 - 16 Jun 2023
Cited by 2 | Viewed by 1167
Abstract
This study examines the impact of natural resource extraction, population, affluence, and trade openness on carbon dioxide (CO2) emissions and energy consumption in 17 sub-Saharan African (SSA) countries from 1971 to 2019, using the stochastic impacts on population, affluence, and technology [...] Read more.
This study examines the impact of natural resource extraction, population, affluence, and trade openness on carbon dioxide (CO2) emissions and energy consumption in 17 sub-Saharan African (SSA) countries from 1971 to 2019, using the stochastic impacts on population, affluence, and technology (STIRPAT) model. The Westerlund and Kao cointegration tests were employed to determine long-run relationships among the variables. Pooled mean group autoregressive distributed lag (PMG-ARDL), panel fully modified ordinary least squares (FMOLS), and dimension group-mean panel dynamic ordinary least squares (DOLS) techniques were used to assess long-run multipliers. The findings of the study reveal that natural resource extraction, population, and income have a significant positive impact on energy consumption and CO2 emissions over an extended period in SSA countries. Findings suggest that an increase of 1% in income (affluence), natural resource extraction, and population, in the long run, will result in a rise of carbon emissions by 0.06% to 0.90% and an increase of 0.05% to 0.36% in energy consumption in the sampled SSA countries. Conversely, trade openness demonstrates a negative effect on energy consumption and CO2 emissions. This finding suggests that an increment of trade openness by 1% will lead to a reduction of 0.10% to 0.27% in the emission of carbon and a decrease of 0.05% to 0.09% in energy consumption over a long period. The study recommends that policymakers enforce stringent ecofriendly regulations, promote the adoption of green technologies and energy-saving sources, and reduce tariffs on ecofriendly commodities to enhance sustainable development in the region. Full article
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20 pages, 585 KiB  
Article
Does Socially Responsible Investing Make a Better Society?—A Micro Perspective through Mutual Funds and Their Investee Companies
by Wennanxiang Wang, Ridong Hu, Cheng Zhang and Yang Shen
Sustainability 2023, 15(11), 8671; https://doi.org/10.3390/su15118671 - 26 May 2023
Viewed by 1142
Abstract
Socially responsible investing (SRI) aims to guide corporate behavior through investing and thus to make a better society since its debut. From a micro perspective, this study aims to empirically examine whether the propensity for SRI of mutual funds promotes the corporate social [...] Read more.
Socially responsible investing (SRI) aims to guide corporate behavior through investing and thus to make a better society since its debut. From a micro perspective, this study aims to empirically examine whether the propensity for SRI of mutual funds promotes the corporate social performance (CSP) of investee companies and to determine what are the mechanisms under this promotion effect and under what circumstances this promotion effect gets stronger. After our main analysis confirms the promotion effect in China, our mechanism analysis shows the following: mutual funds with a high propensity for SRI promote investee CSP, because they promote internal control and demand better disclosure of social responsibility information; the promotion effect of mutual funds as shareholders from within a company can substitute for the effects of a good external environment such as a highly marketized region or a competitive industry. Our heterogeneity analysis further shows that the promotion effect is stronger in state-owned enterprises, where corporate executives are more willing to accept suggestions related to social responsibility and in a good social trust atmosphere, which sheds light on shareholder activism in private and informal manners. Full article
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20 pages, 684 KiB  
Article
Unraveling the Green Growth Matrix: Exploring the Impact of Green Technology, Climate Change Adaptation, and Macroeconomic Factors on Sustainable Development
by Busra Agan and Mehmet Balcilar
Sustainability 2023, 15(11), 8530; https://doi.org/10.3390/su15118530 - 24 May 2023
Cited by 4 | Viewed by 1872
Abstract
The primary objective of this paper is to investigate the extent to which climate change adaptation and green technology diffusion serve as key drivers for green growth. Additionally, the study examines the influence of various economic, environmental, and social factors on green growth. [...] Read more.
The primary objective of this paper is to investigate the extent to which climate change adaptation and green technology diffusion serve as key drivers for green growth. Additionally, the study examines the influence of various economic, environmental, and social factors on green growth. Utilizing an annual panel dataset comprising 38 OECD member countries from 1990 to 2020, a series of dynamic panel data models are estimated using the system generalized method of moments (GMM) approach. The empirical results provide novel and robust evidence that the diffusion of green technology and climate change adaptation exert a significant positive influence on green growth. Furthermore, the findings highlight the significant role played by macroeconomic, institutional, social, and government policy-related factors in promoting green growth. These insights have substantial policy implications for the development and implementation of strategies that encourage climate change adaptation and green innovation. As a result, policymakers should prioritize the integration of green technology and climate change adaptation measures in their sustainable development agendas to foster a greener, more resilient future. Full article
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19 pages, 502 KiB  
Article
Multinational Corporations and Technological Innovation Development of China’s High-Tech Industries: A Heterogeneity-Based Threshold Effect Analysis
by Yuanyuan Kou, Huiying Chen, Kai Liu and Huajie Xu
Sustainability 2023, 15(9), 7089; https://doi.org/10.3390/su15097089 - 23 Apr 2023
Viewed by 2577
Abstract
Technological innovation of multinational corporations (MNC) is an important engine to drive the world’s scientific and technological progress, which plays an important role in the sustainable development of global innovation. With China’s high-tech industry from 2009 to 2020 as the research sample, this [...] Read more.
Technological innovation of multinational corporations (MNC) is an important engine to drive the world’s scientific and technological progress, which plays an important role in the sustainable development of global innovation. With China’s high-tech industry from 2009 to 2020 as the research sample, this study empirically analyzes the impact of MNCs’ two-stage innovation on the innovation efficiency of China’s high-tech industry through the perspective of base regression, threshold effect, and regional heterogeneity. It was found that MNC research and development (R&D) efficiency and achievement transformation efficiency have a positive impact on the innovation efficiency of high-tech industries in China, with nonlinear features and regional heterogeneity. This study provides an empirical basis for the efficient use of MNC’s innovative resources and the sustainable development of China’s high-tech industry. Full article
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16 pages, 833 KiB  
Article
Innovation-Driven Policies, Corporate Governance Structure and Total Factor Productivity in Chinese Sports Sector: Evidence from Listed Sports Firms
by Ziyu Guo, Gang Chen and Yang Ding
Sustainability 2023, 15(8), 6991; https://doi.org/10.3390/su15086991 - 21 Apr 2023
Cited by 1 | Viewed by 1452
Abstract
The sports industry, an emerging industry with low pollution and low emissions, plays an important role in the sustainable development of human society. Using 489 observations from a panel of 128 sports firms listed on the New Third Board in China from 2015 [...] Read more.
The sports industry, an emerging industry with low pollution and low emissions, plays an important role in the sustainable development of human society. Using 489 observations from a panel of 128 sports firms listed on the New Third Board in China from 2015 to 2020, this study investigated the effects of three different innovation-driven policies on the total factor productivity of sports firms and the moderating role of governance structure on this relationship. The results showed that high-tech enterprise tax relief was an important policy tool to promote the total factor productivity of sports enterprises, but the direct effects of government subsidies and pre-tax deduction of R&D expenses were not significant. In addition, governance structure had a positive moderating effect on the relationship between innovation-driven policies and the total factor productivity of sports firms. The positive effect of the pre-tax deduction of R&D expenses policy was more significant for sports firms with larger and more independent boards of directors. This study provides new insight into innovation policy development for the sports industry by showing that corporate governance has a significant impact on the effectiveness of innovation-driven policies. Furthermore, the findings provide practical guidance for both managers and government–industry policymakers in the sports industry. Full article
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19 pages, 1032 KiB  
Article
Economic Growth Drivers in Romania: Evidence from a NARDL Analysis
by Milin Ioana Anda, Bușan Gabriela, Ecobici Nicolae and Abdul Rehman
Sustainability 2023, 15(7), 5916; https://doi.org/10.3390/su15075916 - 29 Mar 2023
Cited by 3 | Viewed by 2066
Abstract
The present study examined the impact of foreign direct investment, trade, final consumption expenditures, exports and imports of goods and services on the Romanian economic growth. The study used yearly data ranging from 1990 to 2020, and stationarity was checked using unit root [...] Read more.
The present study examined the impact of foreign direct investment, trade, final consumption expenditures, exports and imports of goods and services on the Romanian economic growth. The study used yearly data ranging from 1990 to 2020, and stationarity was checked using unit root testing. An asymmetric (non-linear autoregressive distributed lag) technique was employed to examine the relationship between variables with the estimation of short-run and long-run analysis. The findings of the short-run analysis show that the variables trade and final consumption expenditures positively impacted the economic growth in Romania through the positive and negative shocks. Further, the evidence also uncovered that foreign direct investment adversely influenced the economic growth, while the variable exports of goods and services revealed a significant influence to economic growth via positive shock. Imports of goods and services exposed a negative association via a positive shock and positive relation via a negative shock to the economic growth. Similarly, the long-run analysis also uncovered that variables trade and final consumption expenditures positively impacted the economic growth in Romania via positive and negative shocks, while the variable foreign direct investment showed negative linkage. Exports of goods and services uncovered a substantial influence on economic growth via positive shock, while imports of goods and services revealed a negative association via positive shock and positive linkage via negative shock to the economic growth. Foreign direct investment and imports of goods and services have a detrimental impact on Romania’s economic growth. In order to execute the right policies to solve trade and foreign investment uncertainties in Romania and boost economic growth, conservative measures are required. Full article
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23 pages, 4153 KiB  
Article
Sustainable Technology Diffusion Manufacturing Outwards FDI Firms: Evidence from China Using Numerical Simulation Methods
by Xiaohua Yang, Cheng Liu and Jingling Lan
Sustainability 2023, 15(4), 3108; https://doi.org/10.3390/su15043108 - 08 Feb 2023
Cited by 2 | Viewed by 1402
Abstract
Technology diffusion plays an important role in the improvement of technological innovation capabilities and can provide strong support for sustainable economic development. This paper aims to analyze the influence mechanism of technology diffusion on sustainable development, such as the initial investment willingness, technology [...] Read more.
Technology diffusion plays an important role in the improvement of technological innovation capabilities and can provide strong support for sustainable economic development. This paper aims to analyze the influence mechanism of technology diffusion on sustainable development, such as the initial investment willingness, technology spillover effects and absorptive capacity, technology transfer prices and intellectual property protection, government subsidy support and penalties. However, there is a lack of systemic game mechanism and numerical simulation methods for heterogeneous enterprises. Based on the government, OFDI companies, and domestic companies that are not involved in FDI, we have proposed the evolutionary game model for technology diffusion on sustainable development. The results show that: (1) The government, OFDI firms, and domestic firms are influenced by each other’s initial willingness to a different extent; (2) Different combinations of technology spillover and absorptive capacity lead to different sustainable evolution results of technology diffusion; (3) Reasonable technology transfer pricing and enhancing the protection of property rights can improve the efficiency of the technology diffusion sustainable development system; (4) Both financial support and penalties encourage technology diffusion sustainable development, but excessive financial support reduces the government’s willingness to participate ultimately. Therefore, this paper proposes that the government should increase its willingness to participate and increase punishment for unreasonable pricing behaviors. The stronger the stimulus effect of OFDI firm technology spillover and domestic firm absorptive capacity, the stronger the stimulus effect; however, there is a certain threshold effect, at the same time increasing the property rights protection of OFDI firms and the penalties for opportunistic behaviors of domestic firms, and establishing a diversified financial support policy, will increase the efficiency of the technology diffusion sustainable development system. Full article
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19 pages, 314 KiB  
Article
Does the Type of Funding Affect Innovation? Evidence from Incubators in China
by Chenghua Guan and Shengxue Jin
Sustainability 2023, 15(3), 2548; https://doi.org/10.3390/su15032548 - 31 Jan 2023
Cited by 1 | Viewed by 1458
Abstract
Technology business incubation is vital for the promotion of innovative development and plays an essential role in economic development and social stability. This paper empirically studies the impact of fund types on incubator innovation and its mechanisms using China’s incubator data from 2015 [...] Read more.
Technology business incubation is vital for the promotion of innovative development and plays an essential role in economic development and social stability. This paper empirically studies the impact of fund types on incubator innovation and its mechanisms using China’s incubator data from 2015 to 2019 and the fixed effect model. It is found that incubation funds, venture capital, and fiscal subsidies can significantly promote incubator innovation, with venture capital having the most substantial boost, followed by incubation funds and fiscal subsidies. Analysis of these mechanisms reveals that the promotion of incubator innovation by different funds relies primarily on R&D expenditure and on the scale of technology services expenditures. Further analysis shows that the effect varies according to the incubator, and that a reduction in the proportion of a comprehensive incubator fund or in the proportion of subsidy for a professional incubator does not contribute to enterprise innovation. This paper provides empirical evidence to support China in its improvement of the financing mechanisms for entrepreneurship and the promotion of sustainable economic and social development. Full article
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