Investigating the biodiversity conservation capability of technological innovation and FinTech
Human activities, primarily economic growth, and technological innovation, threaten global biodiversity. This study utilizes 22-year panel data from 87 developing countries and a novel cross-sectional heterogeneous factor analysis-based financial technology index to investigate how economic growth,...
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| Format: | Article |
| Language: | English |
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Elsevier
2024-12-01
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| Series: | Heliyon |
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| Online Access: | http://www.sciencedirect.com/science/article/pii/S240584402416714X |
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| author | Shayan Khan Kakar Jing Wang Noman Arshed Tran Thi Le Hien Nazir Muhammad Abdullahi |
| author_facet | Shayan Khan Kakar Jing Wang Noman Arshed Tran Thi Le Hien Nazir Muhammad Abdullahi |
| author_sort | Shayan Khan Kakar |
| collection | DOAJ |
| description | Human activities, primarily economic growth, and technological innovation, threaten global biodiversity. This study utilizes 22-year panel data from 87 developing countries and a novel cross-sectional heterogeneous factor analysis-based financial technology index to investigate how economic growth, renewable energy consumption, technological innovation, natural resources, and financial technology affect biodiversity. To account for cross-sectional dependency, this study employed a Panel Autoregressive Distributive Lagged with Pooled Mean Group specifications within the Driscoll and Kraay standard error estimator. The findings revealed that the log of Gross Domestic Product (GDP) had an inverted U-shaped effect. Moreover, economic growth, renewable energy, and FinTech can improve biodiversity conservation. Traditionally, technological innovation and unregulated resource exploitation have posed threats to biodiversity. This study focused on responsible economic development and practical solutions to biodiversity threats posed by technological innovation and unrestrained resource use. FinTech can promote sustainable behaviors and divert funds from ecosystem-harming projects to biodiversity-friendly ones. Innovative financial instruments enable stakeholders to balance nature. This study demonstrates that FinTech, renewable energy, and responsible economic growth can help reverse biodiversity loss. We provide the policy implications of our research. |
| format | Article |
| id | doaj-art-6c035cef486b49159744e4ec12c6aa1a |
| institution | OA Journals |
| issn | 2405-8440 |
| language | English |
| publishDate | 2024-12-01 |
| publisher | Elsevier |
| record_format | Article |
| series | Heliyon |
| spelling | doaj-art-6c035cef486b49159744e4ec12c6aa1a2025-08-20T01:59:31ZengElsevierHeliyon2405-84402024-12-011023e4068310.1016/j.heliyon.2024.e40683Investigating the biodiversity conservation capability of technological innovation and FinTechShayan Khan Kakar0Jing Wang1Noman Arshed2Tran Thi Le Hien3Nazir Muhammad Abdullahi4College of Economics and Management, Northwest A&F University, 3 Taicheng Road, Yangling District, Xianyang, Shaanxi, ChinaCollege of Economics and Management, Tarim University, AlaEr, Xinjiang, China; College of Economics and Management, Northwest A&F University, 3 Taicheng Road, Yangling District, Xianyang, Shaanxi, China; Corresponding author. College of Economics and Management, Tarim University, AlaEr, Xinjiang, ChinaDepartment of Business Analystics, Sunway Business School, Sunway University, Kuala Lampur, MalaysiaFaculty of Finance and Accounting, Ho Chi Minh City University of Industry and Trade, Viet NamCollege of Economics and Management, Northwest A&F University, 3 Taicheng Road, Yangling District, Xianyang, Shaanxi, China; School of Rural Technology and Entrepreneurship Development, Kano State Polytechnic, Kano, NigeriaHuman activities, primarily economic growth, and technological innovation, threaten global biodiversity. This study utilizes 22-year panel data from 87 developing countries and a novel cross-sectional heterogeneous factor analysis-based financial technology index to investigate how economic growth, renewable energy consumption, technological innovation, natural resources, and financial technology affect biodiversity. To account for cross-sectional dependency, this study employed a Panel Autoregressive Distributive Lagged with Pooled Mean Group specifications within the Driscoll and Kraay standard error estimator. The findings revealed that the log of Gross Domestic Product (GDP) had an inverted U-shaped effect. Moreover, economic growth, renewable energy, and FinTech can improve biodiversity conservation. Traditionally, technological innovation and unregulated resource exploitation have posed threats to biodiversity. This study focused on responsible economic development and practical solutions to biodiversity threats posed by technological innovation and unrestrained resource use. FinTech can promote sustainable behaviors and divert funds from ecosystem-harming projects to biodiversity-friendly ones. Innovative financial instruments enable stakeholders to balance nature. This study demonstrates that FinTech, renewable energy, and responsible economic growth can help reverse biodiversity loss. We provide the policy implications of our research.http://www.sciencedirect.com/science/article/pii/S240584402416714XBiodiversityLoad capacity curve hypothesisDynamic panel analysisFinTechTechnological innovation |
| spellingShingle | Shayan Khan Kakar Jing Wang Noman Arshed Tran Thi Le Hien Nazir Muhammad Abdullahi Investigating the biodiversity conservation capability of technological innovation and FinTech Heliyon Biodiversity Load capacity curve hypothesis Dynamic panel analysis FinTech Technological innovation |
| title | Investigating the biodiversity conservation capability of technological innovation and FinTech |
| title_full | Investigating the biodiversity conservation capability of technological innovation and FinTech |
| title_fullStr | Investigating the biodiversity conservation capability of technological innovation and FinTech |
| title_full_unstemmed | Investigating the biodiversity conservation capability of technological innovation and FinTech |
| title_short | Investigating the biodiversity conservation capability of technological innovation and FinTech |
| title_sort | investigating the biodiversity conservation capability of technological innovation and fintech |
| topic | Biodiversity Load capacity curve hypothesis Dynamic panel analysis FinTech Technological innovation |
| url | http://www.sciencedirect.com/science/article/pii/S240584402416714X |
| work_keys_str_mv | AT shayankhankakar investigatingthebiodiversityconservationcapabilityoftechnologicalinnovationandfintech AT jingwang investigatingthebiodiversityconservationcapabilityoftechnologicalinnovationandfintech AT nomanarshed investigatingthebiodiversityconservationcapabilityoftechnologicalinnovationandfintech AT tranthilehien investigatingthebiodiversityconservationcapabilityoftechnologicalinnovationandfintech AT nazirmuhammadabdullahi investigatingthebiodiversityconservationcapabilityoftechnologicalinnovationandfintech |