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In today's world, where the dramatic effects of climate change continue to increase, it is critical to turn from fossil fuels to renewable energy sources to achieve the CO 2 emission reduction targets that countries have committed at the Paris Climate Agreement and COP 27 conference. This study analyzes the effects of macroeconomic factors, including economic growth, investments, and unemployment, on the transition to renewable energy in OECD countries. From 1996 to 2020, long-run relationships between variables were examined using advanced econometric methodologies for empirical analysis. For this purpose, panel data analysis, second-generation panel unit root tests, cross-sectional dependence tests, and panel cointegration tests were applied. Economically, in the long run, according to panel CCEMG and AMG estimator, while economic growth enhances the renewable energy transitions, investment does not statistically promote an impact on the renewable energy transitions. Renewable energy transition increases with unemployment. Moreover, the role of the considered variables in the renewable energy transition varies among country-specific. Within the framework of the results obtained, it has been proven that before determining policies for renewable energy transformation, it is necessary to do the necessary groundwork in the economy to increase economic growth and investments and reduce unemployment., (© 2024. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.)

Given the increasing investment by Belt and Road Initiative (BRI) participants in the renewable energy industry, it is imperative to ascertain how much this investment contributes to economic growth. The objective of this study is to ascertain the extent to which renewable energy contributes to economic growth within the Belt and Road Initiative compared to non-renewable energy sources. Prior studies have yet to incorporate oil prices as a variable in the production function, among other output aspects. This study integrates the inclusion of real oil prices as a variable within the production function alongside capital, labor, renewable energy consumption, and non-renewable energy consumption. A cohort including 49 Belt and Road Initiative participants was formed, encompassing data from 1990 to 2019. The data has undergone an initial examination to assess cross-sectional dependence, slope heterogeneity, and structural break(s), and are verified. Hence, third-generation panel data analysis has been utilized. The continuously updated fully modified estimator and continuously updated biased corrected estimator provide evidence supporting the notion that renewable energy plays a substantial role in fostering economic growth within nations participating in the Belt and Road Initiative. Furthermore, this contribution is found to be more pronounced when compared to the impact of non-renewable energy sources. The study's findings inform policy recommendations at both the BRI and national level., (© 2024. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.)

This paper studies whether foreign direct investment (FDI)-CO 2 emissions relationship may change depending on the data-driven estimated threshold levels for the country characteristics (CC) including human capital and governance in a sample of 13 Middle East and North Africa (MENA) economies during the 1996-2019 period. Our results strongly suggest that endogenously estimated CC thresholds matter for the impact of FDI on CO 2 emissions. The pollution haven hypothesis, which maintains that FDI is associated with higher levels of pollution, appears to be valid for economies with weak CC. In addition to this, the pollution halo argument suggesting FDI lowers the emissions appears to be hold in countries with strong CC. The results in this study may indicate that policies aiming to improve human capital and governance may be expected not only to increase the economic benefits of FDI in terms of growth but also mitigate the negative environmental impacts of FDI in the MENA region., (© 2023. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.)

This study delves into the intricate relationship between financial inclusion (FIC) and economic development (ED) within the context of QUAD nations, including the USA, Australia, India, and Japan. Using panel data spanning from 2000 to 2021, the research investigates this relationship by employing various statistical techniques. Initially, the Jarque-Bera (JB) normality test highlights the non-normal distribution of the data. Furthermore, the findings reveal varying slopes and cross-sectional interdependence among the variables, while the panel unit root test confirms their non-stationarity. Consequently, the adoption of the method of moment quantile regression is deemed appropriate for the analysis. The study's results uncover a negative association between FIC and total natural resource rent (TNRR), while renewable-energy usage (REU), ED, and foreign direct investment (FDI) exhibit a positive relationship with FIC. Notably, the impact of TNRR on FIC diminishes at higher quantiles, indicating a diminishing effect. Similarly, the influence of REU and ED on FIC also decreases at higher quantiles, suggesting a reduced contribution as other sectors gain prominence. Conversely, FDI positively affects FIC, with a more pronounced impact observed at higher quantiles. Policy recommendations for QUAD nations include enhancing FIC initiatives, promoting REU, fostering balanced ED, attracting FDI, and encouraging collaborative efforts among the nations. Furthermore, it is imperative for developing nations to implement widespread financial literacy programs specifically targeting vulnerable and marginalized populations, equipping individuals with essential knowledge to make informed financial decisions and gain access to formal financial services., (© 2023. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.)

The relationship between digital finance and regional green innovation has been partially confirmed, yet the role of environmental regulation in it remains unexplored. Therefore, this paper examines the impact of digital finance on regional green innovation and tests the moderating role of environmental regulation using Chinese city-level data from 2011 to 2019 as a research sample. The results show that digital finance can significantly promote regional green innovation by alleviating regional financing constraints and increasing regional R&D investment. Besides, digital finance has apparent regional difference effects (the contribution of digital finance to regional green innovation is greater in eastern China than in western China, and the development of digital finance in neighbouring regions has a negative transmission effect on local green innovation). Finally, environmental regulation positively moderates the relationship between digital finance and regional green innovation. This paper explores the relationship between digital finance and regional green innovation from the perspective of environmental regulation, providing empirical evidence to promote regional green innovation., (© 2023. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.)

Environmental degradation has been a major concern for nations globally in recent years as carbon emissions have increased. Environmental degradation, if not controlled, is one of the dangers faced by humankind, and achieving sustainable development goals is not possible without improving environmental quality. Thus, reliable carbon emission measurement plays an important role in developing an effective climate strategy to address the current environmental issues. Following the trade-adjusted carbon emission measure, an effective climate strategy can be formulated especially following the 17 United Nation Sustainable Development Goals that are intended to lead to improvements toward a sustainable future. To fill the gap in the literature, we empirically explore the interrelationship between foreign capital flows and environmental quality measured by trade-adjusted consumption-based carbon dioxide (CCO 2 ) emissions for a panel of 125 countries in 1990-2018 by revisiting the pollution haven hypothesis (PHH). The results obtained using system GMM analysis show that FDI has a significantly positive link with CCO 2 in Asia and Africa, but the links between these two variables are insignificant in the Latin American, Caribbean, and European regions. In the cases of the full-sample and developing countries, a significantly positive relationship is found between FDI and CCO 2 . In the case of income-based samples, results reveal that FDI is the cause of environmental degradation in low-income, lower-middle-income, and upper-middle-income countries. These findings suggest that developing countries should adopt environmentally friendly policies to attract foreign investors by setting strict regulations on environmental pollution control to achieve sustainable development goals (SDGs)., (© 2021. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.)

This study aims to investigate the influence of institutional capacity on the relationship between financial development and environmental quality and also examines the moderating role of corruption on the link between institutional quality and environmental quality. By using yearly data from 33 developing countries for 7 years from 2011 to 2017, this paper applies a dynamic technique system GMM. The results suggest that financial development increases environmental degradation due to possible higher energy-intensive investment. However, institutional capacity moderates its impact on environmental quality by channelizing the funds to energy-efficient investment. The findings of this study suggest that financial development improves the environmental quality when institutional capacity is higher than 3.5 on the scale of 0 to 6. Interestingly, institutional capacity is unable to control environmental degradation in the presence of corruption. The results propose that financial development has a positive relation with environmental degradation in the presence of corruption. Nevertheless, relationship between institutional capacity and environmental degradation turns to negative when corruption improves in the economies. Furthermore, the findings show that institutional capacity may only control environmental degradation when corruption improves to 40 or higher on a scale of 0 to 100. The policy implications of this study are useful for policy departments, environmental regulatory bodies, and financial institutions., (© 2021. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.)

High-quality development is the primary task of building a modern socialist country in an all-around way. Innovation, coordination, green development, openness, and sharing are the main connotations of high-quality development. Based on panel data from 286 cities in China, this paper empirically analyzes the impact of the digital economy on low-carbon inclusive development (hereinafter referred to as LIG). The results show that the digital economy has a salient promoting effect on LIG, and with the increase of quantile level, the promoting effect shows a marginal decreasing trend. Heterogeneity analysis found that the cities with low resource dependence and marketization of the digital economy and high environmental concern and competition have more salient promoting effects on LIG. The dimensionality reduction analysis shows that the impact of digital economy on economic growth, social inclusion, and low-carbon ecology gradually increases in turn. The mechanism test shows that R&D investment, green innovation, and market integration play a partial mediating role, while entrepreneurial activity, industrial upgrading, and development imbalance play a fully mediating role. Digital economy promotes urban economic growth and low-carbon ecological development through R&D investment and market integration and mainly promotes low-carbon ecological development through green innovation. The digital economy will promote low-carbon and inclusive urban development by stimulating entrepreneurship, promoting industrial upgrading, and alleviating development imbalances., (© 2023. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.)

By looking at the technological advancement and climate change mitigation plan of the advanced economies, the current study examines the role of sustainable development aspects such as innovations, high technology export, labor productivity, capital stock, research and development (R&D), information and communication technology (ICT), capital stock, and energy use in mitigating environmental degradation for the selected panel of countries with the most investment in technology (China, Denmark, Finland, France, Israel, Korea, Hong Kong, Germany, Japan, Netherlands, Singapore, Sweden, United Kingdom, and United States) over the period 2000-2018. Foremost, the pooled ordinary least square (POLS) and random-effects (RE) generalized least squares (GLS) approaches provided additional interesting inferences. As such, the POLS result revealed that only capital stock in the panel countries shows a desirable environmental effect. At the same time, labor productivity, innovation, R&D, ICT, and energy further hamper ecological quality in the examined panel countries. Similarly, the GLS result largely affirms the POLS results, with only the capital stock among the explanatory variables showing evidence of emission mitigation effect in the panel. Additionally, the panel Granger causality result illustrates evidence of unidirectional causality only innovation, ICT, and capital stock to environmental degradation., (© 2022. The Author(s).)

High energy production is the global requirement that is the demand of high economic growth in the country and needs regulators and recent researchers' emphasis. Therefore, the current study examines the impact of economic factors such as gross domestic product (GDP), national income, employment rate, foreign direct investment (FDI), and inflation and technological advancement on energy production in China. The present article has used the secondary data extracted from World Development Indicators (WDIs) from 1976 to 2020. The present research has employed the nonlinear autoregressive distributed lagged (NARDL) model to explore the association among the understudy constricts. The findings revealed that all the economic factors such as GDP, national income, employment rate, FDI, inflation, and technological advancement have a significant and positive association with energy production in China. This article guides the relevant authorities and policymakers in developing and implementing the policies related to generating high energy production using foremost economic factors., (© 2022. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.)

Accelerating industrial green transformation (IGT) is the intrinsic requirement of realizing low-carbon and green economic development. Inward Foreign Direct Investment (IFDI) and Outward Foreign Direct Investment (OFDI) are the main channels of international technology spillover. Whether the coordination of IFDI and OFDI (CIO) can promote IGT and what role the Chinese government's innovation support plays need to be investigated. Using China's provincial panel data from 2003 to 2019, this paper discusses the impact of CIO on IGT and the moderating effect of government's innovation support. It is found that the CIO can significantly promote the IGT. Government providing R&D funds directly can enhance the promotion of CIO to IGT. However, government releasing innovation signal indirectly shows a significant negative impact on the promotion of CIO to IGT. In addition, the impact of CIO on IGT and the moderating effect of government's innovation support are heterogeneous significantly among different regions. This study not only helps to clarify the relationship between CIO and IGT but also provides enlightenment for government to scientifically formulate innovation policies to achieve green economic development., (© 2022. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.)

With the internationalization and financial development, it is urgent to explore the effect of foreign direct investment on green economy under the context of multiple environmental regulations. By using the provincial panel data in the period of 2000-2016, the paper adopts the System Generalized Method of Moments and threshold models to detect the moderating effect of diversified environmental regulation on the nexus between foreign direct investment and green growth in China. The empirical results reveal that foreign direct investment has direct positive spillovers on China's green growth and supports the "pollution halo" hypothesis. There is a threshold effect of command-and-control regulation that exists in foreign direct investment's spillovers to green growth. Stricter command-and-control regulation can stimulate foreign direct investment's spillovers on green growth in China; however, market-based and informal regulations fail to. Some suggestions are proposed for constructing a matched and compatible policy system of foreign direct investment, environment protection, and economic growth by adjusting the intensity, tools, and enforcement of corresponding policies., (© 2021. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.)

The transport sector proves a major energy consumer in China, but improving energy-saving performance in China's provincial transport sector from the lifecycle perspective remains unresolved. Thus, this study employs the environmentally extended multi-region input-output (MRIO) method, structural path analysis, and the newest MRIO table of China from 2017, to investigate how to improve the energy-saving performance from final demand structure, supply chain, and pathway perspectives. The relevant results are threefold. (1) Regarding the final demand structure level, the embodied energy consumption of China's transport sector is predominantly driven by investment from the production side, while that of the consumption side is primarily caused by exports. (2) At the supply chain level, production-side embodied energy consumption primarily occurs along a three-echelon supply chain, while that from the consumption side mostly occurs via a two-echelon supply chain. (3) At the pathway level, the production-side energy-saving performance of China's provincial transport sector is dominated by two pathways along the construction sector, including transport sector → construction sector → final demands, and transport sector → intermediate inputs → construction sector → final demands, while that of the consumption side is chiefly determined by three pathways along internal transportation chains., Competing Interests: Declaration of competing interest The authors declare that they have no known competing financialinterestsor personal relationships that could have appeared to influence the work reported in this paper., (Copyright © 2024 Elsevier Ltd. All rights reserved.)

This article investigates the influence of financing sources and financial constraints on green investment, based on a study conducted with a sample of Eastern European SMEs from 2018 to 2020. We constructed a green investment proxy using principal component analysis, revealing two principal pillars: pure green investment and mixed green investment. Employing two-stage least squares regression analysis (2SLS) and instrumental probit (IV Probit), our results demonstrate that internal finance positively impacts green investment. Conversely, we find that leverage and financial constraints negatively correlate with green investment and environmental performance. The findings of this study provide compelling evidence that SMEs operating in the Eastern European region face significant financial constraints, impeding their ability to adopt responsible investments aimed at reducing their considerable environmental footprints. These results hold valuable implications for both managers and policymakers, emphasizing the importance of facilitating increased access to debt and devising green financial incentives to promote environmentally responsible investments among Eastern European SMEs, particularly during periods of conflicts., Competing Interests: Declaration of competing interest The authors declare that they have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this paper., (Copyright © 2024 Elsevier Ltd. All rights reserved.)

This study aims to investigate the impact of conflict on greenfield foreign direct investment (FDI) in the mining sector covering the period of the 1st quarter of 2003 until the 3rd quarter of 2017, across 151 countries. Unlike previous works, this paper focuses on testing two impacts. First, we test for a dynamic impact to uncover the effect of conflict on FDI over the contemporary and subsequent annual quarters. Second, we test for a spatial spillover impact. To achieve these goals, we apply both a panel spatial approach and an event study analysis, using a unique proprietary database FDIMarkets. The main findings are as follows. First, the presence of a dynamic impact depends on the intensity of the conflict for the particular country group, with higher levels of intensity being associated with a higher probability of the presence of a dynamic effect. Second, we find a significant negative spillover impact of greenfield mining FDI of neighbouring countries on the greenfield mining FDI of the FDI-receiving economy. We do not find, however, that conflict in neighbouring countries has a spatial spillover impact on greenfield mining FDI of the FDI-receiving economy., Competing Interests: Declaration of competing interest The authors declare that they have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this paper., (Copyright © 2023 The Authors. Published by Elsevier Ltd.. All rights reserved.)

Green investment transformation is the main interval difference of the Belt and Road Initiative, however, its actual effects are still uncertain. Finding out its utility, mechanism and improvement on green economy may accelerate green development. In this paper, Slack Based Measure model is used to obtain original results, Super-Efficiency model is used to sort effective decision-making units for stronger efficient frontier and Minimum Distance to Strong Efficient Frontier model is used to narrow gaps between non-effective ones and real situations. Then Global Malmquist-Lunberger index makes results dynamisation. Samples of 51 countries joining the Belt and Road Initiative from 2008 to 2022 are used in above-mentioned models to portray green economic dynamics. Then utility, mechanism and improvement of green investment transformation on green economy are studied through econometric model. The findings show that (i) Green Belt and Road Initiative makes green economic development more stable. The standard deviation decreases by 96.53% and mean maintains in 1.5. However, disconnection between a 36.36% increase of pure technological change and a 24.83% decline of its scale effect inhibits technical advance. (ii) Share of countries obtaining green scale revenues reaches 56.86%, which realizes a 52.64% increase. Furthermore, gaps between countries with positive status and those with negative status narrow 68.42%. Positive group accounts for 50% in developed countries and 46.15% in developing countries. (iii) Performance of Green Belt and Road Initiative is better than the Belt and Road Initiative. A one standard deviation increase in green investment transformation increases green economic development by 0.2705 (0.2105), which is a 18.57% (14.45%) increase relative to average green economic development of 1.457. Former's strengths also reflect in different quantiles, lagging effect and heterogeneity analysis. (iv) Green investment transformation of Green Belt and Road Initiative broadens more reliable mechanism (Promote Innovation - Strict Regulation - Ensure Commercialization) based on original one (Improve Efficiency - Decrease Costs - Increase Revenues) of the Belt and Road Initiative. (v) For the green investment transformation with government subsidies, property rights protection, investment environment stability and exchange cooperation, magnitudes of its effects on green economic development have significant increases by 25.03%, 31.77%, 8.01% and 10.12% respectively. The findings not only help understand green economic status, but also support some policy insights for achieving green economy by discovering utility, mechanism and improvement of green investment transformation., Competing Interests: Declaration of competing interest All authors disclosed no relevant relationships., (Copyright © 2023 Elsevier Ltd. All rights reserved.)

This research investigates the dynamic dependence and causality relationship of the S&P Kensho Clean Energy (CE) and Cleantech (CT) indices with two green bond indices, including the S&P Green Bond Index (GB) and Green Bond Select (GBS) indices, and four Islamic bond indices, including A-, AA-, AAA-, and BBB-graded Sukuk Indices. In the long- and medium-term, the dependence of CE and CT on Sukuk and green bond indices strengthens under normal or bearish market conditions based on quantile cross-spectral (coherency). Overall, among all alternative financing instruments, AA- and A-rated Sukuk indices and GBS indices have higher coherency with CE and CT. Furthermore, the direction of causality in the frequency domain is most commonly observed from Sukuk and bond indices to CT and CE. Once again, AA-rated, A-rated, and GBS have more significant causality effects on CT and CE for nearly all frequencies compared to other indices. These results present vital implications for both policymakers who want to advocate the development of environmentally friendly projects and investors who want to invest their capital in green economic activities in terms of diversifying and hedging their investments., Competing Interests: Declaration of competing interest The authors declare that they have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this paper, (Copyright © 2023 Elsevier Ltd. All rights reserved.)

The resource curse hypothesis has recently become an important research topic in environmental economics. However, there still needs to be consensus in the literature on whether natural resource rents (NRRs) support economic growth. Previous studies on China have mainly analyzed the resource curse hypothesis based on local or regional data. However, this study examines the issue based on national-level data using globalization and human capital as control variables. The dynamic Auto-Regressive Distributive Lag (DARDL) Simulations and the Kernel-based Regularized Least Squares (KRLS) techniques are employed for policy formulation for 1980-2019. The empirical assessments indicate that NRRs escalate economic growth, i.e., China's resource curse hypothesis is invalid. Further, empirical outcomes reveal that human capital and globalization encourage China's economic growth. The KRLS, a machine learning algorithm, also supports the findings of the DARDL approach. Finally, based on the empirical outcomes, several policy recommendations can be developed, such as more investment in the education sector and the use of NRRs for productive sectors of the economy., Competing Interests: Declaration of competing interest The authors declare that they have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this paper., (Copyright © 2023 Elsevier Ltd. All rights reserved.)

Based on the panel data of 16 cities in Anhui from 2010-2018, this paper measures the index system of fiscal structure and high-quality economic development in Anhui using the entropy weight method, and empirically analyzes the coordinated development level of fiscal structure and high-quality economic development in Anhui using coupled coordination degree model. The study finds that: (1) the overall structure of Anhui's fiscal expenditure is characterized by "service-oriented and investment-oriented", and there is a phenomenon that contradicts "Wagner Principle", and there are also spatial and temporal differences in Anhui's tax structure. (2) The level of high-quality development of Anhui economy shows a steady upward trend, but is still at a low level. (3) The level of coordinated development of fiscal structure and high-quality economic development is still low, and the overall situation is "on the verge of disorder" or "barely coordinated". (4) Regionally, the overall coordination of fiscal expenditure structure, tax structure, and high-quality economic development in southern Anhui shows a decreasing trend, while the overall coordination in central and northern Anhui shows an increasing trend, so that southern Anhui has been or will be surpassed by northern and middle Anhui, and the growth rate of middle Anhui is faster than that of northern Anhui., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2023 Zhou et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Continued investment in finance and innovation is beneficial to economic development, and the joining of green system can accelerate the process of economic recovery from environmental distress. To better enhance the relationship of green finance and green innovation, it is vital to demonstrate the synergy between the two thoroughly. Thirty provinces in China are selected to examine the coupling coordination relationship between the two, specifically testing the spatial aggregation and evolutionary differences in the coupling coordination by adopting the coupling coordination degree (CCD) model, spatial autocorrelation, and kernel density estimation. Conclusions of the paper show that green finance is calculated by the EW-TOPSIS method, and the overall score of provinces is low. Using super-SBM model to evaluate green innovation, the uneven distribution of efficiency is obvious, although it is gradually increasing. The CCD in most provinces is in low-level or basic coordination, with significant regional heterogeneity. The global Moran's index becomes gradually evident with time. The local Moran scatter diagram presents a downward trend from east to west, but with more L-L aggregation provinces emerging in 2020. The center of the national kernel density curve gradually shifts to the right, indicating that the national overall synergy level is improving. Deepening the understanding of the empirical results facilitates the formulation of reasonable policies that fit the four major regions., (© 2023. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.)

Under the constraints of energy and environment, improving green economic efficiency (GEE) has become the key path to promote the sustainable economic development. Among the driving factors of GEE, the role of outward foreign direct investment (OFDI) is worth exploring. In this paper, we adopt the inter-provincial panel data of China from 2011 to 2019 and System Generalized Method of Moments (SYS-GMM) to explore the influence of OFDI on GEE. We find that OFDI significantly improves China's GEE, and reverse technology spillover through direct investment in developed countries is an important way for OFDI to promote GEE. Regional heterogeneity test shows that OFDI significantly promotes GEE in eastern China; however, the promotion effect is not significant in midwestern China. Besides, the promoting effect of OFDI on GEE has been further improved after 2016. We further adopt panel threshold model and find that when the financial development (FD) and human capital (HUM) exceeds 2.0954 and 0.0290, respectively, the promoting effects of OFDI on GEE are greatly enhanced. We suppose that the above conclusions can provide guidance for policymakers to optimize OFDI and improve GEE., (© 2022. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.)

This paper aims to encourage power generation enterprises to actively carry out emission reduction activities by studying the impact of carbon emission reduction investment on long-term development. The existing literature mainly studies the interaction between national economic development and energy consumption at the macro level, and the impact of environmental protection investment by enterprises at the micro level on the short- and long-term economic consequences. However, there is still a large space for research on how specific emission reduction measures lead the long-term development of enterprises. Therefore, this paper chooses to introduce enterprise competitiveness, government subsidy, and management shareholding ratio respectively to conduct intermediary test and grouping regression, and empirically studies the mechanism of carbon emission reduction input of Chinese power generation enterprises on the cost of equity capital from 2013 to 2020. The results show that management shareholding can enhance the initiative of enterprises to reduce emissions. At the same time, carbon emission reduction investment can effectively reduce the cost of equity capital by improving the competitiveness of enterprises and forming a reputation mechanism faster. This study reveals the significance of carbon emission reduction investment as an important part of enterprise environmental protection investment, and emphasizes that the government and enterprises can effectively avoid the short-sighted tendency of enterprises and improve the long-term development power of enterprises by adjusting government subsidies, management shareholding ratio and other policies., (© 2023. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.)

This paper investigates the effect and possible mechanism of implicit macroeconomic policy uncertainty on regional energy productivity in China. This study takes the unexpected output of environmental pollution from energy consumption into account and uses the DEA-SBM method to measure the regional total-factor energy productivity (RTFEP) of prefecture cities in China from 2003 to 2017. Based on the economic policy uncertainty (EPU) index constructed by Baker et al. this paper estimates the effects of EPU on RTFEP and finds that there is a significant negative relationship between them. Specifically, for every unit increase in EPU, RTFEP will decrease by 5.7%. This paper further examines the mechanism of EPU on RTFEP from the perspective of the market and the government and finds that EPU exerts a restraining effect on RTFEP by affecting the consumption structure of the energy market and government intervention in the economy. In addition, the results show that there is heterogeneity in the impact of EPU on RTFEP which varies between resource-based cities at different development stages and different dominant resources. Finally, this paper proposes to cope with the negative impact of EPU on RTFEP by optimizing the energy consumption structure, regulating government investment areas, and transforming the economic development mode.

Both "dual cycle" and "carbon neutral" policies have been implemented as national strategies in China. But will "dual cycle" policy help carbon neutral policy and how do "dual cycle" policy affect carbon neutral policy? This paper investigates whether unbalanced bidirectional foreign direct investment (FDI) hinders electricity efficiency. To do so, it uses the super slack-based version of the global Malmquist-Luenberger index to measure electricity efficiency in 30 provinces from 2001 to 2020. This paper uses panel threshold regression model, finds out that bidirectional FDI below 1.7174 will positively impact electricity efficiency, but the positive effects disappear when bidirectional FDI exceeds 1.7174. Thus, balanced bidirectional FDI in province is required to enhance electricity efficiency., (© 2022. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.)

Multinational corporation has changed their host countries. The new wave of FDI inflow attracted the interest of policymakers. FDI has significant effects on both productivity and carbon dioxide emissions. The host countries should carefully consider the advantages and disadvantages of FDI to their nation. The previous literature has not illustrated the global context's theoretical halo or haven pollution hypothesis. Using panel data of 96 countries between 2004 and 2014, our empirical results confirm the haven pollution hypothesis in both developing and developed countries. We employ the different general methods of moments (GMMs) to engage FDI in traditional STIRPAT theoretical frameworks. The empirical results contribute to the evidence of the EKC theory. The country's income level has been used to modify our models. The affluence of the economy, urbanization, FDI, and industrial sector would cause harmful effects on carbon dioxin emissions globally. The paper implies the two models which can be used for both developed and developing countries. The policymaker can use both short-run and long-run elasticities from those models to implicate their country's FDI inflow strategy., (© 2022. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.)

This paper employs the slack-based model directional distance function to measure the green total factor productivity of each city, using the panel data of 284 prefecture-level cities in China from 2004 to 2019 and considering the unexpected output. The results are as follows: ① Foreign direct investment significantly suppresses the improvement of urban green total factor productivity, and the negative impact on the green technology progress index is the main reason to inhibit the increase of the green total factor productivity. The results are still significant through a series of robustness tests such as replacing variables and eliminating outliers; the positive intermediary effect of scientific and technological innovation exists, and the Sobel test and bootstrap random sampling test are passed. The upgrading of industrial structure has a positive regulating effect on the improvement of urban green total factor productivity. ② The impact of foreign direct investment on urban green total factor productivity has regional heterogeneity. The inhibitory effect of foreign direct investment on resource-based cities and non-coastal cities is greater than that on non-resource-based cities and coastal cities, and the negative impact on China-Europe train opening cities is greater than that on non-opening cities. Accordingly, the paper puts forward policy suggestions from the aspects of improving the quality of foreign direct investment and implementing differentiated management.

This paper examines the role of outward foreign direct investment on energy consumption and environmental quality in BRICS from 1990 to 2019. Most of the previous research considered foreign direct investment mainly focused on the environmental impact on the host country effect and ignored the home country effect. Therefore, the current study examines the home country effect of environmental pollution. We use various methodologies like cross-sectional dependence and the Pesaran-Yamagata slope homogeneity for the diagnostic test. After confirming the diagnosis test, we employ second-generation panel unit root tests, which confirms that all elements are stationary at first difference. The pooled mean group (PMG), Westerlund cointegration, two-step generalised method of moments (GMM), panel fully modified ordinary least square (FMOLS), and dynamic ordinary least square (DOLS) model have been used to determine the short-term and long-term association among the variables. The cointegration and PMG results confirm that the short-run and long-run association exists among the considered variables. The results reveal that developing countries produced environmental pollution at the early stage of development and checked in the long run. The study used the STIRPAT model to build an extended carbon dioxide emissions model by incorporating outward FDI, GDP per capita, and technology to achieve our objectives. The empirical results hold up the environmental Kuznets curve hypothesis, implying that outward FDI and energy consumption help expand greener technology to host countries' environmental improvement in the long run and confirm that an inverted U-shaped linkage exists. Hence, the study suggests that developing countries should pay more attention to sustainable development and technological development that encourages more eco-friendly and environment-friendly technology., (© 2021. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.)

Based on the panel data of 46 countries in "Belt and Road" (B&R) from 2004 to 2016, this paper studies the impact of innovation investment and institutional quality on green total factor productivity (GTFP). Firstly, the ICRG database, World Bank WDI database, Traditional Foundation database, and Wind database are matched to obtain the balanced panel data of 46 countries along the B&R from 2004 to 2016. Secondly, the Malmquist-Luenberger index, which can be included in the unexpected output, is used to calculate the GTFP of countries along B&R. Thirdly, the evaluation system of national institutional quality of B&R is constructed from three dimensions (political institutional quality, economic institutional quality, and legal institutional quality), and the overall system quality of different countries is measured by entropy method. Finally, an empirical study is made on the relationship among innovation investment, institutional quality, and green total factor productivity. The results show that innovation investment has significantly promoted the GTFP of the B&R countries. It is worth noting that there is a non-linear relationship between innovation investment and GTFP in the B&R countries. With the improvement of overall system quality, political system quality, economic system quality, and legal system quality, the promotion effect of innovation investment on GTFP is further enhanced. In addition, the heterogeneity regression results show that the impact of innovation investment on GTFP is significantly heterogeneous in different regions of the B&R countries. Specifically, innovation investment has the greatest impact on GTFP in South Asia, followed by East Asia and Pacific, Europe and Central Asia, Middle East, and North Africa., (© 2021. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.)

Using national dynamic panel data from 21 emerging markets between 1999 and 2020 and bidirectional fixed effect and threshold regression methods, this paper evaluated the impact of health investment on industrial structure upgrading from two aspects of economic output and economic structure. The results showed that: (1) public health investment and private health investment have a crowding out effect on the added value of primary and secondary industries, and the crowding out effect of public health investment is greater than that of private health investment; (2) Public health investment and private health investment have a spillover effect on the added value of the tertiary industry, and the spillover effect of public health investment is greater than that of private health investment; (3) Both public and private health investment contribute to the transfer of the labor force to the tertiary industry, and tests showed the baseline regression results were robust and reliable; (4) The relationship between health investment and industrial structure upgrading was non-linear. As per capital GDP increases, the inhibition effect of public health investment on industrial structure upgrading gradually weakens whilst the promotion effect of private health investment on industrial structure upgrading gradually increases. The results of this study clarify how health investment affects industrial structure, and offers new guidance for health investment policy formulation in emerging market countries., Competing Interests: The authors declare that the research was conducted in the absence of any commercial or financial relationships that could be construed as a potential conflict of interest., (Copyright © 2022 Chen, Wei and Zhi.)

In the course of China's rapid economic development, the coexistence of industrial development and dominant industrial agglomeration (AGG), along with growing environmental problems, has attracted widespread attention from scholars. Although the linear relationship between the two has been analyzed in depth in the research literature, a concomitant phenomenon, i.e., the gradual expansion in the scale of foreign direct investment (FDI), has been overlooked. By employing threshold panel regression model, this paper attempts to construct a theoretical model with embedded AGG and FDI, and incorporates other factors affecting environmental pollution (POL). For examining the mechanism of AGG on POL, we proposed a testable theoretical hypothesis, and conducted an empirical study by combining panel data of POL and AGG at the provincial level in China. The measurement index of a control variable was changed to check the robustness of our results, and the coefficient sign of each explanatory variable was not changed, confirming the robustness of main results. Overall, AGG improves regional POL, but the impact of FDI is stage-specific and roughly there are three stages. Specifically, the positive effect of AGG on POL is strong when FDI is at a low level. When the level of FDI crosses the first threshold and continues to rise, the positive effect of AGG on POL reaches its strongest; until the second threshold is crossed, the positive effect of AGG starts diminishing slowly. Concluding this, for promoting economic development and environmental protection in the region in parallel, government and enterprises should prioritize the increment in FDI, with an equalization of levels of AGG and FDI, in order to enhance the improvement effect of AGG on POL., (© 2021. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.)

The core idea behind government debt is to fund fiscal deficit, which is anticipated to drive economic investments. To a larger extent, this is not the case, as evidenced in the Nigerian context, where debt has risen so high with investment levels declining, thus questioning the government's ability to manage and sustain its debt to pursue vital investment needs. This study aimed to investigate the threshold effect of debt sustainability on investments amidst macroeconomic swings from 1981 to 2020. In this regard, the threshold autoregressive regression (TAR) was used because it gave information on the optimal threshold of debt sustainability that would attract investments. Also, the Granger causality test was carried out to show the direction of causality among the variables. This paper concentrated on debt service to revenue and total debt stock to GDP as debt sustainability measures while investment was decomposed into public, private, and foreign investments. The paper yields that, based on the multivariate TAR analyses, the main threshold variables, that is, debt service to revenue and total debt stock to GDP, had a non-linear relationship with public, private, and foreign direct investments amidst changes in macroeconomic variables such as exchange rate, inflation, and monetary policy rate. The threshold coefficient of debt service to revenue indicated that public and foreign direct investments declined during low thresholds while private investment increased. However, the opposite prevailed when debt service to revenue exceeded the threshold values. However, the Granger causality test showed that debt service to revenue Granger caused total debt stock to GDP and exchange rate Granger caused debt service to revenue ratio, implying that exchange rate swings could affect the government's ability to service debt which in turn explains the non-linear relationship between debt sustainability and investments. Hence, it was concluded that Nigeria's lack of debt sustainability was associated with revenue generation, which explains why the models did not follow a linear path. [ABSTRACT FROM AUTHOR]

Tourism is an important sector that has an impact on the development of a country's economy. Among the main benefits of tourism are income generation and job creation. It is the most important source of wealth in many parts of the country. The national economy can benefit from tourism as long as there is availability for investment to develop the infrastructure that will meet the needs of tourists. Romania has tourist potential to develop coastal tourism and mountain tourism, but also other alternative forms of tourism. The aim of the article is to present the impact of tourism on the economy, especially on income. The paper presents tourism as an excellent potential, a catalyst for economic growth thus representing a key sector at the macro-economic level. [ABSTRACT FROM AUTHOR]

Financial development is possible investments creating information about and allocation of capital, monitoring of companies and corporate administration, commerce, diversification and risk management, accumulation and accumulation of savings, exchange of goods and services in activities like facilitation includes improvements. provided by financial institutions economic theory, at best and efficient financing institutions-banks, stock markets and bond markets-which capital it's for high production applications paying is for economic growth beneficial. development of developing Asia strong to retain and efficient financial systems particularly important are because the performance of the investment as a driver of the region's development reduces the amount of investment. Since the early 1990s the region's financial systems are deep and diversified data indicate. 125 countries more formal econometrics on panel data quantitative analysis, financial development significant in development positive effect confirms having, especially in developing countries. of financial development in the development of the region impact than elsewhere significantly different thatno, for the asian financial crisis since then its influence has weakened the results also indicate that financial intermediaries, these teachers are bankers finance in the weakness of the sector effect of liberalization Is it a temporary effect will check that, that is, in the following years only this is observed. beginning of liberalization. this is not the case. of the banking sector weaknesses will only become apparent over time. however, in developing countries financial Liberalization Policy as an important part of the reform has Among some researchers, it is about virtues reflects overall confidence financial liberalization is that of the banking sector lead to weakness significant factor is, also of economics status even after controlling that there is this effect they found, the first one below income in the area earning funds summarize the implications the first one below review the area we do. income, cost and Savings, investment and wealth accumulation financial statements of we briefly reviewed do. The second division financial institutions orrole of intermediaries deals with The third section income, interest and money conventional theories about funding for real development between growth and development for important contacts enough attention that he did not pay some theoretical adaptations proposes and argues. The purpose of this paper is tofield-projectseveral in conjunction with the detain determinations and measurement perceived at a distance water using data for productivity mapping (WPM)methods and protocols is to create. Stock Market Investments, Real Estate Investments, Cryptocurrency Investments, Peer-to-Peer Lending and Startups and Venture Capital. Risk Management, Return on Investment (ROI), Portfolio Diversification and Costs and Fees. the Ranking of Financial development. Real Estate Investments is got the first rank whereas is the Cryptocurrency Investments the Lowest rank. [ABSTRACT FROM AUTHOR]

This paper examines the relationship between external debt and economic growth over the period 1981-2021 in Nigeria using the ARDL econometric technique. As economic growth is elusive amid a high and increasing stock of external debt, the country is on the verge of losing access to international financing. Thus, the problem provokes raging discussion on whether, or not, external debt is growth-enhancing in Nigeria. As such, in an attempt to contribute to the discussion and proffer a solution to the problem, this paper builds on an earlier study. Consequent upon preliminary diagnostics, a oneway causality is established to run in a specific pairwise relationship as each of external debt and domestic investment Granger causes economic growth. Moreover, following the affirmation of the long-run relationship among the variables, estimation results reveal an inverse relationship between real interest rate and economic growth in the short-run. The results further establish that external debt impacts negatively, as against openness to trade and domestic investment averagely impacting positively, on economic growth in both the short-run and long-run. In essence, if it becomes pertinent for the country to borrow for growth-enhancing investments, the government is advised to borrow at a zero rate of real interest. [ABSTRACT FROM AUTHOR]

The larger context of our research is the impact of the Romanian transportation infrastructure development on the nation's economy. In this paper we focus on presenting the inland waterways, canals and maritime transportation infrastructure, the volume of goods transported and some economic implications. The scope of the present study is to analyze data regarding the volume of goods transported on the inland waterways and maritime transportation infrastructure. The considered time-frame for this paper is from 1990 to 2019 and the data was collected from sources such as annual reports of Governmental Agencies, Eurostat and the National Institute of Statistics. We found that there is severe lack of reported data or even data inconsistency between authorities. As economic policy implications we mention the need for investments in maintenance, development, and modernization of infrastructure to stimulate the positive trend in volumes of goods transported. [ABSTRACT FROM AUTHOR]

At the moment the world is facing a global energy security problem. Most countries have been faced with difficult decisions to take about energy, what stocks they can make, when and how it is used, what is the maximum annual production they can achieve from both renewable and non-renewable sources, and what the future will look like with the transition to green energy. This transition has been intensely debated by all European countries, as well as by other countries outside the European Union. The European Union has set two deadlines (2030, 2050) to significantly reduce its carbon footprint. Looking at geopolitical factors from a not-so-optimistic perspective, the transition to green energy has been put under accelerated debate and decisions are starting to take shape. This can be on the one hand encouraging, on the other hand it challenges a number of vectors: political, mechanical, physical, legal. The synergy between all these factors is extremely important if the transition to green energy is to be successful. One of the options that could be exploited is the production of biogas and its use in extended areas, as the main resources for obtaining it are varied and inexhaustible, at least for the moment. An example of the efficient use of biogas is CrisTim, which has started to use this green energy to heat its production halls. Another example of this is Schwab Agro SRL, an agricultural and wine company that has incorporated biogas production into its business. The resulting biogas is used to heat the greenhouses it owns and in other production activities. This article aims to highlight the major importance that biogas could have, and the long-term sustainability it offers. The methodology of the paper is based on a comparative analysis of studies and indicators. The literature in this field is becoming more and more extensive, as interest in this direction has been growing recently. This paper aims to analyze whether this direction towards biogas can be the optimal option for most European countries and the key to a sustainable energy source. [ABSTRACT FROM AUTHOR]

Copyright of Proceedings of the Faculty of Economics in East Sarajevo / Zbornik Radova Ekonomskog Fakulteta u Istočnom Sarajevu is the property of University of East Sarajevo and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Globalization has accelerated competition and exposed regions, localities, and firms and forced them to adapt to changing economic circumstances and conditions. More recently, researchers have become more interested in food as an essential element of Local Economic Development (LED). Even though LED has previously been focused on increasing production in industries such as mining, agriculture, manufacturing, etc., food tourism has been identified as a niche economic driver. A sample of 149 respondents made up of 82 women and 67 men were randomly selected for the study. Frequency analyses were used to present the sample and dimensions in focus. Significant differences were tested using independent sample t-tests and ANOVA. The results show that eating food is not just what we enjoy but it is a medium of cultural exchange and experience. The use of food tourism LED is based on its role in driving the destinations' competitiveness. For domestic and international tourists, the presence and availability of food fulfill a cultural and emotional gap. Food builds stronger bonds between people and countries and offers an important setting to enhance investment and trade ties. Food has a multiplier effect, which adds value to the local economy by rejuvenating the economic fortunes of the local economy. Food as a tool for economic development presents a fascinating idea about identity, everyday life, and pleasure since it bears a symbolic meaning which determines the destination's attributes and the overall distinct attractiveness. Therefore, certain spaces and assets for tourism development are required as preconditions for successful tourism-LED development. The paper concludes that food tourism has accelerated the growth of investment in events, conferences, and meetings in Durban. However, more scholarly and rigorous research is needed to untangle questions about local economic development and the consumption of local food. [ABSTRACT FROM AUTHOR]

Domestic revenue mobilisation is fundamental if African countries are to fund investments in health, education, infrastructural development, economic growth, human capital development, security, and prosperity to attain the Sustainable Development Goals by 2030. Some goals focus on eradicating poverty, reducing inequalities, strengthening institutions, and providing decent work. This requires resources and investment, yet Sub-Saharan African countries continuously struggle to mobilise enough revenue to meet basic government objectives. Through a critical literature review, this paper focuses on sustainable tax revenue mobilisation in Sub-Saharan African Countries, discussing the challenges, opportunities, and prospects for possible amelioration of tax systems. Challenges identified to explain the ineffectiveness of revenue mobilisation in these countries include the presence of a significant informal sector, weak tax administration capacities, the growth in the digital economy, corruption, governance quality, and increased tax avoidance and evasion by multinational companies. Possible prospects include taxation of the digital economy, taxing the informal sector, the capacitation of tax authorities, and the broadening of tax bases. [ABSTRACT FROM AUTHOR]

The focus of this paper is the role of the building industry in post-COVID-19 economic recovery plans. Investment in infrastructure forms a major part of many countries' strategies to engender economic growth and construction is the pivotal industry in enabling the implementation of the plans in a sustainable manner. This study looks at the effects of investment in infrastructure on the economy with reference to the role of the construction industry in delivering this investment. Basic issues are considered, particularly concerning how relevant investment can be measured and how the contribution of the construction sector can be realistically assessed. A review of data sources and empirically peer-reviewed papers is undertaken. Based on longitudinal time series data from national statistics agencies and international organizations, analysis is undertaken to discover the relationship between infrastructure investment and economic growth. The study focuses on the UK, but comparisons are made with other countries to consider alternative approaches to stimulus investment policies with digitalization, and sustainability and green investment being a growing feature of investment plans. Potential issues of these approaches are examined and the main barriers to their achievement are identified. Emerging trends and a set of policy agendas are proposed to guide future directions. [ABSTRACT FROM AUTHOR]

There is an ongoing dialogue that explores how the global production network and evolutionary economic geography (EEG) literatures can make promising crossovers. This paper aims to contribute to this debate by outlining a theoretical-analytical approach to regional studies on global value chains (GVCs). Building on the EEG literature on relatedness, economic complexity and regional diversification, this approach aims to develop a better understanding of the ability of regions to develop new and upgrade existing GVCs, and why regions may experience the loss or downgrading of existing GVCs. We present the features of this relatedness/complexity approach to GVCs and discuss potential fields of applications. [ABSTRACT FROM AUTHOR]

India and the Republic of Korea (RoK) are, respectively, the second and sixth largest economies of Asia with significant trade ties since the historic past. India is currently negotiating to upgrade the Comprehensive Economic Partnership Agreement (CEPA) with the RoK, which was operationalized on January 1, 2010. A key area of concern for India has been its increasing trade deficit with the RoK which has more than doubled since 2009–10. This paper aims to analyze the flow of goods, services and investment between the two sides in major sectors of interest in the last decade. Further, it aims to identify barriers to trade and investment for the Indian exporters and areas of improvement in the CEPA and beyond to enhance economic gains for both sides. [ABSTRACT FROM AUTHOR]

Copyright of Yearbook of the Faculty of Political Sciences / Godisnjak Fakultet Politickih Nauka Beograd is the property of University of Belgrade, Faculty of Political Sciences and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

External urban relations are commonly described as one of two types: hierarchical local hinterlands (central place theory) and networked non-local hinterworlds (central flow theory), referred to as town-ness and city-ness, respectively. This paper builds on and develops these generic concepts to make them specifically relevant to today's corporate globalization. The central place process is represented by multi-nodal global city-regions, and the central flow process is represented by inter-city capital investment flows. We find that capital flows in global cities increase flows to proximate smaller cities within their regions. This empirical link between city-ness and town-ness has theoretical and policy implications. [ABSTRACT FROM AUTHOR]

Using the annual data of Pakistan's economy from 1975 to 2018, this paper explores the channels linking social spending and economic growth. With separate modeling for education and health capital, the paper finds that health spending has a statistically significant and negative impact on the mortality rate which infers that health improvement in Pakistan is dependent on the volume of health expenditures. Also, educational spending has a statistically significant and positive impact on the educational level. Last model report that health and education capitals have a positive association with the economic growth of the country. Overall findings have made a great advance in the existing literature on how health and education capitals can play a vital role in boosting the economic growth of the country. [ABSTRACT FROM AUTHOR]

Copyright of Zeszyty Naukowe Politechniki Poznanskiej. Organizacja & Zarzadzanie is the property of Poznan University of Technology and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Desarrollo Económico is the property of Instituto de Desarrollo Economico y Social and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)