The role of financial development on renewable energy: A meta-regression analysis.

• We employed MRA to specify the authentic empirical effect based on 328 estimation results from 33 primary studies. • Financial development leads to higher renewable energy consumption / use / capacity / production according to the MRA. • There is no publication bias in the existing literature. • The authentic empirical effect may change depending on financial development or renewable energy indicators used, time period covered, the unit analyzed, and the estimation technique employed. • There is an omitted variable bias in the existing literature. The current paper tries to determine and quantify the authentic empirical effect of financial development on renewable energy beyond publication selection bias, if any, based on 328 estimation results from 33 primary studies that were published or presented over the period of 2009-2022. Bivariate and multivariate FAT-PET analyses were used as tools of meta-regression analysis. A positive significant authentic empirical effect of financial development on renewable energy is found as a first contribution. Hence the results support Hypothesis 1; by offering more reliable, efficient, and less costly funds to investors; whether private or public, financial development boosts renewable energy. An absence of publication bias is resulted regarding the overall findings of the primary studies or design characteristics (moderating variables) as a second contribution. Based on the results for moderating variables, the authentic empirical effect may change in direction and magnitude due to the financial development or renewable energy indicators used, the time period covered, the unit analyzed, and/or the estimation technique employed as a third contribution. Omitted variable bias is found in the existing literature analyzing this subject. [ABSTRACT FROM AUTHOR]