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The role of stock markets on environmental degradation: A comparative study of developed and emerging market economies across the globe

机译：股票市场在环境恶化中的作用：全球发达和新兴市场经济体的比较研究

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摘要

It is well established in the literature that stock markets increase both economic activities and energy consumption across countries. Therefore, it is commonly believed that stock markets are expected to have a significant effect on CO2 emissions. However, it is not known whether these stock markets can contribute to more or less CO2 emissions. Hence, the goal of this study is to examine the impact of stock market indicators on CO2 emissions across a global panel of both developed and emerging market economies. The results establish that stock market indicators have a significant negative and positive impact on carbon emissions in developed and emerging market economies, respectively. Furthermore, the findings illustrate the presence of the Environmental Kuznets Curve (EKC) hypothesis, implying that stronger stock markets lead to a further decline in carbon emissions. Given these findings, the study argues that the role of stock markets in the abatement of CO2 emissions significantly varies across both developed and emerging market economies. Significant implications have to do with the fact that developed markets might have initiated effective policies on listed firms to minimize carbon emissions, while emerging markets are yet to achieve this. (C) 2017 Elsevier B.V. All rights reserved.
机译：在文献中已经很好地证明，股票市场增加了各国的经济活动和能源消耗。因此，通常认为股票市场将对CO2排放产生重大影响。但是，尚不清楚这些股票市场是否会导致或多或少的二氧化碳排放。因此，本研究的目的是在发达和新兴市场经济体的全球面板上研究股票市场指标对二氧化碳排放的影响。结果表明，股票市场指标分别对发达和新兴市场经济体的碳排放具有显着的负面和正面影响。此外，研究结果说明了环境库兹涅茨曲线（EKC）假设的存在，这意味着股市走强导致碳排放量进一步下降。鉴于这些发现，该研究认为，发达市场和新兴市场经济体中，股票市场在减少二氧化碳排放中的作用差异很大。重大影响与以下事实有关：发达市场可能已对上市公司发起了有效的政策，以最大程度地减少碳排放，而新兴市场尚未实现这一目标。 （C）2017 Elsevier B.V.保留所有权利。

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