نوع مقاله : مقاله پژوهشی - کاربردی
نویسنده
گروه اقتصاد محیط زیست، دانشکده منابع طبیعی و محیط زیست، دانشگاه آزاد اسلامی، واحد علوم و تحقیقات تهران، تهران، ایران.
چکیده
هدف: هدف از این مطالعه بکارگیری یک شاخص ترکیبی برای کیفیت محیطزیست جهت بررسی تأثیر آستانهای توسعه مالی بر این شاخص ترکیبی میباشد؛ چرا که بکارگیری این شاخص ترکیبی که در بردارنده تمامی ابعاد آلودگی محیطزیست میباشد، میتواند نتایج دقیقتری را برای ما در این تحقیق ارائه دهد.
روش‌شناسی پژوهش: جهت دستیابی به اهداف تحقیق، از دادههای سالیانه مربوط به کشورهای منتخب OPEC طی بازه زمانی 2000 تا 2019 و رویکرد غیرخطی رگرسیون انتقال ملایم پانلی استفاده شده است. ابتدا با استفاده از رویکرد CRITIC شاخص ترکیبی محیطزیستی به عنوان متغیر وابسته ساخته شد و سپس، آزمونهای اولیه (آزمون وابستگی مقطعی، آزمون ریشه واحد نسل دوم، آزمون وجود رابطه غیرخطی و آزمون وجود رابطه غیرخطی باقیمانده) قبل از تخمین مدلهای تحقیق انجام شد. درنهایت، تاثیر آستانهای توسعه مالی بر کیفیت محیطزیست در قالب دو مدل تخمین زده شد.
یافته ها: نتایج بر وجود یک رابطه غیرخطی بین متغیرهای مورد بررسی دلالت دارد و یک مدل دو رژیمی برای تفسیر رفتار غیرخطی بین متغیرهای تحقیق پیشنهاد شد. متغیر توسعه مالی (بانک محور و بازار محور) در رژیم حدی اول اثر منفی و در رژیم حدی دوم تأثیر مثبت بر کیفیت محیط زیست داشتهاند. بر این اساس، رابطه U شکل بین توسعه مالی و کیفیت محیط زیست تأیید میشود. با توجه به نوع رابطه بین رشد اقتصادی و کیفیت محیطزیست در دو رژیم، فرضیه منحنی محیط زیستی کوزنتس نیز مورد تأیید قرار میگیرد.
اصالت/ارزش افزوده علمی: پیشنهادات سیاستی و همچنین پیشنهادات جدیدی برای مطالعات آینده ارائه شده که نه تنها میتوانند در اجرای هر چه بهتر سیاستهای اقتصادی- محیطزیستی کمک قابل توجهی نمایند بلکه در ارتقاء ادبیات اقتصادی – محیطزیستی نیز میتوانند نقش مهمی ایفا کنند.
کلیدواژه‌ها
موضوعات
عنوان مقاله [English]
Threshold impact of financial development on the composite environmental quality index with emphasis on the role of research and development: using multi-criteria decision makin and principal component analysis
نویسنده [English]
- Hossein Ali Fakher
Department of Environmental Economics, Faculty of Natural Resources and Environment, Science and Research Branch, Islamic Azad University, Tehran, Iran.
چکیده [English]
Purpose: The purpose of this paper is to apply a composite index for environmental quality to investigate the threshold impact of financial development on this composite index; Because the use of this composite index, which includes all dimensions of environmental pollution, can provide more accurate results for us in this study.
Methodology: In order to rech the research goals, annual data for selected OPEC countries over the period of 2000 to 2019 and Panel Smooth Transition Regression (PSTR) approach are used. Firstly, a composite environmental quality index is created as a dependent variable in the model and then, the pre-estimations (including cross-sectional dependence, second-generation unit root, nonlinear association existence, no-remaining nonlinear association existence) are investigated. Finally, the threshold impact of financial development on environmental quality are estimated.
Findings: The results indicate a non-linear relationship between the studied variables. According to the test of no-remaining nonlinear association, the inclusion of a transfer function with a threshold parameter which is representing a two-regime model, is recommended to determine the nonlinear relationship between variables. Financial development (bank- and market-oriented) in first regime have a positive effect, but by crossing of threshold and entering to second regime it has negative effect on environmental quality. Accordingly, there is a U-shaped relationship between financial development and environmental quality. Given the relationship between economic growth and environmental quality in the two regimes, the Environmental Kuznets Curve (EKC) hypothesis is also confirmed. The trade openness and, research and development expenditures in both regimes have negative and positive effects on the composite environmental quality index, respectively.
Originality/Value: Based on the results, some policy suggestions and new recommendations are presented for future studies, which would contribute to the better implementation of economic–environmental policies.
کلیدواژه‌ها [English]
- Economic growth
- Financial development
- Environmental indicators
- CRITIC approach
Adu, G., Marbuah, G., & Mensah, J. T. (2013). Financial development and economic growth in Ghana: does the measure of financial development matter?. Review of development finance, 3(4), 192–203. https://doi.org/10.1016/j.rdf.2013.11.001
Ahmadi, M., Falahati, A., & Delangizan, S. (2019). Transition dynamic analysis of the regional disparity in Iran (case study: Iran Provinces). Quarterly journal of quantitative economics, 17(1), 85-119. (In Persian). https://doi.org/10.22055/jqe.2019.27789.1984
Ali, H. S., Law, S. H., Lin, W. L., Yusop, Z., Chin, L., & Bare, U. A. A. (2019). Financial development and carbon dioxide emissions in Nigeria: evidence from the ARDL bounds approach. Geojournal, 84, 641–655. https://doi.org/10.1007/s10708-018-9880-5
Alsamara, M., Mrabet, Z., Saleh, A. S., & Anwar, S. (2018). The environmental Kuznets curve relationship: a case study of the Gulf Cooperation Council region. Environmental science and pollution research, 25(33), 33183–33195. https://doi.org/10.1007/s11356-018-3161-1
Aşıcı, A. A. (2013). Economic Growth and its Impact on Environment: a panel data analysis. Ecological indicators, 24, 324-333. https://doi.org/10.1016/j.ecolind.2012.06.019
Aydin, C., Esen, O., & Aydin, R. (2019). Is ecological footprint related to the Kuznets curve a real process or rationalizing the ecological consequences of the effluence? evidence from PSTR approach. Ecological indicators, 98, 543-555. https://doi.org/10.1016/j.ecolind.2018.11.034
Baloch, M. A., Zhang, J., Iqbal, K., & Iqbal, Z. (2019). The effect of financial development on ecological footprint in BRI countries: evidence from panel data estimation. Environmental science and pollution research, 26(6), 6199–6208. https://doi.org/10.1007/s11356-018-3992-9
Behboudi, D., Bagher Beheshti, M., & Mousavi, S. (2011). Human development and sustainable development in selected oil exporting countries. Journal of science and development, 17(33), 271-293. (In Persian). https://www.sid.ir/fa/journal/ViewPaper.aspx?id=153345
Cetin, M., Ecevit, E., & Yucel, A. G. (2018). The impact of economic growth, energy consumption, trade openness, and financial development on carbon emissions: empirical evidence from Turkey. Environmental science and pollution research, 25(36), 36589-36603. https://doi.org/10.1007/s11356-018-3526-5
Charfeddine, L., & Mrabet, Z. (2017). The impact of economic development and social-political factors on ecological footprint: a panel data analysis for 15 MENA countries. Renewable and sustainable energy reviews, 76, 138- 154. https://doi.org/10.1016/j.rser.2017.03.031
Chen, J., Li, Z., Song, M., & Dong, Y. (2021). Decomposing the global carbon balance pressure index: evidence from 77 countries. Environmental science and pollution research, 28, 7016-7031. https://doi.org/10.1007/s11356-020-11042-1
Chu, K., Liu, W., She, Y., Hua, Z., Tan, M., Liu, X., Gu, L., & Jia, Y. (2018). Modified principal component analysis for identifying key environmental indicators and application to a large-scale tidal flat reclamation. Water, 10(1), 69. https://doi.org/10.3390/w10010069
Çoban, S., & Topcu, M. (2013). The nexus between financial development and energy consumption in the EU: a dynamic panel data analysis. Energy economics, 39, 81–88. https://doi.org/10.1016/j.eneco.2013.04.001
Colletaz, G., & Hurlin, C. (2006). Threshold effects of the public capital productivity: an international panel smooth transition approach. hal-03527624, version 1. Available at https://hal.archives-ouvertes.fr/hal-03527624
Daheshvar, T., Danehkar, A., Monavari, M., Riazi, B., & kheyrkhah zarkesh, M. (2014). Analysis of coastal environment vulnerability determination methods. Human and environment, 12(28), 41-62. (In Persian). http://he.srbiau.ac.ir/article_6315.html?lang=en
Danish., & Wang, Zh. (2019). Investigation of the ecological footprint’s driving factors: What we learn from the experience of emerging economies. Sustainable cities and society, 49, 101626. https://doi.org/10.1016/j.scs.2019.101626
Danish., Ulucak, R., & Khan, S. U-D. (2020). Determinants of the ecological footprint: role of renewable energy, natural resources, and urbanization. Sustainable cities and society, 54, 101996. https://doi.org/10.1016/j.scs.2019.101996
Darbidi, M., Delangizan, S., Fatahi, Sh., & Sharif Karimi, M. (2020). Impact of innovation on pollution emission of iranian provinces in the framework of environmental kuznets curve (spatial econometric approach). Quarterly journal of applied theories of economics, 7(3), 71-98. (In Persian). DOI: 10.22034/ECOJ.2020.11586
Dogan, E., Ulucak, R., Kocak, E., & Isik, C. (2020). The use of ecological footprint in estimating the Environmental Kuznets Curve hypothesis for BRICST by considering cross-section dependence and heterogeneity. Science of the total environment, 723, 138063. https://doi.org/10.1016/j.scitotenv.2020.138063
Ehigiamusoe, K. U., & Lean, H. H. (2019). Effects of energy consumption, economic growth, and financial development on carbon emissions: evidence from heterogeneous income groups. Environmental science and pollution research, 26, 22611-22624. https://doi.org/10.1007/s11356-019-05309-5
Elsalih, O., Sertoglu, K., & Besim, M. (2020). Environmental performance, comparative advantage of crude oil and the role of institutional quality. Environmental science and pollution research, 27, 3489–3496. https://doi.org/10.1007/s11356-019-06838-9
Esty, D. C., Levy, M., Srebotnjak, T., & de Sherbinin, A. (2005). 2005 environmental sustainability index: benchmarking national environ-mental stewardship. Italy: Yale Center for Environmental Law & Policy.
Faisal, F., Tursoy, T., & Berk, N. (2018). Linear and non-linear impact of Internet usage and financial deepening on electricity consumption for Turkey: empirical evidence from asymmetric causality. Environmental science and pollution research, 25, 11536–11555. https://doi.org/10.1007/s11356-018-1341-7
Fakher, H. A. (2019). Investigating the determinant factors of environmental quality (based on ecological carbon footprint index). Environmental science and pollution research, 26, 10276-10291. https://doi.org/10.1007/s11356-019-04452-3
Fakher, H. A. (2020). Analytical insights on the relationship between economic growth and environmental degradation in framework of EKC hypothesis and various environmental indicators. Innovation management and operational strategies, 1(3), 252-268. (In Persian). DOI: 10.22105/IMOS.2021.272348.1032
Fakher, H. A., & Abedi, Z. (2017). Relationship between environmental quality and economic growth in developing countries (based on environmental performance index). Environmental energy and economic research, 1(3), 299-310. https://doi.org/10.22097/eeer.2017.86464.1001
Fakher, H. A., Abedi, Z., & Shaygani, B. (2018). Investigating the relationship between trade and financial openness with ecological footprint. Quarterly journal of economical modelling, 11(40), 49-67. (In Persian). http://eco.iaufb.ac.ir/article_604867.html?lang=en
Fakher, H. A., Ahmadian, M., Abedi, Z., & Shaygani, B. (2018). Bayesian econometrics approach in determining of effecting factors on pollution in developing countries (based on environmental performance index). Pollution, 4(3), 447-457. (In Persian). https://doi.org/10.22059/poll.2018.243987.335
Fakher, H. A., Ahmadian, M., Abedi, Z., & Shaygani, B. (2018). Bayesian econometrics approach in determining of effecting factors on pollution in developing countries (based on environmental performance index). Pollution, 4(3), 447-457. https://doi.org/10.22059/poll.2018.243987.335
Fakher, H. A., Panahi, M., Emami, K., Peykarjou, K., & Zeraatkish, S. Y. (2021a). Investigating marginal effect of economic growth on environmental quality based on six environmental indicators: does financial development have a determinative role in strengthening or weakening this effect? Environmental science and pollution research, 28, 53679-53699. https://doi.org/10.1007/s11356-021-14470-9
Fakher, H. A., Panahi, M., Emami, K., Peykarjou, K., & Zeraatkish, S. Y. (2021b). New insight into examining the role of financial development in economic growth effect on a composite environmental quality index. Environmental science and pollution research, 28, 61096-61114. https://doi.org/10.1007/s11356-021-15047-2
Fakher, H. A., Panahi, M., Emami, K., Peykarjou, K., & Zeraatkish, S. Y. (2021c). New insights into development of an environmental – economic model based on a composite environmental quality index: a comparative analysis of economic growth and environmental quality trend. Environmental energy and economic research, 5(3), 1-24. DOI: 10.22097/EEER.2021.280746.1192
Fakher, H. A., Panahi, M., Emami, K., Peykarjou, K., & Zeraatkish, S. Y. (2021d). New insight into development of environmental - economic model based on a composite environmental quality index: an application of principal components analysis. Journal of decisions and operations research, 6(2), 183-210. (In Persian). DOI: 10.22105/DMOR.2021.276820.1334
Fallahi, F., Porebadallahan, M., Sadeghi, S. K., & Shokri, T. (In Press). Economic growth and environment quality: New evidence using continuous wavelet. Quarterly journal of economic growth and development research. (In Persian). DOI: 10.30473/EGDR.2020.49586.5499
Fathi Assi, A., Isiksal, A. Zh., & Tursoy, T. (2021). Renewable energy consumption, financial development, environmental pollution, and innovations in the ASEAN +3 group: evidence from (P-ARDL) model. Renewable energy, 165(1), 689-700. https://doi.org/10.1016/j.renene.2020.11.052
Fouquau, J., Hurlin, Ch., & Rabaud, I. (2008) The Feldstein-Horioka puzzle: a panel smooth transition regression approach. Economic modelling, 25(2), 284-299. http://dx.doi.org/10.1016/j.econmod.2007.06.008
Global Footprint Network. (2019). Ecological footprint explorer open data platform launches. Retrieved June 20, 2020, from https://www.footprintnetwork.org/2017/04/05/ecological-footprint-explorer-open-data-platform-launches-april-5-2017/
Gonzalez, A., Terasvirta, T., & Van Dijk, D. (2005). Panel smooth transition regression models. RePEc:hhs:hastef:0604. Available at https://www.econstor.eu/handle/10419/56363
Haseeb, A., Xia, E., Danish, Baloc, M.A., & Abbas, K. (2018). Financial development, globalization, and CO2 emission in the presence of EKC: evidence from BRICS countries. Environmental science and pollution research, 25, 31283-31296. https://doi.org/10.1007/s11356-018-3034-7
Ho, H. Ch., Wong, M. S., Man, H. Y., Shi, Y., & Abbas, S. (2019). Neighborhood-based subjective environmental vulnerability index for community health assessment: development, validation and evaluation. Science of the total environment, 654, 1082–1090. https://doi.org/10.1016/j.scitotenv.2018.11.136
Hosseini, S., Nader Khani, Z., & Yazdan Bakhsh, B. (2017). Evaluation of the environmental sustainability of Ahwaz with an emphasis on air pollution (Using FPPSI method). Journal of natural environment, 70(2), 309-317. (In Persian). https://doi.org/10.22059/jne.2017.201026.1112
Hosseinzadeh, S. R., Khosrobeygi, R., Istgalday, M., & Shmsoddini, R. (2011). An assessment of environmental sustainability in urban areas using multi-criteria decision-making method - linear assignment (case study: City of Bandar Turkman). Journal of studies of human settlements planning, 6(16), 31-51. (In Persian). http://jshsp.iaurasht.ac.ir/article_519130.html?lang=fa
Imamoglu, H. (2019). The role of financial sector in energy demand and climate changes: evidence from the developed and developing countries. Environmental science and pollution research, 26, 22794–22811. https://doi.org/10.1007/s11356-019-05499-y
Iorember, P. T., Goshit, G. G., & Dabwor, D. T. (2020). Testing the nexus between renewable energy consumption and environmental quality in Nigeria: the role of broad‐based financial development. African development review, 32(2), 163-175. https://doi.org/10.1111/1467-8268.12425
Kargar Dehbidi, N., & Bakhshoodeh, M. (2019). Comparison of the Fossil and renewable energies impacts on Carbon Dioxide Emissions in OPEC and Asian countries without oil reserves. Environmental researches, 10(19), 313-326. (In Persian). http://www.iraneiap.ir/article_102365.html
Kassi, D.F., Sun, G., & Ding, N. (2020). Does governance quality moderate the finance-renewable energy-growth nexus? Evidence from five major regions in the world. Environmental science and pollution research, 27, 12152–12180. https://doi.org/10.1007/s11356-020-07716-5
Kazerooni, A., Asgharpur, A., & Nafisi Moghadam, M. (2020). The effect of political stability and democracy on economic growth in selected countries of the organization of Islamic cooperation: dynamic panel approach (SYS-GMM). Quarterly journal of economic growth and development research, 10(39), 55-74. (In Persian). https://doi.org/10.30473/egdr.2018.41244.4880
Kongbuamai, N., Zafar, M.W., Zaidi, S.A.H., & Liu, Y. (2020). Determinants of the ecological footprint in Thailand: the influences of tourism, trade openness, and population density. Environmental and resource economics, 27, 40171–40186. https://doi.org/10.1007/s11356-020-09977-6
Lisciandra, M., & Migliardo, C. (2017). An empirical study of the impact of corruption on environmental performance: evidence from panel data. Environmental and resource economics, 68, 297–318. https://doi.org/10.1007/s10640-016-0019-1
Liu, D., Deng, Q., Ren, Z., Zhou, Z., Song, Z., Huang, J., & Hu, R. (2020). Variation trends and principal component analysis of Nitrogen Oxide emissions from motor vehicles in Wuhan City from 2012 to 2017. Science of the total environment, 704, 134987. https://doi.org/10.1016/j.scitotenv.2019.134987
Long, X., & Ji, X. (2019). Economic growth quality, environmental sustainability, and social Welfare in China - provincial assessment based on Genuine Progress Indicator (GPI). Ecological economics, 159, 157-176. https://doi.org/10.1016/j.ecolecon.2019.01.002
Masoudi, N., Dahmardeh, N., & Esfandiyari, M. (2020). Impact of renewable energies, technical innovations and economic growth on Carbon Dioxide emissions. Quarterly journal of economic growth and development research, 10(40), 35-54. (In Persian). https://doi.org/10.30473/egdr.2019.48361.5367
Mohammadi, N., Haji, G., & Fotros, M.H. (2020). The impact of combined fiscal decentralization on economic growth in proviences of Iran. Quarterly journal of economic growth and development research, 10(38), 75-98. (In Persian). https://doi.org/10.30473/egdr.2019.46573.5221
Naghibi, M., & Tanhai Deilamghani, M. (2015). The impact of adjusted net savings on equality of social welfare in selected developing countries and the Middle East. Fourth national conference and second international conference on accounting and management, Tehran. (In Persian). https://civilica.com/doc/428116/
Naqvi, S. A. A., Shah, S. A. R., Anwar, S., & Raza, H. (2021). Renewable energy, economic development, and ecological footprint nexus: fresh evidence of renewable energy environment Kuznets curve (RKC) from income groups. Environmental science and pollution research, 28, 2031–2051. https://doi.org/10.1007/s11356-020-10485-w
Nasreen, S., Anwar, S., & Ozturk, I. (2017). Financial stability, energy consumption and environmental quality: evidence from South Asian economies. Renewable and sustainable energy reviews 67, 1105–1122. https://doi.org/10.1016/j.rser.2016.09.021
Nathaniel, S. P. (2020). Ecological footprint, energy use, trade, and urbanization linkage in Indonesia. Geojournal, 86, 2057-2070. https://doi.org/10.1007/s10708-020-10175-7
Nathaniel, S., Anyanwu, O., & Shah, M. (2020). Renewable energy, urbanization, and ecological footprint in the Middle East and North Africa region. Environmental science and pollution research, 27, 14601–14613. https://doi.org/10.1007/s11356-020-08017-7
Omoke, P. C., Nwani, C., Effiong, E. L., Evbuomwan, O. O., & Emenekwe, Ch. Ch. (2020). The impact of financial development on carbon, non-carbon, and total ecological footprint in Nigeria: new evidence from asymmetric dynamic analysis. Environmental science and pollution research, 27, 21628-21646. https://doi.org/10.1007/s11356-020-08382-3
Ouyang, Y., & Li, P. (2018). On the nexus of financial development, economic growth, and energy consumption in China: new perspective from a GMM panel VAR approach. Energy economics, 71, 238-252. https://doi.org/10.1016/j.eneco.2018.02.015
Ozcan, B., Apergis, N., & Shahbaz, M. (2018). A revisit of the environmental Kuznets curve hypothesis for Turkey: new evidence from bootstrap rolling window causality. Environmental science and pollution research, 25, 32381-32394. https://doi.org/10.1007/s11356-018-3165-x
Ozcan, B., Tzeremes, P., Dogan, E. (2019). Re-estimating the interconnectedness between the demand of energy consumption, income, and sustainability indices. Environmental science and pollution research, 26, 26500–26516. https://doi.org/10.1007/s11356-019-05767-x
Parto Afkanan, M., Gelard, P., & Naami, A. (2021). Design a pattern for restarting small and medium-sized failed entrepreneur's businesses using interpretive structural modeling and multi-criteria decision-making methods. Journal of decisions and operations research, 5(4), 486-491. (In Persian). https://doi.org/10.22105/dmor.2020.252731.1236
Pesaran, M. H. (2021). General diagnostic tests for cross-sectional dependence in panels. Empirical economics, 60, 13-50.
Peter, H. (2010). Determinants of the adjusted net saving rate in developing economies. International review of applied economics, 24(5), 591-608. https://doi.org/10.1080/02692170903426070
Raei Dehaghi, M., & Mirhashemi, S.M. (2014). The role of institutional development indexes in attracting foreign investment in selected OPEC member countries. Journal of applied research on industrial engineering, 1(5) 307-319. http://www.journal-aprie.com/article_43068.html
Rasoolizadeh, M., & Ziaee, S. (2019). Investigating the factors affecting CO 2 emissions in selected OECD countries using panel data model. Journal of natural environment, 72(3), 339-352. (In Persian). https://doi.org/10.22059/jne.2019.273964.1621
Rizk, R., & Slimane, M. B. (2018). Modelling the relationship between poverty, environment, and institutions: a panel data study. Environmental science and pollution research, 25, 31459–31473. https://doi.org/10.1007/s11356-018-3051-6
Saci, K., & Holden, K. (2008). Evidence on growth and financial development using principal components. Applied financial economics, 18(19), 1549–1560. https://doi.org/10.1080/09603100701720286
Salahuddin, M., & Gow, J. (2019). Effects of energy consumption and economic growth on environmental quality: evidence from Qatar. Environmental science and pollution research, 26, 18124-18142. https://doi.org/10.1007/s11356-019-05188-w
Salahuddin, M., Alam, K., Ozturk, I., & Sohag, K. (2018). The effects of electricity consumption, economic growth, financial development and foreign direct investment on CO2 emissions in Kuwait. Renewable and sustainable energy reviews, 81(2), 2002-2010. https://doi.org/10.1016/j.rser.2017.06.009
Shahbaz, M., Hye, A. Q. M., Tiwari, A. K., & Leitão, N. C. (2013). Economic growth, energy consumption, financial development, international trade and CO2emissions in Indonesia. Renewable and sustainable energy reviews, 25, 109-121. https://doi.org/10.1016/j.rser.2013.04.009
Shahbaz, M., Shahzad S. J. H., & Kumar, M. (2017). Is globalization detrimental to CO2 emissions in Japan? new threshold analysis. Environmental modeling and assessment, 23(5), 557-568. https://doi.org/10.1007/s10666-017-9584-0
Shoaei Naeini, Z., Mohammadi, P., & Husseinzadeh Kashan, A. (2020). Partner selection in strategic alliances using a combination of Multiple Attribute Decision making methods (Case study: an oil consortium). Journal of decisions and operations research, 5(3), 330-361. (In Persian). DOI: 10.22105/DMOR.2020.240646.1190
Singh, N., & Aneja, R. (2019). Estimation of financial development of India: a PCA approach. Journal of information and computational science, 9(12), 899-908.
Solarin, S. A., Al-Mulali, U., Musah, I., & Ozturk, I. (2017). Investigating the pollution haven hypothesis in ghana: an empirical investigation. Energy, 124, 706-719. https://doi.org/10.1016/j.energy.2017.02.089
Tarazkar, M. H., Kargar Deh Bidi, N., Esfanjari Kenari, R., & Ghorbaniyan Ghotb Abadi, E. (2020). The impact of economic growth on environmental degradation in Middle East region: application of ecological footprint. Journal of natural environment, 73(1), 77-90. (In Persian). https://doi.org/10.22059/jne.2020.261850.1541
Tripathi, M., & Singal, S. K. (2019). Use of principal component analysis for parameter selection for development of a novel water quality index: a case study of river Ganga India. Ecological indicators, 96, 430-436. https://doi.org/10.1016/j.ecolind.2018.09.025
Zafar, M.W., Saud, S., & Hou, F. (2019). The impact of globalization and financial development on environmental quality: evidence from selected countries in the Organization for Economic Co-operation and Development (OECD). Environmental science and pollution research, 26, 13246-13262. https://doi.org/10.1007/s11356-019-04761-7
Zeinalzadeh, K., & Rezaei, E. (2017). Determining spatial and temporal changes of surface water quality using principal component analysis. Journal of hydrology: regional studies, 13, 1-10. https://doi.org/10.1016/j.ejrh.2017.07.002
Zhang, D., Shi, X., & Sheng, Y. (2015). Comprehensive measurement of energy market integration in East Asia: an application of dynamic principal component analysis. Energy economics, 52(B), 299-305. https://doi.org/10.1016/j.eneco.2015.11.006
Zhong, X., & Enke, D. (2017). Forecasting daily stock market return using dimensionality reduction. Expert systems with applications, 67, 126-139. https://doi.org/10.1016/j.eswa.2016.09.027
)