In the globalization era, the economic policy of a specific country might be influenced by the development of neighboring countries. Thus, this study aims to probe the direct and spillover effects of financial development, economic growth, and globalization on environmental sustainability in ASEAN countries during the period of 1992-2021. By applying three spatial regression models, the results are summarized: (1) There are positive spillover effects of financial development in neighboring countries on ecological footprint in a particular country; (2) Economic growth has a positive impact on ecological deficits in both the host country and neighboring countries in the short-run; (3) The expansion of globalization in neighboring countries has a negative spillover effect on the ecological footprint in a particular country and vice versa. Based on these findings, the study recommends that when a country formulates its economic policies, it is necessary to calculate the impact of that policy on neighboring countries and vice versa. Encouraging economic growth and expanding the money supply ought to go hand in hand with fostering greater integration. This integration is essential to counterbalance the potential adverse effects of these macroeconomic variables on environmental quality and ecological balance.

This study was conducted to address the question of whether the existence of green intellectual capital, ambidextrous green innovation, and pro-environmental behaviors promotes environmental performance in 320 enterprises in Vietnam. Evidence obtained from the partial least squares structural equation model (PLS-SEM) shows that: (i) Employees’ pro-environmental behavior positively contributes to improving enterprises’ environmental performance; (ii) The more extensive the green intellectual capital, the more efficient the environmental improvement through measures such as reducing hazardous waste and increasing the use of renewable inputs. As a result, environmental quality can be improved. In addition, as a moderator, green intellectual capital positively affects the relationship between ambidextrous green innovation and environmental performance. Based on the study’s findings, the authors suggest some governance implications for promoting sustainable environmental development in some Vietnamese enterprises.

The existence of a shadow economy is recognized as an impediment to sustainable development. By applying the Bayesian approaches, the current article investigates the linkage between financial development, green trade, and the scope of the shadow economy, aiming to contribute to a comprehensive understanding of how these factors address the challenge posed by the shadow economy in Emerging and Growth-Leading Economies (EAGLE) from 2003 to 2016. The results demonstrate that (i) The progress of the financial sector is expected to diminish the scale of the shadow economy. Specifically, the expansion of financial institutions and markets has a strong and negative influence on the shadow economy. (ii) Increased involvement in green trade is likely to result in a decreased shadow economy. Empirical findings provide evidence for effective policymaking in simultaneously promoting sustainable trade practices, strengthening financial systems, and curtailing informal economic activities for inclusive economic development.

Tourism development (TO) is seen as a viable solution to address economic policy uncertainty (EPU) risks. However, previous studies have largely ignored the relationship between short, medium, and long term by decomposing TO and EPU index at different time-frequency scales, especially in Singapore. In this study, the Wavelet tools analysis and a rolling window algorithm are employed to re-visit the causal relationship between EPU, industrial production index (IPI), government revenue (GR), and tourism development (TO) in Singapore from January 2003 to February 2022. The findings revealed the heterogeneous effects of EPU on TO at different time horizons in terms of importance and magnitude over time. A rise in EPU results in a decline in TO at the low frequencies, indicating that EPU has a detrimental effect on TO over the short term. Conversely, in the long term, an increase in TO results in a decrease in EPU. Furthermore, the outcome also indicated that there is a uni-directional causality running from TO to EPU, GR and IPI. Expressly, we confirm that the negative co-movement is more pronounced in the aftermath of the COVID-19 crisis, particularly for EPU, and GR at low-medium frequencies throughout the research period. The findings provide tourism policymakers with insight to develop strategic plans for tourism development that consider the effects of economic policy uncertainty. By understanding how uncertainty impacts tourism, governments can tailor development strategies to mitigate risks and capitalize on opportunities.

This study aims to elucidate the short-run and long-run impacts of financial development, digital transformation, and economic growth on environmental sustainability in the Association of Southeast Asian Nations (ASEAN) between 1990 and 2018. By employing the panel autoregressive distributed lag (ARDL) approach, the authors have reached several significant findings. First, financial development and economic growth can adversely affect environmental sustainability in ASEAN countries. This implies that as the money supply expands and economic activities increase, there is a corresponding increase in the ecological deficit. Second, digital transformation has a detrimental effect on the ecological footprint. By embracing sustainable development strategies and utilizing digital solutions, it is possible to reconcile economic advancement with the preservation of the environment. These results offer empirical evidence and valuable policy recommendations to support more sustainable economic development in ASEAN countries.