Fintech and green innovations are increasingly recognized as potential solutions for enhanced environmental sustainability. In this paper, we investigate the impact of Fintech on environmental sustainability through the lens of green innovation in manufacturing. Using questionnaire data from 477 manufacturing firms in China and India between February and June 2024, the study employs Partial Least Squares-Structural Equation Modelling to analyze the dynamic relationships. We find that both Fintech and green innovation significantly contribute to improving the environmental sustainability of manufacturing firms. Results further show that Fintech positively supports manufacturing firms' green innovation developments. Moreover, green innovations partially mediate Fintech's effect on environmental sustainability. Our results also highlight regional differences: the impact of Fintech and green innovation on environmental sustainability is stronger in China than in India. Additionally, Fintech's role in supporting green innovations is more pronounced in Chinese firms than in India. The paper highlights the importance of investments in Fintech and green innovation by manufacturing firms, particularly in emerging markets, to address environmental issues for sustainability.

This study examined the connection between liquidity, capital structure, and the financial sustainability of 28 quoted non-financial establishments in Ghana. Panel data for the period from 2008 to 2019 was used for the analysis. In the study, liquidity was proxied by the current ratio, while the debt ratio was used as a surrogate of capital structure. Additionally, return on equity (ROE) was employed as a measure of sustainability. This indicator was used because of its flexibility as it can be applied to any line of business or product. From the results, the studied panel was cross-sectionally independent. Furthermore, the series were first differenced stationary and cointegrated in the long-run. The elasticities of the predictors were determined through the generalized method of moments (GMM) estimator, and from the results, liquidity proxied by the current ratio improved the entities’ financial sustainability. In addition, capital structure surrogated by the debt ratio promoted the financial sustainability of the establishments. Moreover, the interaction between capital structure and liquidity advanced the corporates’ financial sustainability. Size, growth, and operational efficiency were significantly positive determinants of the sustainability of firms, but asset tangibility had a trivial effect on the entities’ sustainability. On the causal relations among the variables, there was a bilateral connection amidst current ratio and return on equity; between cash flow ratio and return on equity; between debt ratio and return on equity; between size and return on equity; between operational efficiency and return on equity. Additionally, a single-headed causality moving from growth to return on equity was uncovered. Finally, there was no causal liaison amidst tangibility and return on equity. Based on the findings, it was recommended, amongst other suggestions, that an optimal liquidity level that is capable of supplying the firms with sufficient liquid resources should be maintained. Furthermore, the firms should use more internal funds to back their activities because that choice is safer than the alternatives. The corporates should also prefer that option because it has no associated costs that could adversely impact their sustainability.

The study considered the relationship between the interaction of financial development with all six distinct governance indicators from the world development indicators, as well as a combination of them, and inclusive growth in 48 African economies from 2000 to 2019. The countries were classified into low-income countries and middle-income countries. The models were then estimated with Panel Quantile Regression with Fixed Effects estimations, and Dumitrescu & Hurlin causality tests after going through robust econometric tests. From the outcome, the interaction of financial development with corruption control is essential for inclusive growth in only middle-income countries. The interaction of financial development with political stability and the absence of violence/terrorism, and the interaction of financial development and governance in general are relevant to inclusive growth in Africa as a whole and middle-income countries. However, the interaction of financial development with voice and accountability, and the interaction of financial development with rule of law are relevant to inclusive growth in all country groupings. JEL: G20; F62; R50

Africa’s economy continues to be characterized by increasing environmental pollution caused by anthropogenic activities. Despite the implications of environmental pollution in the continent, little attention has been paid to it, although almost all its countries are signatories to the Paris Agreement. One macroeconomic variable that has proven to be a major driver of environmental pollution in the region is industrialization. However, despite the numerous explorations on the connection between industrialization and environmental degradation, limited studies have examined the linkage amidst the series in East Africa. This study was, therefore, conducted to help fill that gap. In accomplishing this goal, econometric techniques that control cross-sectional correlations, heterogeneity, and endogeneity, among others, were employed for the analysis. From the results, the panel under consideration was heterogeneous and cross sectionally correlated. In addition, the studied series were first differenced stationary and co-integrated in the long run. The elasticities of the regressors were explored via the cross sectionally augmented autoregressive distributed lag (CS-ARDL) estimator, the cross sectionally augmented distributed lag (CS-DL) estimator, and the augmented mean group (AMG) estimator. According to the results, industrialization led to a reduction in the environmental quality in the region through high CO₂ emissions. In addition, financial development, foreign direct investments, urbanization, and energy consumption were not environmentally friendly in the bloc. On the causal linkages amid the series, bidirectional causalities between industrialization and CO₂ emissions, energy consumption and CO₂ emissions, and foreign direct investments and CO₂ emissions were detected. Finally, one-way causal movements from financial development and urbanization to CO₂ emissions were unraveled. These findings are useful in helping stimulate the emission mitigation agenda of the region. Based on the findings, the study recommended, among others, that national policies that can promote energy conservation at the industrial level and can convert the industrial structure of the region to a low carbon-intensive one should be formulated.

Despite the growing interest in ESG performance, limited research explores the mediating role of government policy in the relationship between Fintech, green finance and ESG outcomes. We address this gap by examining how Fintech and green finance influence ESG performance through government policies. We analysed panel data of banks in China and the United Kingdom from 2014 to 2024 using robust advanced regression estimates, such as Dynamic Common Correlated Effects, Common Correlated Effects Generalized Test and Bootstrap Quantile Regressions. Results show that both Fintech and green finance play a significant role in enhancing banks' ESG performance in the long run. Findings further reveal that Fintech significantly supports banks' green finance developments, with the effect being more significant at higher quantiles. Additionally, government policies positively moderate the Fintech and green finance impact on banks' ESG performance across all quantiles. Interestingly, our results also highlight country differences: The United Kingdom experiences a greater impact of Fintech on ESG performance, while green finance has a stronger impact on ESG performance in China. Additionally, the role of Fintech in supporting green finance has a higher influence on Chinese banks than in the United Kingdom. The study emphasizes the critical role of policy interventions and innovation‐driven frameworks in coordinating Fintech and green finance initiatives with long‐term ESG targets.