Influences and transmission mechanisms of financial agglomeration on environmental pollution

The impact of digital economy on environmental pollution: Evidence from 267 cities in China

Environmental pollution has become a pressing global issue, severely threatening human health and ecosystems. As an emerging driver of economic development in countries worldwide, the digital economy (DE) has the potential to enhance resource utilization efficiency and promote the development of clean technologies, thereby reducing environmental pollution. Based on the panel data of 267 cities in China from 2012 to 2021, the spatial econometric model is used to test the impact of DE on environmental pollution. The mediating effect model is used to explore the transmission mechanism of DE affecting environmental pollution. The panel threshold model is used to examine the threshold effect of marketization. The results are as follows: (1) DE can significantly reduce environmental pollution. The conclusion is still valid after conducting robustness tests such as selecting historical data as instrumental variables and the "Broadband China" pilot as a quasi-natural experiment. (2) From the perspective of transmission mechanism, DE can reduce environmental pollution through green technology innovation and industrial structure upgrading. (3) From the perspective of spatial spillover effect, DE can reduce the environmental pollution level of surrounding cities. (4) From the perspective of threshold effect, DE has obvious market-oriented single threshold effect on environmental pollution. When the marketization level crosses the threshold of 11.6611, the emission reduction effect of DE is significant. (5) From the perspective of heterogeneity, DE has a heterogeneous impact on environmental pollution in cities with different geographic locations, resource endowments and administrative level. Regarding geographical heterogeneity, DE can effectively reduce environmental pollution in eastern and central regions, but has no significant impact on environmental pollution in western regions. Regarding the heterogeneity of resource endowment, compared to non-resource-based cities, resource-based cities suffer more from the negative effects of DE on their environment. Regarding the heterogeneity of administrative levels, compared with non-central cities, the DE of central cities has a greater emission reduction effect. Based on empirical results, this paper proposes strategic recommendations in areas such as enhancing the application of DE in emission reduction, upgrading industrial structures, promoting green technology innovation, and improving the level of marketization. This study not only enriches the research of DE and environmental pollution, but also provides a reference for the formulation of environmental pollution control policies.

Industrial agglomeration, FDI, and carbon emissions: new evidence from China's service industry

In the context of economic servitization and low carbonization, the problem of carbon emissions in the service industry is worthy of attention. An essential channel for restraining carbon emissions from the service industry is industrial agglomeration. Based on provincial panel data from 2004 to 2021 in China, this study empirically analyzes the influence of the service industry's agglomeration on its CO2 emissions. The findings indicate that agglomeration significantly reduces the industry's carbon emissions. Next, producer services agglomeration has a significant carbon-reduction effect, whereas non-producer services agglomeration does not. Moreover, service industry agglomeration helps to restrain carbon emissions from the service industry in East China. However, it does not significantly affect carbon emissions in Central or West China. Regarding the moderating effect, foreign direct investment can enhance service industry agglomeration's carbon-reduction effect. Based on the results, relevant policy implications are provided.

How financial clustering influences China's green development: Mechanism investigation and empirical discussion

Understanding the significance of financial clustering in the context of green development holds immense importance for China as it strives towards achieving high-quality green development. Using a balanced panel dataset encompassing China's 283 cities from 2009 to 2020, we aim to explore the impact of financial clustering on green development from both linear and nonlinear perspectives. Empirical evidence suggests that when the level of financial clustering increases by 1%, the city-level green development increases by 0.1012%. A mediation effect model certifies that there are three essential channels through which financial clustering robustly boosts green development: technical, structural and scale effects. Subsequently, a novel program handling endogeneity is designed and verifies the nonlinear nexus between financial clustering and green development. Moreover, the spatial Durbin model demonstrates that financial clustering significantly sustains local green development, despite its relatively weak spill over effects. Heterogeneity analysis presents that the promoting effect is particularly predominant in Central China, as well as in cities characterized by high levels of financial clustering and large population sizes.

Impact of industrial robots on environmental pollution: evidence from China

The application of industrial robots is considered a significant factor affecting environmental pollution. Selecting industrial wastewater discharge, industrial SO2 emissions and industrial soot emissions as the evaluation indicators of environmental pollution, this paper uses the panel data model and mediation effect model to empirically examine the impact of industrial robots on environmental pollution and its mechanisms. The conclusions are as follows: (1) Industrial robots can significantly reduce environmental pollution. (2) Industrial robots can reduce environmental pollution by improving the level of green technology innovation and optimizing the structure of employment skills. (3) With the increase in emissions of industrial wastewater, industrial SO2, and industrial dust, the impacts generated by industrial robots are exhibiting trends of a "W" shape, gradual intensification, and progressive weakening. (4) Regarding regional heterogeneity, industrial robots in the eastern region have the greatest negative impact on environmental pollution, followed by the central region, and the western region has the least negative impact on environmental pollution. Regarding time heterogeneity, the emission reduction effect of industrial robots after 2013 is greater than that before 2013. Based on the above conclusions, this paper suggests that the Chinese government and enterprises should increase investment in the robot industry. Using industrial robots to drive innovation in green technology and optimize employment skill structures, reducing environmental pollution.

Carbon emission reduction effects of green finance reform and innovation pilot zones policy: evidence from the prefecture-level city in China

The establishment of green finance reform and innovation pilot zones is an important practical exploration to achieve carbon emission reduction goals through green finance in China. Based on the panel data of 282 Chinese prefecture-level cities from 2006 to 2019, this paper examines the mechanism of China's green financial reform and innovation pilot zone policy (GFRI) on urban carbon emissions (CE) and carbon emission efficiency(CEE) using difference-in-differences model. The study shows that GFRI has a significant carbon emission reduction effect, which is reflected in the significant reduction of urban CE and the improvement of urban CEE. GFRI achieves carbon emission reduction by promoting urban green innovation, while the mediating effect of financial agglomeration has not been verified. The results of heterogeneity analysis show that GFRI has more significant effects on carbon emission reduction in non-resource-based cities, large-scale cities and cities with strict environmental regulation. Financial development and digital infrastructure play a positive moderating role on the carbon emission reduction effect of GFRI. This study provides empirical evidence and policy insights from the Chinese city level for deepening the green finance policy and promoting urban low-carbon development.

Green finance, the low-carbon energy transition, and environmental pollution: evidence from China

With 2008-2020 China's provincial panel data as the research object, we use the entropy weight method to compute green finance and pollution, and we empirically study the scope of the spillover effects and threshold impacts of green finance on environmental pollution using the spatial Durbin model and threshold regression model. The findings are as follows: first, under different spatial weight matrices, green finance has a spatial spillover effect on pollution. And the effect boundary is approximately 500 km. Second, with the low-carbon energy transition, technological progress, and green finance as threshold variables, there are a single threshold, single threshold, and double threshold, respectively, that have significant threshold effects. Third, the spillover and threshold effects of green finance on pollution differ by region. The indirect effect is negative in the eastern region and positive in the central and western regions. There is a single threshold effect of low-carbon energy transition and green finance in the western region, a single threshold effect of green finance in the central region, and a single threshold effect of technological progress in the eastern region. On this basis, we put forward. specific policy recommendations.

The role of renewable energy investment and energy resource endowment in the evolution of carbon emission efficiency: spatial effect and the mediating effect

With climate change caused by massive greenhouse gas emissions emerging as an issue of global concern, it is urgent to improve carbon emission efficiency (CEE) for countries along the Belt and Road (BRI). Considering the resource endowment characteristics of green development in BRI countries, the super-efficiency slacks-based measure (SBM) model is adopted to evaluate the current status and tendency of CEE in 60 BRI countries, while the Global Malmquist-Luenberger (GML) index to quantify the spatial and temporal variation and dynamic evolution of CEE. Subsequently, from the perspective of energy development and utilization, the spatial Durbin model (SDM) and the mediating effect model are employed to empirically examine the spillover effects and driving mechanisms of renewable energy investment and energy resource endowment on CEE. Empirical results reveal that (1) from a static perspective, the CEE of BRI countries is generally poor and unevenly distributed in terms of temporal and spatial dimensions, with significant room for enhancement. (2) Referring to the dynamic level, the GML index featured a U-shaped fluctuation, with technological progress contributing to the improvement of CEE. (3) There is a significant positive effect of renewable energy investment on CEE in the home country and neighboring countries, while energy resource endowment presents a remarkable adverse correlation. Consequently, it is suggested that inter-regional cooperation among BRI countries should be strengthened to reinforce renewable energy investment, exert the technology and knowledge spillover effect sufficiently, and break the resource curse in the environmental field. (4) The mediating effect model confirms the significant mediating mechanism of technological innovation. Renewable energy investment can enhance the CEE of BRI members by promoting the positive mediating effect of technological innovation, while energy resource endowment can inhibit the local level of technological innovation and indirectly inhibit the CEE of BRI members. The findings provide new ideas on the green development and ecological sustainability of the energy industry in BRI members and other economies.

Impact of digital economic development and environmental pollution on residents' health: an empirical analysis based on 279 prefecture-level cities in China

BACKGROUND

The digital economy based on the internet and IT is developing rapidly in China, which makes a profound impact on urban environmental quality and residents' health activities. Thus, this study introduces environmental pollution as a mediating variable based on Grossman's health production function to explore the impact of digital economic development on the health of the population and its influence path.

METHODS

Based on the panel data of 279 prefecture-level cities in China from 2011 to 2017, this paper investigates the acting mechanism of digital economic development on residents' health by employing a combination of mediating effects model and spatial Durbin model.

RESULTS

The development of digital economy makes direct improvement on residents' health condition, which is also obtained indirectly by means of environmental pollution mitigation. Besides, from the perspective of spatial spillover effect, the development of digital economy also has a significant promoting effect on the health of adjacent urban residents, and further analysis reveals that the promoting effect in the central and western regions of China is more pronounced than that in the eastern region.

CONCLUSIONS

Digital economy can have a direct promoting effect on the health of residents, and environmental pollution has an intermediary effect between digital economy and residents' health; At the same time, there is also a regional heterogeneity among the three relationships. Therefore, this paper believes that the government should continue to formulate and implement scientific digital economy development policies at the macro and micro levels to narrow the regional digital divide, improve environmental quality and enhance the health level of residents.

Spatial correlation between producer services agglomeration and carbon emissions in the Yangtze River Economic Belt based on point-of-interest

Agglomeration of the industry significantly impacts economic performance and environmental sustainability. In line with its strategic context of striving to achieve carbon reduction targets, China is making efforts to optimize the producer services landscape to reduce carbon emissions. Understanding the spatial correlation between industrial agglomeration and carbon emissions is particularly crucial against this background. Based on POI and remote sensing data of China's Yangtze River Economic Belt (YREB), the paper adopts the mean nearest neighbor analysis, kernel density analysis, and standard deviation ellipse to portray the agglomeration of producer services. Then uses Moran's I to present the spatial distribution characteristics of carbon emissions. Accordingly, the spatial heterogeneity of producer services agglomeration and carbon emissions is showed using the Geographic detector so as to provide strong support for industrial structure optimization and sustainable development. Here are some of the conclusions drawn from the study: (1) Producer services are a significant state of agglomeration in the provincial capitals and some central cities, with similar agglomeration patterns. (2) Carbon emissions exhibits significant spatial aggregation characteristics, with the spatial distribution pattern of "High west-Low east". (3) Wholesale and retail services industry is the primary risk factor that causes spatial differentiation of carbon emission intensity, "leasing and business services industry-wholesale and retail services industry" is the key interaction factor of the spatial differentiation. (4) Carbon emissions shows a downward trend followed by an upward trend as producer services agglomeration increases.

Financial reform and haze pollution: A quasi-natural experiment of the financial reform pilot zones in China

Financial reform becomes a new tool for environmental governance because it can indirectly affect the environment by promoting economic and financial agglomeration and technological innovation. Despite China's aggressive financial reform pilot (FRP) policy since 2012, little is known about whether and how such policy affects haze pollution (HP). We exploit geographic and temporal variations in China's FRP policy and compile a dataset covering 284 cities over the period from 2003 to 2019. Employing a difference-in-differences (DID) approach, we document that China's FRP policy has a negative causal effect on HP in the pilot cities. The estimates obtained from an instrumental variable constructed by religious temples also support the haze-abatement effect of such policy. This effect is largely driven by advances in technological innovation and increases in economic agglomeration, while financial agglomeration is proven to have little effect. Finally, our estimate is particularly pronounced in cities with high levels of economic development, financial development and technological innovation, and that in large-sized and non-mineral resourced cities. Overall, our findings shed light on the importance of financial reform in environmental governance in a developing country.

Research on the impact of financial agglomeration on the coordinated development of urban ecological green: based on the empirical comparison of four metropolitan areas in the Yangtze River Delta of China

As key carriers of new urbanization, metropolitan areas should pay more attention to the green and coordinated development of economy, society, and environment. Finance is an important tool to support China's high-quality development. Exploring the key dynamics and mechanisms of financial agglomeration for a green and coordinated development is important to obtain strategic support for the green development of the Yangtze River Delta metropolitan area. Using panel data of 25 prefecture-level cities in the four major metropolitan areas of the Yangtze River Delta region from 2003 to 2019, a Dubin model of three types of spatial weight matrices is constructed to explore the impact of financial agglomeration on coordinated ecological green development. Results show that, first, the positive local and neighborhood effects of financial agglomeration on the coordinated ecological green development are mainly reflected in the Hefei, Hangzhou, and Shanghai metropolitan areas and that the intensity of such effect decreases sequentially. Information transfer and technology correlation are important mechanisms to improve the local effect of financial agglomeration, and the neighborhood effect varies from one metropolitan area to another. Second, in addition to the adverse impact of the concentration of financial personnel on the ecological green integration, the agglomeration of securities, banking, and insurance industries can release "green driving potential energy," and the intensity of contribution gradually weakens. Third, the financial agglomeration of Shanghai exerts the strongest radiation effect, those of Nanjing and Hangzhou respectively demonstrate a "U"-shaped and inverted "U"-shaped impact, and that of Hefei does not play a role.

How does financial and manufacturing co-agglomeration affect environmental pollution? Evidence from China

To investigate the direct influence and mechanism of China's financial and manufacturing co-agglomeration on environmental pollution, we constructed a panel data regression model incorporating mediating and threshold effects with the panel data of 285 prefecture-level cities from 2009 to 2019. The results showed a higher co-agglomeration level significantly increased environmental pollution. The transmission and upgrading from secondary to tertiary industries exhibited a remarkable intermediary role, yet the credit scale formed a nonlinear threshold effect. Both industrial structure optimization and credit scale expansion contributed to environmental protection. Nevertheless, the path of "industrial co-agglomeration → technological progress → environmental protection" was not obvious, and the positive externalities of technology need to be strengthened. These findings provide viable insights for the implementation of financial and manufacturing integration and green development.

The Mixed Impact of Environmental Regulations and External Financing Constraints on Green Technological Innovation of Enterprise

Green technological innovation is an important force for high-quality economic development and high-level ecological environment protection. Environmental regulation and market financing are important factors affecting enterprise green technological innovation, while the relationship between environmental regulation and enterprise green technological innovation is most likely to be nonlinear. Additionally, this impact may be moderated by market financing. Based on the data of 2278 manufacturing enterprises in China, this article intends to empirically test the nonlinear relationship between environmental regulation and enterprise green technological innovation. Green technological innovation is divided into green process innovation and green product innovation. Based on this, the analysis of the heterogeneous impact of environmental regulations on different types of green technology innovation is implemented. Moreover, the moderating effect of external financing constraints on the relationship between environmental regulation and green technological innovation is further discussed. It shows that there is an inverted U-shaped relationship between environmental regulation and enterprise green technological innovation. This conclusion will not change due to the types of green technological innovation, while the impact of environmental regulation on enterprise green product innovation is greater than that of green process innovation. In addition, external financing constraints will reduce the impact of environmental regulation on enterprise green technological innovation. The research conclusions have certain reference value for deepening the understanding of green technological innovation and optimizing the relationship between government and market.

How does financial development alleviate pollutant emissions in China? A spatial regression analysis

Assessing the environmental effects of financial development has an important theoretical and practical reference for the government to achieve the goal of sustainable development. Financial development is affected dramatically by the real economy and typically shows nonlinear characteristics. This study aims to investigate the nonlinearity between financial development and pollutant emissions while considering the various stages of financial development among regions. Also, the spatial transmission mechanism between financial development and pollutant emissions is analyzed theoretically. Industrial sulfur dioxide ([Formula: see text]) and solid waste (SW) emissions are used to quantify pollutant emissions in China. The results show a positive spatial spillover effect on pollutant emissions across various regions. Moreover, a region's pollutant emissions can be influenced by the financial development of its surrounding regions, suggesting that financial development reduces [Formula: see text] emissions in a particular region, but it significantly increases [Formula: see text] emissions in surrounding regions, indicating a strong spillover effect. However, financial development significantly decreases SW emissions of a particular region but does not exert a significant impact on its surrounding regions, implying a weak spillover effect. Our results reveal that whereas the relationship of financial development with [Formula: see text] and SW emissions shows a significant U-shaped pattern, that of economic growth exhibit a significant inverted U-shaped pattern. The investigation can help in designing appropriate environmental policies for promoting financial development.

Does manufacturing agglomeration promote or hinder green development efficiency? Evidence from Yangtze River Economic Belt, China

Sustainable development can be mainly achieved by promoting the green transformation and development of the world economy and by improving the efficiency of regional green development, which often receive extensive attention from the academia. This paper uses a spatial econometric model to estimate the impact of manufacturing agglomeration on green development efficiency based on the panel data of China's Yangtze River Economic Belt (YREB). The results show an overall large gap of green development efficiency between regions in the Yangtze River Economic Zone, mostly due to the extremely uneven development of green development efficiency in the upper reaches. Opposite to the middle and lower reaches, manufacturing agglomeration in the upper reaches of the YREB improves green development efficiency. Manufacturing agglomeration is conducive to the improvement of green development efficiency in adjacent areas. Nonetheless, it may hinder green development efficiency by inhibiting green technological innovation. This paper provides empirical evidence and policy implications for applying manufacturing agglomeration to promote green development efficiency in accordance with local conditions.

Controlled preparation of grafted starch modified with Ni nanoparticles for biodegradable polymer nanocomposites and its application in food packaging

Grafting of starch with methyl methacrylate was carried out using a free radical mechanism. Free radicals were generated by the thermal disintegration of potassium persulphate at the temperature of 60°C. A variety of experimental methods were investigated to check the effect of different parameters such as (temperature, amount of starch, quantity of monomer) for efficient grafting. The optimum temperature found for good grafting was 60°C. The initial amount of starch was taken as 0.75 g. Keeping the amount of starch constant, the quantity of monomer was reduced gradually from 10 to 2 ml in portions of 5 and 3 ml. The controlled biodegradability of the grafted product was obtained by using a 3 ml monomer in 0.75 g starch. This grafted polymer showed 31.45% biodegradability in 60 days. The nanocomposite of starch grafted methyl methacrylate was prepared by incorporating 0.02 g Ni nanoparticles in the reaction flask 15 min before the completion of reaction time. The starch grafted polymer and nanocomposite of this were fully characterized by SEM, FTIR, TGA, and DSC techniques. The soil burial method was applied to estimate the biodegradability of samples. The polymer containing Ni nanoparticles was less biodegradable than without nanoparticles. Such polymers can be efficiently used as packaging material for food items.