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4th International Conference on Tropical Resources and Sustainable Sciences 2022 IOP Publishing
IOP Conf. Series: Earth and Environmental Science 1102 (2022) 012040 doi:10.1088/1755-1315/1102/1/012040

Impact of Economic Growth, Financial Development and

Technological Advancements on Carbon Emissions: Evidence
from ASEAN Countries

R S Hewage1, N Othman2,*, J Pyeman2,3 and N S A Samad4

1
Faculty of Management Studies Sabaragamuwa University of Sri Lanka, Belihuloya,
Sri Lanka
2
Faculty of Business and Management, Universiti Teknologi MARA (UiTM),
Selangor, Malaysia
3
Institute of Business Excellence, Universiti Teknologi MARA(UiTM), Selangor,
Malaysia
4
Faculty of Entrepreneurship and Business, Universiti Malaysia Kelantan, Kelantan,
Malaysia.
*E-mail: [email protected]

Abstract. This research contributes to the existing knowledge by examining the long-run and
short-run effects of Financial Development, Economic Growth, and Technological
advancements on carbon emissions in Association of Southeast Asian Nations countries. The
Pooled Mean Group (PMG) estimation was applied in this study using a panel data analysis from
2000 to 2018. Results showed that rapid economic growth, financial development, and
technological advancements increase carbon emissions. The increase in technological advances
in the Information technology (IT) sector, industrial sector equipment, and high-power tools lead
to increased carbon emissions. Development in finance creates the opportunity to start new
industrial sector companies. The economic development base on the industrial sector has a
significant positive effect on carbon emission in ASEAN countries. Furthermore, the findings
support the environmental Kuznets curve, emphasizing that rapid economic growth leads to
direct carbon emissions. Therefore, our conclusions manifest and underscore the importance of
eradicating carbon emission policies and guidelines to minimize carbon emissions. In addition,
it is recommended to increase investment in technological innovation research and development
to reduce carbon emissions.

1. Introduction
A large body of evidence stresses the significance of having Financial Development (FD) and
continuous Economic Growth (EG) towards achieving sustainable development goals. One of the
critical theories, the endogenous growth model, explains how FD contributes to reaching high EG.
Because a highly developed financial system supports reducing poverty and income inequality while
generating more employment opportunities, it is manifest that a developed financial system boosts the
economy faster. Then again, technological advancements are also a vital factor in achieving continuous
economic development. Because development in technology reduces the production cost via improving

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4th International Conference on Tropical Resources and Sustainable Sciences 2022 IOP Publishing
IOP Conf. Series: Earth and Environmental Science 1102 (2022) 012040 doi:10.1088/1755-1315/1102/1/012040

the production capacity, reduces raw material requirements, improves production efficiency, reduces
waste, and many more that further works positively to attract investments towards the economies.
However, one of the critics against the FD, EG, and technological advancements is that it increases
the carbon emission that generates many unprecedented and unsolved matters for human and organism
bodies. For instance, financial sector development generates many opportunities for industrial startups
to buy new machinery and luxurious goods that consume high amounts of natural energy and emit
carbon dioxide [1]. Therefore, scholars claim that rapid EG, financial development, and technological
advancement in industrial sectors increase the global carbon dioxide (CO2) emission and pose a severe
threat to the ecosystem. Therefore, the debate on how FD and EG influence CO2 emission has received
immense attention over the last few decades [2,3].
Another school of thought contends that improvements in countries' economic conditions and the
finance sector encourage foreign direct investments in new technological innovations and zero-carbon-
emission projects that help reduce energy consumption and air pollution [4]. The Environmental
Kuznets Curve (EKC), first proposed by Kuznets in 1955, is another tool that helps to explain the
relationship between EG and CO2 emissions. EKC explains an inverted U-shaped relationship between
EG and carbon emissions [5]. Therefore, analyzing how FD, EG, and technological advancement affect
carbon emission in ASEAN countries is of utmost importance since it is a mix of low-income and
middle-income countries and the economies are substantially dependent on the industrial sector. And
this study focuses on filling that gap. The rest of this paper consists of five sections; the literature review
is presented in section two, followed by the methodology. Sections four and five contain the analysis
and conclusion, respectively.

2. Literature Review
This section discusses the relationship between independent and dependent variables based on the
selected variables. Depending on the selected variables, the literature review has been separated into
three strands; the nexus of financial development and CO2 emission, the relationship between economic
growth and CO2 emission, and the effect of technological advancement on CO2 emission.

2.1. Association of Financial development and Carbon dioxide CO2 emission

There are diverse arguments among scholars regarding the nexus between FD and environmental quality
maintenance. One school of thought claims that FD minimizes the barriers to investing in green energy
consumption projects that steadily reduce CO2 emissions [6,7,8]. In contrast, others argue that
development in the industrial sector increases energy usage and pollution [9,10]. Interestingly, there is
a third thought as well. One line confirms an inverted U-shape relationship between FD and CO2
emission [11], while another gives pieces of evidence that FD does not affect the CO2 emission [9,12]
or mixed results [13]. However, there isn't much research examining the relationship between financial
development and carbon emissions in ASEAN nations.

2.2. Association of economic growth and Carbon dioxide (CO2) emission

It is a common argument among scholars that though economic growth considers one of the prime
objectives of any country, it brings many ecological consequences [3,14,15]. Therefore, there is a
growing research line to examine the nexus of EG and CO2 emission.
Environmental Kuznets Curve confirms the upturned U shape association between EG and CO2
emission and states that middle-income countries show a positive association between their economic
development and carbon emissions because they mostly use fossil energy sources as the key energy
source that increase the CO2 emission [8,16,17]. However, developed countries showcase a negative
relationship between EG and CO2 emission because high EG in those countries results in an extra
income for people to move towards environmentally friendly products and ecological-oriented
technological innovations that result in a perceived benefit to nature [18].
In contrast, some studies have proven that EKC is not always valid [19,20] and in some contexts, the
results are inconclusive [21,22] or bring mixed results [23, 24]. For instance, scholars argue that the

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4th International Conference on Tropical Resources and Sustainable Sciences 2022 IOP Publishing
IOP Conf. Series: Earth and Environmental Science 1102 (2022) 012040 doi:10.1088/1755-1315/1102/1/012040

stage of the country in its development, political linkages among the nations, regional disparities, cross-
cultural dependency, and cross-sectional dependency are also key factors that need to be considered
while discussing the nexus of EG and CO2 emission [23,24,25,26]. Further, some studies have
confirmed an N-shape relationship between EG and CO2 emission [20,27].

2.3. Effect of technological advancements on CO2 emission

Scholars claim, on the one hand, that high technological innovations affect the deterioration of carbon
emissions by improving the efficiency and usage of green technological equipment [28,29,30]. On the
other hand, due to the extensive use of fossil fuels, technical developments in the industrial sector and
consumer goods have the opposite effect and raise CO2 emissions. [1,9,16].

3. Research Methodology

3.1. Data sources and an explanation of the variables

The sample period consists of 19 years, from 2000 to 2018. The sample size is nine countries depending
on the data available to measure the technological achievement index (a proxy for technological
advancements). Carbon emission was proxied by metric tons of CO2 emission per capita [16], while
economic advancement was proxied by GDP per capita growth [31]. The domestic credit provided by
banks to the private sector as a percentage of GDP served as a proxy for financial development [8], and
the technological achievement index was used as a proxy for technological advancement [32].

3.2. Model Specification

𝑐𝑜2𝑒𝑚𝑖𝑖𝑡 =∝0 + ∝1 𝑔𝑑𝑝_𝑝𝑒𝑟_𝑔𝑟𝑜𝑤𝑡ℎ𝑖𝑡 +∝2 𝑑𝑐𝑝𝑣𝑡_𝑏𝑎𝑛𝑘𝑖𝑡 +∝3 𝑡𝑒𝑐ℎ_𝑎𝑑𝑣𝑖𝑡 + 𝜀𝑡 (1)

Where 𝑐𝑜2𝑒𝑚𝑖 shows the carbon dioxide emission, gdp_per_growth represents the economic growth,
and dcpvt_bank represents domestic bank credit to the private sector (as a percentage of GDP) serves as
a proxy for financial development. The tech_adv shows the technological advancements while 𝜀
indicates the error term. The subscript i represents the number of the countries while t represents the
time.

3.3. Model Construction

The study used three-panel ARDL models of Dynamic Fixed Effect, Mean group (MG), and Pooled
Mean Group (PMG) to investigate the long-run and short-run association between carbon emission
(dependent) and FD, EG, and the Tech_Advs. Since the study applied pooled mean group as the final
model, the following equation represents the model equation.

𝑦𝑖𝑡 = ∑𝑝𝑗=1 𝜃𝑖𝑗 𝑦𝑖,𝑡−𝑗 + ∑𝑞𝑗=0 𝛾𝑖𝑗

′
𝑥𝑖,𝑡−𝑗 + 𝜇𝑖 + 𝜀𝑖𝑡 (2)

Where y is a logged version of carbon emission, and x is a vector containing all of the independent
factors (gdp_per_growth, dcpvt_bank, and tech_adv), which can be seen in equation (1). The lagged
dependent and independent variables' coefficients are indicated by θ and γ, respectively. Similarly, fixed
effect and stochastic error terms are discussed by μ and ε. The countries and period are denoted by the
subscripts 𝑖 (𝑖 = 1,2,….N) and 𝑡 (𝑡 = 1,2, … . 𝑇), respectively.

The study occupied the Hausman test to confirm the slope homogeneity and come to a conclusion that
the appropriateness of using PMG as the best model depends on the probability value. If the (P-value >
0.05) PMG is the most appropriate technique to be used in the analysis.

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 4th International Conference on Tropical Resources and Sustainable Sciences 2022 IOP Publishing
IOP Conf. Series: Earth and Environmental Science 1102 (2022) 012040 doi:10.1088/1755-1315/1102/1/012040

3.4. Cross-sectional Dependency

Cross-sectional dependency is measured with Baltagi, Feng, and Kao's (2012) bias-corrected risen
Lagrange Multiplier (LM) test, Pesaran's (2004) scaled LM test and Breush-Pagan's (1980) (LM) test.

3.5. Panel Stationarity test

The study used the second-generation panel unit root tests of cross-sectional dependency (CIPS) and the
Cross-sectional Augment Dickey-Fuller test (CADF) test to measure the stationarity of the data set.
Because, at the time of having a cross-sectional dependency, using the first-generation unit root test is
insufficient. Hence, Im et al. (2007) develop the CIPS test using the varying autoregressive procedures
across the individual cross-sections to address the key drawbacks in first-generation unit root tests which
considered only the cross-sectional independence panels. Therefore, the CIPS test adds the lagged cross-
sectional individual mean values to control the effect of common factors in the cross-sections.

4. Results and discussion

4.1. Descriptive Statistics

Table 1 insights the attributes of chosen variables. It represents the mean values, standard deviations,
and minimum values with the maximum for each dependent and independent variable.
Based on the table, all the variables except carbon emission demonstrate the symmetric distribution
mean while carbon emission shows the right-side skewness. Kurtosis measures the degree of clustering
the data points into the tail or peak of the frequency distribution. Results confirm that technological
advancements and domestic credit to the private sector have the Platykurtic distribution, while carbon
emission and economic growth reported the Leptokurtic distribution.
Table1. Descriptive Statistics
Variables Obs Mean Median Maximum Minimum Std. Dev. Skewness Kurtosis
Co2Emi 171 4.4208 1.8996 19.4997 0.1518 5.0733 1.4187 4.1149
Dcpvt_bank 171 61.6093 45.6051 133.1360 3.4712 40.8806 0.2229 1.4939
GDP_per_growth 171 4.1800 4.3706 12.7223 -3.7845 3.3774 0.0282 3.7204
Tech_adv 171 0.3543 0.2926 0.8959 2.78E-06 0.2849 0.4031 1.8628

4.2. Correlation
Table 2 presents the correlation results and confirms that financial development and technological
advancement positively affect carbon emission. However, EG indicates a significant negative
correlation with carbon dioxide emission. Since domestic credit to the private sector is significantly
associated with technological advancement, it indicates multicollinearity among the explanatory
variables.

Table 2. Correlation Matrix

Co2Emi Dcpvt_bank GDP_per_growth Tech_adv

Co2Emi 1 0.2523 -0.5871 0.5207
Dcpvt_bank 0.2523 1 -0.2410 0.6879
GDP_per_growth -0.5871 -0.2410 1 -0.3793
Tech_adv 0.5207 0.6879 -0.3793 1

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4th International Conference on Tropical Resources and Sustainable Sciences 2022 IOP Publishing
IOP Conf. Series: Earth and Environmental Science 1102 (2022) 012040 doi:10.1088/1755-1315/1102/1/012040

4.3. Multi Collinearity Test

Table 3 presents the test results for multicollinearity. According to the Variance Inflation Factor (VIF)
values and the tolerance values (1/VIF), it can be confirmed there is no multicollinearity issue in the
explanatory variables.
Table 3. Multicollinearity Test
Variable VIF 1/VIF
Tech_adv 2.09 0.4783
Dcpvt_bank 1.9 0.5262
GDP_per_growth 1.17 0.8553
Mean VIF 1.72

4.4. Cross-sectional Dependency

The study introduced the Breush-Pagan (1980) LM test, Pesaran (2004) scaled LM test, Baltagi, Feng,
and Kao (2012) bias-corrected scaled LM test, and Pesaran (2004) CD tests to examine the cross-
sectional dependency and the finds are showing in Table 4. All the test results confirm there is a cross-
sectional dependency that directs to occupy second generation unit root tests to confirm the stationarity.
Table 4. Cross-sectional dependency
Breusch-Pagan LM Pesaran scaled LM Bias-corrected scaled LM Pesaran CD
Co2emi 335.7816*** 35.3296*** 35.0796*** 9.7004***
Dcpvt_bank 286.3106*** 29.4993*** 29.2493*** 12.2578***
Gdp_per_growth 113.7892*** 9.1675*** 8.9175*** 8.2362***
Tech_adv 428.5421*** 46.2615*** 46.0115*** 20.2306***
***, ** and * indicate significance at the levels of 1%, 5%, and 10%, respectively.

4.5. Panel Unit Root

The study used second-generation CIPS and CADF panel unit root tests to analyze the stationarity and
are presented in Table 5. According to the test results of CIPS, all the variables get stationary at their
first difference confirming all the variables are integrated at their first lag I (1) at 1% significant level.
Meanwhile, GDP and technological advancement get stationary at their level too. As suggested by
Sohag and Bamanga (2018), if the independent variables are stationary at their level or first
difference with the dependent variable in its first lag, it paves to use of panel ARDL models for the
analysis.
Table 5. Unit root test
CIPS CADF
Variable
Level First Difference Level First Difference
Co2emi -0.1004 -3.2452*** -0.3853 -5.0087***
Dcpvt_bank -1.5086 -3.2284*** 2.3375 -1.4927
GDP_per_growth -2.7336*** -4.9426*** -2.8553 -4.6034***
Tech_adv -2.4051** -3.0904*** -2.0020 -4.6764***
***, ** and * indicate significance at the levels of 1%, 5%, and 10%, respectively.

4.6. Panel data estimation

The cointegration results are shown in Table 6. Since the Hausman test confirms that PMG is the most
appropriate technique (See Table 7), PMG's speed of adjustment (convergent coefficient) value is -
0.2484, which highlights that it will take approximately four years to adjust the disequilibrium. Test
statistics prove that all the variables positively correlate with CO2 emission in the long run. It further
indicates that rapid economic development through the industrial sector and lubricating the funding

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4th International Conference on Tropical Resources and Sustainable Sciences 2022 IOP Publishing
IOP Conf. Series: Earth and Environmental Science 1102 (2022) 012040 doi:10.1088/1755-1315/1102/1/012040

facility to start new business ventures via financial development motivate the high energy usage in
production sector companies, resulting in more and more carbon emissions. Many studies, including
[9,16], have confirmed this.
Moreover, the results also demonstrate that high carbon emissions are produced by rapid economic
expansion in low- and middle-income nations below the threshold level, supporting the EKC theory.
Additionally, FD shows a negative relationship with carbon emission in the short run. This evidence
that financial development positively contributes to environmental quality in the short run. Maybe
because in the short run, financial development motivates people to use eco-friendly products and move
towards green consumption. However, in the long run, the industrial sector's development outweighed
the reduction of carbon emissions through green consumption. Further, the results indicate that the
contemporaneous co-movement of EG, Tech_Advs, and carbon emission is either weak or no co-
movement among these variables in the short-run [19,21].
Table 6. Panel Cointegration
DV Mean Group Pooled Mean Group Dynamic Fixed Effect
(Co2Emi) (MG) (PMG) (DFE)
LONG RUN
Dcpvt_bank -0.0227 0.0197*** 0.0035
(0.0314) (0.0020) (0.0111)
GDP_per_growth 0.0983 0.0190*** 0.0727
(0.0952) (0.0084) (0.0862)
Tech_adv 0.5183 0.4151 *** 2.0067
(1.1803) (0.1371) (1.3708)
SHORT RUN
Speed of adjustment -0.5565*** -0.2484*** -0.3222***
(0.14803) (0.0506) (0.0567)
Dcpvt_bank 0.0080 -0.0094*** -0.0066
(0.0076) (0.0043) (0.0099)
GDP_per_growth 0.0066 0.0290 0.0018
(0.0213) (0.0198) (0.0206)
Tech_adv -0.0879 -0.4671 -1.0340
(0.4213) (0.7987) (0.7919)
Number of countries 9 9 9
Number of observations 162 162 162
***, ** and * indicate significance at the levels of 1%, 5%, and 10%, respectively.
Standard error is shown by the numbers in parenthesis.

To select the best-fitted model from PMG, MG, and DFE, the study occupied the Hausman test which
confirms the slope homogeneity. The results are presented in Table 7. According to table statistics, PMG
is selected as the most appropriate model because the p-value is greater than 0.05.

Table 7. Hausman Test

Test Chi2 value Probability value Decision
MG vs PMG 4.05 0.2563 PMG is appropriate
MG vs DFE 0.03 0.9985 PMG is appropriate

5. Conclusion And Implications of The Study

This study aimed to examine the short- and long-term impacts of financial development, economic
growth, and technological advancement on carbon dioxide emissions in selected ASEAN nations. The
empirical findings support the Kuznets hypothesis by demonstrating a significant long-run relationship
between all the variables. Furthermore, financial development also shows a significant negative
relationship in the short run. Hence, we conclude that policymakers must pay attention to developing

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4th International Conference on Tropical Resources and Sustainable Sciences 2022 IOP Publishing
IOP Conf. Series: Earth and Environmental Science 1102 (2022) 012040 doi:10.1088/1755-1315/1102/1/012040

carbon eradication guidelines and policies and consider investing in zero carbon footprint projects and
green technology innovations. Also, it needs to encourage renewable and eco-friendly energy sources
to reduce carbon dioxide emissions. Additionally, there is a high requirement to shift sustainable
economic development from the industrial sector to the service sector to lessen environmental
degradation.

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