Nexus Between Digital Economy and Environmental Sustainability in BRICS: Does Green Innovation Matter?
研究了2004-2020年金砖国家数据，发现数字金融和数字基础设施通过绿色创新中介作用，长期有助于减少环境退化，但经济增长和人口增长加剧了环境问题。
ABSTRACT The digital economy has emerged as a significant driver of development in many countries, yet its impact on environmental sustainability remains a subject of debate among experts. Unlike previous studies, this research examines the influence of the digital economy on environmental sustainability while investigating the mediating role of green innovation in this relationship. Using a panel dataset from BRICS countries covering the period 2004–2020, this study explores the impact of the digital economy by employing digital finance and digital infrastructure as proxies. Advanced econometric techniques, including the Cup‐FM, Cup‐ BC , AMG, and CS‐ARDL methods, are applied to ensure robust panel data analysis. The findings reveal that, in the long run, digital finance, digital infrastructure, and green innovation exhibit a significant negative relationship with environmental degradation, thereby contributing positively to environmental sustainability in BRICS economies. Furthermore, mediation analysis using the Sobel, Aroian, and Goodman tests confirms that green innovation effectively mediates the impact of digital finance and digital infrastructure on environmental sustainability. However, the results also indicate that economic growth and population growth have a significant positive relationship with environmental degradation, highlighting their adverse effects on sustainability. Based on these findings, it is crucial for BRICS countries to implement policies and programs that foster the growth of digital finance and digital infrastructure as tools for promoting environmental sustainability. Policymakers should prioritize investment in digital finance and infrastructure to drive green innovation and support eco‐friendly manufacturing. Additionally, addressing digital access disparities to ensure inclusive participation in sustainable initiatives.