International Journal of Green Economics (9 papers in press)

Regular Issues

• Mathematical models for estimating the economic impact of using forestry land in the European Union  
  by I. Openko, R. Tykhenko, O. Tsvyakh, O. Shevchenko, O. Tykhenko, Ya. Stepchuk, A. Rokochinskiy, P. Volk, A. Shatkovskyі, Ye. Kryvoviaz, O. Chumachenko 
  Abstract: The article presents theoretical and methodological approaches to mathematical modelling of economic indicators of using forestry land. Successful experience of the European Union in the field of forestry from the standpoint of sustainable development in terms of significant anthropogenic, economic and climatic load on natural ecosystems was analysed. Mathematical models of economic indicators of using forestry land in the European Union were made. The obtained results of the research enable to model the policy of forest management on the basis of economic and mathematical calculations in different countries of the world.
  Keywords: forestry land; forest cover loss; mathematical model; forest sector of the economy.
  DOI: 10.1504/IJGE.2026.10075731
   
  
• Dynamic nexus of economy-energy-environment in BRICS countries: a time-frequency analysis  
  by Bhuvaneskumar Annamalaisamy 
  Abstract: This study investigates the association and coherence of energy consumption (EC), economic growth, and environmental quality (Carbon emissions) of Brazil, Russia, India, China, and South Africa (BRICS countries) over the period 1971-2018. We employed wavelet correlation and partial wavelet coherence approaches to determine the associations of EC, economic growth, and carbon emissions (CO2) for the countries with strong economic development and most polluting nature (BRICS). The empirical results for Brazil, China, and South Africa show a weak short-run association between economic growth and EC/CO2 emissions. However, Russia and India have exhibited long-run comovement among economic growth and EC/CO2 emissions while controlling for trade openness. These findings also support the pollution haven hypothesis (PHH). A clear understanding of the complex dynamic interactions between the economy, energy, and environment is possible through wavelet analysis with multiple time-horizons. This study suggests that BRICS countries should adopt/revamp renewable policy interventions that ensure the swift sustainable energy transition, thus contributing to global warming mitigation targets.
  Keywords: economic growth; energy use; CO2 emissions; BRICS; wavelet correlation; wavelet coherence.
  DOI: 10.1504/IJGE.2026.10075542
   
  
• Rising from the pandemic: do ESG factors matter for resiliency in the Italian Stock Market?  
  by Pasquale Marcello Falcone, Antonio Lopolito, Edgardo Sica 
  Abstract: This study examines the resilience of ESG investments across different phases of the COVID-19 pandemic, focusing on the Italian Stock Exchange. We compare the performance of firms included in the MIB ESG index with a carefully stratified control group of non-ESG companies. Using a network analysis approach, the results show a higher degree of resilience among ESG assets, particularly in the post-lockdown phase, when they exhibited a faster and stronger recovery than traditional investments. The findings suggest that firm-level commitments to environmental responsibility, social engagement, and sound governance can enhance market robustness during periods of uncertainty and stress. By providing empirical evidence on the stabilising role of ESG practices, the study contributes to the sustainable finance literature and improves understanding of the relationship between ESG investing and market dynamics. The analysis identifies consumer discretionary, healthcare, and technology as the sectors that benefited most from ESG adoption during the recovery phase.
  Keywords: resilience; Italian Stock Exchange; COVID-19; environmental; social; and governance; ESG; asset correlation networks.
  DOI: 10.1504/IJGE.2026.10075543
   
  
• Investigating the impact of blue economy factors such as tourism, fishing and renewable energy on economic growth: fresh panel evidence from Bangladesh, Myanmar and India  
  by Mst. Jannatul Mawa, Ahsan Habib, Nayem Miah, Imtiaz Uddin, Md. Hasanur Rahman 
  Abstract: The present study examined the factors of the blue economy and measured the influence of the selected factors on economic growth. This study conducted a balanced panel analysis using secondary data spanning from 1995 to 2023. The unit root test results state that variables are stationary at first differences, and there is cointegration. The major findings of this study indicate a positive association between renewable energy use and economic growth. A 1% increase in renewable energy consumption tends to boost economic growth by 0.18%. Tourism has failed to determine economic growth in this selected panel group. More precisely, a 1% increase in fishing value boosts economic growth by 0.44%. The economic significance of fishing in Bangladesh, India, and Myanmar is very high. This study makes a significant contribution by analysing the correlation between the characteristics of the blue economy and economic growth in Bangladesh, Myanmar, and India.
  Keywords: blue economy; BE; economic growth; new panel; green energy; tourism development; Bangladesh; Myanmar; India.
  
  
• Testing the influence of alternative employment arrangement on the relationship between deprivation and health in Nigeria  
  by Akinwumi Sharimakin 
  Abstract: The study investigates the influence of alternative employment arrangements, AEAs (fixed-term, on-call, part-time, agency) on the relationship between three types of deprivation (other-regarding, history-regarding, on-the-job mobile) and health (physical, mental) in Nigeria between 2022 and 2023. Analysis of cross-sectional data in four sectors (banking, construction, oil and gas, telecommunication) show that physical and mental health distress became worsen when deprivations were interacted with AEAs. This was occasioned by poor job and employment conditions associated with AEAs. Among the types of deprivation, on-the-job mobile was more impactful and damaging to both physical and mental health of workers. A developmental plans that address the sources of deprivation and income inequality, and discourage the use of AEAs would savage and lead to economic growth. Besides, policy to discourage or totally eradicate the use of third-party (agent) in employment contract needs to be implemented. Management and control of employment system should be the responsibility of concern organisation, and not the third party.
  Keywords: alternative employment arrangement; AEA; deprivation; physical health; mental health; Nigeria.
  DOI: 10.1504/IJGE.2025.10074748
   
  
• Decarbonising Finland: the impact of renewable energy, environmental trade provisions, and carbon tax policies on CO_x emissions in Finland (1990-2022)  
  by Haidy M. Amer 
  Abstract: This research examines the influence of carbon taxes, electricity generated from renewable sources, environmental provisions in trade agreements, economic growth, and population aging growth rate on carbon emissions in Finland from 1990 to 2022, employing the ARDL approach. The findings revealed that while carbon taxes and renewable electricity generation negatively and significantly affect carbon emissions, economic growth positively affects them. Economic growth positively influences short- and long-term emissions, reflecting the challenges of decoupling economic growth from environmental targets. The impacts of population aging and environmental regulations in trade agreements are statistically insignificant, implying their little influence on emission reduction. These findings emphasize the importance of improving and updating the practicality of environmental provisions in regional trade agreements (RTAs) to achieve the desired environmental outcomes. The insights offered can help policymakers achieve economic growth while lowering carbon emissions and ensuring environmental sustainability.
  Keywords: economic growth; renewable electricity generation; carbon taxes; carbon emission; environmental provisions; aging population; Finland.
  DOI: 10.1504/IJGE.2025.10075075
   
  
• Greenwashing in economics, econometrics, and finance: mapping recent trends and future directions through a bibliometric SMART framework  
  by Raamkhumar M. Harinathan, Vigneshwar Shanmugam, T.N.V.R.L. Swamy, Shloka Singh, Senthilkumar Shanmugam 
  Abstract: Greenwashing, defined as the act of conveying a false impression of environmental responsibility, presents growing challenges within economics, econometrics, and finance. This study conducts a bibliometric analysis framed within the specific, measurable, achievable, relevant, and time-bound (SMART) approach to examine developments in greenwashing research. Drawing from global publications indexed in Scopus between 2003 and 2024, the study offers both temporal and geographic breadth, capturing contributions from advanced and emerging economies alike. The analysis identifies key trends such as heightened attention to ESG regulation and sustainability reporting, while also revealing persistent gaps, including the limited application of empirical methods and emerging technologies such as blockchain and artificial intelligence. By highlighting underutilised theoretical frameworks and evolving thematic clusters, this review supports the development of more structured academic inquiry and informed policymaking. The integration of the SMART framework offers a practical lens to organise findings and guide future research agendas in addressing the complexities of greenwashing across economic and financial domains. Unlike earlier reviews, this study combines SMART-driven bibliometric methods with performance analysis, thematic clustering, and global collaboration mapping, offering a more comprehensive and actionable foundation for future scholarly and policy-related efforts.
  Keywords: greenwashing; economics; econometrics; finance; bibliometrics; SMART framework.
  DOI: 10.1504/IJGE.2025.10074667
   
  
• A literature outlook on the impacts of corporate social responsibility on sustainable banking operation  
  by Erleta Halimi, Katalin Czako, Arben Sahiti 
  Abstract: Corporate social responsibility (CSR) has become essential in banking as stakeholders demand greater sustainability, transparency, and ethical governance. This paper provides a structured review of studies from 2014-2024, examining the relationship between CSR initiatives and banks' financial performance. The review highlights that CSR practices such as green banking, responsible lending, ethical investment strategies, and sustainability reporting can enhance profitability, reputation, and stakeholder trust though results vary across contexts. While many studies find a positive relationship between CSR and financial performance, others report negative or neutral effects, depending on bank size, institutional stability, cultural context, and the specific CSR dimensions pursued. Guided by stakeholder, legitimacy, resource-based, and reputation theories, the review develops an integrated conceptual framework and offers policy insights for banks and regulators. It also identifies research gaps, particularly the potential of emerging technologies like blockchain and artificial intelligence to strengthen ESG risk assessment and financial inclusion. Overall, CSR remains a key but context-dependent driver of sustainable banking.
  Keywords: corporate social responsibility; CSR; banks; financial performance.
  DOI: 10.1504/IJGE.2025.10075541
   
  
• Calendar anomaly and green investing of India: an empirical examination to improve regulation (2012-2023)  
  by Sugandha Sharma, Ruchi Bangur, Pratima Jain, Peeyush Bangur, Deepak Shrivastava 
  Abstract: The main aim of this paper is to study the informational efficiency of green investing in India by examining the four calendar anomalies in India's S&P BSE GREENEX Index. These anomalies are the day of week (DoW) effect, turn-of-the-month (TOM) effect, half-month effect, and trading month effect. These anomalies are scrutinised to assess whether predictable patterns exist in returns, which would challenge the notion of market efficiency in the context of environmentally responsible investing. Analysing calendar anomalies in green financial instruments is particularly significant, as it helps determine whether green investment avenues exhibit similar or divergent market behaviours compared to traditional markets. This understanding contributes to the broader discourse on sustainable finance by evaluating if green markets in India have matured to a level of informational efficiency. We have employed the ARCH and GARCH models to analyse these calendar anomalies. The results indicate that the inefficiency in green investing is attributable to calendar anomalies. Policymakers and stock market regulators may get crucial insights into the numerous calendar anomalies utilised in this research. Our findings may help in enhancing the green investment market in India. To our knowledge, no calendar anomaly analysis has been conducted on green investing in India.
  Keywords: calendar anomaly; green investing; sustainability; DoW effect; India.
  DOI: 10.1504/IJGE.2025.10075664