Research on the Impact of Financial Development and Human Capital on the Sustainable Development Goals in Central and Eastern European Countries (CEECs): Evidence from Econometric Approaches

Adebayo, T. S., Kırıkkaleli, D., Adeshola, I., Oluwajana, D., Akinsola, G. D. and Osemeahon, O. S. 2021. Coal Consumption and Environmental Sustainability in South Africa: The Role of Financial Development and Globalization. International Journal of Renewable Energy Development, 10 (3), 527–536. DOI: 10.14710/ijred.2021.34982. Adebayo T. S. Kırıkkaleli D. Adeshola I. Oluwajana D. Akinsola G. D. Osemeahon O. S. 2021 . Coal Consumption and Environmental Sustainability in South Africa: The Role of Financial Development and Globalization . International Journal of Renewable Energy Development , 10 ( 3 ), 527 – 536 . 10.14710/ijred.2021.34982 . Open DOISearch in Google Scholar

Ahmad, N., Ghouse, G., Bhatti, M. I. and Aslam, A. 2023. The Impact of Social Inclusion and Financial Development on CO₂ Emissions: Panel Analysis from Developing Countries. Sustainability, 15 (20), 14752. DOI: 10.3390/su152014752. Ahmad N. Ghouse G. Bhatti M. I. Aslam A. 2023 . The Impact of Social Inclusion and Financial Development on CO₂ Emissions: Panel Analysis from Developing Countries . Sustainability , 15 ( 20 ), 14752 . 10.3390/su152014752 . Open DOISearch in Google Scholar

Alhassan, H., Kwakwa, P. A. and Donkoh, S. A. 2022. The Interrelationships Among Financial Development, Economic Growth and Environmental Sustainability: Evidence from Ghana. Environmental Science and Pollution Research, 29 (24), 37057–37070. DOI: 10.1007/s11356-021-17963-9. Alhassan H. Kwakwa P. A. Donkoh S. A. 2022 . The Interrelationships Among Financial Development, Economic Growth and Environmental Sustainability: Evidence from Ghana . Environmental Science and Pollution Research , 29 ( 24 ), 37057 – 37070 . 10.1007/s11356-021-17963-9 . Open DOISearch in Google Scholar

Anand, S. and Sen, A. 2000. Human Development and Economic Sustainability. World Development, 28 (12), 2029–2049. DOI: 10.1016/S0305-750X(00)00071-1. Anand S. Sen A. 2000 . Human Development and Economic Sustainability . World Development , 28 ( 12 ), 2029 – 2049 . 10.1016/S0305-750X(00)00071-1 . Open DOISearch in Google Scholar

Arab, M., Damankeshideh, M., Samimi, A. J., Asli, A. D. and Moghri, A. E. 2022. Human Development and Environmental Sustainability in Oil Exporting Countries. International Journal of Business and Development Studies, 14 (1), 5–23. DOI: 10.22111/ijbds.2022.7435. Arab M. Damankeshideh M. Samimi A. J. Asli A. D. Moghri A. E. 2022 . Human Development and Environmental Sustainability in Oil Exporting Countries . International Journal of Business and Development Studies , 14 ( 1 ), 5 – 23 . 10.22111/ijbds.2022.7435 . Open DOISearch in Google Scholar

Asif, M., Li, J.-Q., Zia, M. A., Hashim, M., Bhatti, U. A., Bhatti, M. A. and Hasnain, A. 2024. Environmental Sustainability in BRICS Economies: The Nexus of Technology Innovation, Economic Growth, Financial Development, and Renewable Energy Consumption. Sustainability, 16 (16), 6934. DOI: 10.3390/su16166934. Asif M. Li J.-Q. Zia M. A. Hashim M. Bhatti U. A. Bhatti M. A. Hasnain A. 2024 . Environmental Sustainability in BRICS Economies: The Nexus of Technology Innovation, Economic Growth, Financial Development, and Renewable Energy Consumption . Sustainability , 16 ( 16 ), 6934 . 10.3390/su16166934 . Open DOISearch in Google Scholar

Aslam, M., Naz, A. and Bibi, S. 2023. Unraveling the Non-Linear Impact of Financial Development on Environmental Sustainability: Insights from Developing Countries Agreeing the Accord. Environmental Science and Pollution Research, 30 (53), 114017–114031. DOI: 10.1007/s11356-023-30283-4. Aslam M. Naz A. Bibi S. 2023 . Unraveling the Non-Linear Impact of Financial Development on Environmental Sustainability: Insights from Developing Countries Agreeing the Accord . Environmental Science and Pollution Research , 30 ( 53 ), 114017 – 114031 . 10.1007/s11356-023-30283-4 . Open DOISearch in Google Scholar

Asongu, S. A. and Odhiambo, N. M. 2020. Governance, CO₂ Emissions and Inclusive Human Development in Sub-Saharan Africa. Energy Exploration and Exploitation, 38 (1), 18–36. DOI: 10.1177/0144598719835594. Asongu S. A. Odhiambo N. M. 2020 . Governance, CO₂ Emissions and Inclusive Human Development in Sub-Saharan Africa . Energy Exploration and Exploitation , 38 ( 1 ), 18 – 36 . 10.1177/0144598719835594 . Open DOISearch in Google Scholar

Bekana, D. M. 2023. Governance Quality and Financial Development in Africa. World Development Sustainability, 2, 100044. DOI: 10.1016/j.wds.2023.100044. Bekana D. M. 2023 . Governance Quality and Financial Development in Africa . World Development Sustainability , 2 , 100044 . 10.1016/j.wds.2023.100044 . Open DOISearch in Google Scholar

Bekele, M., Sassi, M., Jemal, K. and Ahmed, B. 2024. Human Capital Development and Economic Sustainability Linkage in Sub-Saharan African Countries: Novel Evidence from Augmented Mean Group Approach. Heliyon, 10 (2), e24323. DOI: 10.1016/j.heliyon.2024.e24323. Bekele M. Sassi M. Jemal K. Ahmed B. 2024 . Human Capital Development and Economic Sustainability Linkage in Sub-Saharan African Countries: Novel Evidence from Augmented Mean Group Approach . Heliyon , 10 ( 2 ), e24323 . 10.1016/j.heliyon.2024.e24323 . Open DOISearch in Google Scholar

Cai, X., Xiang, H., Neskor dieva, I. and Durmanov, A. 2024. Interrelation Between Human Capital Management and ESG engagement: Evidence from S&P 500 Firms. Humanities and Social Sciences Communications, 11, 1654. DOI: 10.1057/s41599-024-04189-6. Cai X. Xiang H. Neskor dieva I. Durmanov A. 2024 . Interrelation Between Human Capital Management and ESG engagement: Evidence from S&P 500 Firms . Humanities and Social Sciences Communications , 11 , 1654 . 10.1057/s41599-024-04189-6 . Open DOISearch in Google Scholar

Castells‐Quintana, D., Royuela, V. and Thiel, F. 2019. Inequality and Sustainable Development: Insights from an Analysis of the Human Development Index. Sustainable Development, 27 (3), 448–460. DOI: 10.1002/sd.1917. Castells‐Quintana D. Royuela V. Thiel F. 2019 . Inequality and Sustainable Development: Insights from an Analysis of the Human Development Index . Sustainable Development , 27 ( 3 ), 448 – 460 . 10.1002/sd.1917 . Open DOISearch in Google Scholar

Conceição, P. 2019. Human Development and the SDGs [online]. UNDP, Human Development Reports. Available at: https://hdr.undp.org/content/human-development-and-sdgs. [Accessed 2005, January 3]. Conceição P. 2019 . Human Development and the SDGs [online]. UNDP, Human Development Reports . Available at: https://hdr.undp.org/content/human-development-and-sdgs . [Accessed 2005, January 3 ]. Search in Google Scholar

Cuesta, J., Madrigal, L. and Pecorari, N. 2022. Social Sustainability, Poverty, and Income: An Empirical Exploration. Policy Research Working Paper No. 10085. World Bank Group. Cuesta J. Madrigal L. Pecorari N. 2022 . Social Sustainability, Poverty, and Income: An Empirical Exploration . Policy Research Working Paper No. 10085. World Bank Group . Search in Google Scholar

Davis, T. J. 2017. Good Governance as a Foundation for Sustainable Human Development in Sub-Saharan Africa. Third World Quarterly, 38 (3), 636–654. DOI: 10.1080/01436597.2016.1191340. Davis T. J. 2017 . Good Governance as a Foundation for Sustainable Human Development in Sub-Saharan Africa . Third World Quarterly , 38 ( 3 ), 636 – 654 . 10.1080/01436597.2016.1191340 . Open DOISearch in Google Scholar

Enders, W. and Jones, P. 2016. Grain Prices, Oil Prices, and Multiple Smooth Breaks in a VAR. Studies in Nonlinear Dynamics & Econometrics, 20 (4), 399–419. DOI: 10.1515/snde-2014-0101. Enders W. Jones P. 2016 . Grain Prices, Oil Prices, and Multiple Smooth Breaks in a VAR . Studies in Nonlinear Dynamics & Econometrics , 20 ( 4 ), 399 – 419 . 10.1515/snde-2014-0101 . Open DOISearch in Google Scholar

Enders, W. and Lee, J. 2012. The Flexible Fourier Form and Dickey–Fuller Type Unit Root Tests. Economics Letters, 117 (1), 196–199. DOI: 10.1016/j.econlet.2012.04.081. Enders W. Lee J. 2012 . The Flexible Fourier Form and Dickey–Fuller Type Unit Root Tests . Economics Letters , 117 ( 1 ), 196 – 199 . 10.1016/j.econlet.2012.04.081 . Open DOISearch in Google Scholar

Erkoyuncu, M. and Aşkun, V. 2023. Sustainability of Human Development Through Governance: A Qualitative Comparative Analysis of Countries. Abant Sosyal Bilimler Dergisi, 23 (3), 1585–1608. DOI: 10.11616/asbi.1327959. Erkoyuncu M. Aşkun V. 2023 . Sustainability of Human Development Through Governance: A Qualitative Comparative Analysis of Countries . Abant Sosyal Bilimler Dergisi , 23 ( 3 ), 1585 – 1608 . 10.11616/asbi.1327959 . Open DOISearch in Google Scholar

ETH Zürich. 2025. KOF Globalisation Index [online]. Database. Available at: https://kof.ethz.ch/en/forecasts-and-indicators/indicators/kof-globalisation-index.html ETH Zürich . 2025 . KOF Globalisation Index [online]. Database . Available at: https://kof.ethz.ch/en/forecasts-and-indicators/indicators/kof-globalisation-index.html Search in Google Scholar

Ezako, J. T. 2024. The Nexus Between Human Development, Official Development Assistance, Carbon Emissions, and Governance in Developing Countries for the Realization of Sustainable Development Goals. Cogent Economics & Finance, 12 (1), 2330452. DOI: 10.1080/23322039.2024.2330452. Ezako J. T. 2024 . The Nexus Between Human Development, Official Development Assistance, Carbon Emissions, and Governance in Developing Countries for the Realization of Sustainable Development Goals . Cogent Economics & Finance , 12 ( 1 ), 2330452 . 10.1080/23322039.2024.2330452 . Open DOISearch in Google Scholar

Fakher, H. A. and Ahmed, Z. 2023. Does Financial Development Moderate the Link Between Technological Innovation and Environmental Indicators? An Advanced Panel Analysis. Financial Innovation, 9 (1), 112. DOI: 10.1186/s40854-023-00513-2. Fakher H. A. Ahmed Z. 2023 . Does Financial Development Moderate the Link Between Technological Innovation and Environmental Indicators? An Advanced Panel Analysis . Financial Innovation , 9 ( 1 ), 112 . 10.1186/s40854-023-00513-2 . Open DOISearch in Google Scholar

Fatima, N., Xuhua, H., Khan, M. K. and Dagar, V. 2025. Sustainability with Environmental Policy Stringency and Financial Development for Green Technological Innovations: Evidence from Sub-Saharan Africa. Journal of Environmental Management, 373, 123429. DOI: 10.1016/j.jenvman.2024.123429. Fatima N. Xuhua H. Khan M. K. Dagar V. 2025 . Sustainability with Environmental Policy Stringency and Financial Development for Green Technological Innovations: Evidence from Sub-Saharan Africa . Journal of Environmental Management , 373 , 123429 . 10.1016/j.jenvman.2024.123429 . Open DOISearch in Google Scholar

Feng, Y., Chen, H. H. and Tang, J. 2018. The Impacts of Social Responsibility and Ownership Structure on Sustainable Financial Development of China’s Energy Industry. Sustainability, 10 (2), 301. DOI: 10.3390/su10020301. Feng Y. Chen H. H. Tang J. 2018 . The Impacts of Social Responsibility and Ownership Structure on Sustainable Financial Development of China’s Energy Industry . Sustainability , 10 ( 2 ), 301 . 10.3390/su10020301 . Open DOISearch in Google Scholar

Gormus, A., Nazlıoğlu, S. and Soytaş, U. 2018. High-Yield Bond and Energy Markets. Energy Economics, 69, 101–110. DOI: 10.1016/j.eneco.2017.10.037. Gormus A. Nazlıoğlu S. Soytaş U. 2018 . High-Yield Bond and Energy Markets . Energy Economics , 69 , 101 – 110 . 10.1016/j.eneco.2017.10.037 . Open DOISearch in Google Scholar

Gregory, A. W. and Hansen, B. E. 1996. ResidualBased Tests for Cointegration in Models with Regime Shifts. Journal of Econometrics, 70 (1), 99–126. DOI: 10.1016/0304-4076(69)41685-7. Gregory A. W. Hansen B. E. 1996 . Residual-Based Tests for Cointegration in Models with Regime Shifts . Journal of Econometrics , 70 ( 1 ), 99 – 126 . 10.1016/0304-4076(69)41685-7 . Open DOISearch in Google Scholar

Hatemi-J, A. 2012. Asymmetric Causality Tests with an Application. Empirical Economics, 43 (1), 447–456. DOI: 10.1007/s00181-011-0484-x. Hatemi-J A. 2012 . Asymmetric Causality Tests with an Application . Empirical Economics , 43 ( 1 ), 447 – 456 . 10.1007/s00181-011-0484-x . Open DOISearch in Google Scholar

Hatemi-J, A. 2008. Tests for Cointegration with Two Unknown Regime Shifts with an Application to Financial Market Integration. Empirical Economics, 35 (3), 497–505. DOI: 10.1007/s00181-007-0175-9. Hatemi-J A. 2008 . Tests for Cointegration with Two Unknown Regime Shifts with an Application to Financial Market Integration . Empirical Economics , 35 ( 3 ), 497 – 505 . 10.1007/s00181-007-0175-9 . Open DOISearch in Google Scholar

Hatemi-J, A. 2014. Asymmetric Generalized Impulse Responses with an Application in Finance. Economic Modelling, 36 (C), 18–22. DOI: 10.1016/j.econmod.2013.09.014. Hatemi-J A. 2014 . Asymmetric Generalized Impulse Responses with an Application in Finance . Economic Modelling , 36 ( C ), 18 – 22 . 10.1016/j.econmod.2013.09.014 . Open DOISearch in Google Scholar

Helne, T. and Hirvillammi, T. 2015. Wellbeing and Sustainability: A Rational Approach. Sustainable Development, 23 (3), 167–175. DOI: 10.1002/sd.1581. Helne T. Hirvillammi T. 2015 . Wellbeing and Sustainability: A Rational Approach . Sustainable Development , 23 ( 3 ), 167 – 175 . 10.1002/sd.1581 . Open DOISearch in Google Scholar

IMF. 2023. Financial Development Index Database [online]. Available at: https://data.imf.org/?sk=f8032e80-b36c-43b1-ac26-493c5b1cd33b. [Accessed 2025, January 4]. IMF . 2023 . Financial Development Index Database [online]. Available at: https://data.imf.org/?sk=f8032e80-b36c-43b1-ac26-493c5b1cd33b . [Accessed 2025, January 4 ]. Search in Google Scholar

Jain, M. and Nagpal, A. 2019. Relationship Between Environmental Sustainability and Human Development Index: A Case of Selected South Asian Nations. Vision: The Journal of Business Perspective, 23 (2), 125–133. DOI: 10.1177/0972262919840202. Jain M. Nagpal A. 2019 . Relationship Between Environmental Sustainability and Human Development Index: A Case of Selected South Asian Nations . Vision: The Journal of Business Perspective , 23 ( 2 ), 125 – 133 . 10.1177/0972262919840202 . Open DOISearch in Google Scholar

Jiang, P.-C. 2024. National ESG Index Update: An Assessment of the G20 Countries. Innovation and Green Development, 3 (2), 100147. DOI: 10.1016/j.igd.2024.100147. Jiang P.-C. 2024 . National ESG Index Update: An Assessment of the G20 Countries . Innovation and Green Development , 3 ( 2 ), 100147 . 10.1016/j.igd.2024.100147 . Open DOISearch in Google Scholar

Ju, S., Andriamahery, A., Qamruzzaman, M. and Kor, S. 2023. Effects of Financial Development, FDI and Good Governance on Environmental Degradation in the Arab Nation: Dose Technological Innovation Matters? Frontiers in Environmental Science, 11, 1094976. DOI: 10.3389/fenvs.2023.1094976. Ju S. Andriamahery A. Qamruzzaman M. Kor S. 2023 . Effects of Financial Development, FDI and Good Governance on Environmental Degradation in the Arab Nation: Dose Technological Innovation Matters? Frontiers in Environmental Science , 11 , 1094976 . 10.3389/fenvs.2023.1094976 . Open DOISearch in Google Scholar

Kayani, G. M., Ashfaq, S. and Siddique, A. 2020. Assessment of Financial Development on Environmental Effect: Implications for Sustainable Development. Journal of Cleaner Production, 261, 120984. DOI: 10.1016/j.jclepro.2020.120984. Kayani G. M. Ashfaq S. Siddique A. 2020 . Assessment of Financial Development on Environmental Effect: Implications for Sustainable Development . Journal of Cleaner Production , 261 , 120984 . 10.1016/j.jclepro.2020.120984 . Open DOISearch in Google Scholar

Keser, A. and Gökmen, Y. 2018. Governance and Human Development: The Impacts of Governance Indicators on Human Development. Journal of Public Administration and Governance, 8 (1), 26–39. DOI: 10.5296/jpag.v8i1.12336. Keser A. Gökmen Y. 2018 . Governance and Human Development: The Impacts of Governance Indicators on Human Development . Journal of Public Administration and Governance , 8 ( 1 ), 26 – 39 . 10.5296/jpag.v8i1.12336 . Open DOISearch in Google Scholar

Khanday, I. N., Wani, I. U. and Tarique, M. 2023. Do Financial Development and Institutional Quality Matter for Ecological Sustainability in the Long Run? Evidence from India. Management of Environmental Quality: An International Journal, 34 (6), 1668–1689. DOI: 10.1108/MEQ-01-2023-0002. Khanday I. N. Wani I. U. Tarique M. 2023 . Do Financial Development and Institutional Quality Matter for Ecological Sustainability in the Long Run? Evidence from India . Management of Environmental Quality: An International Journal , 34 ( 6 ), 1668 – 1689 . 10.1108/MEQ-01-2023-0002 . Open DOISearch in Google Scholar

Kırıkkaleli, D. and Adebayo, T. S. 2020. Do Renewable Energy Consumption and Financial Development Matter for Environmental Sustainability? New Global Evidence. Sustainable Development, 29 (4), 583–594. DOI: 10.1002/sd.2159. Kırıkkaleli D. Adebayo T. S. 2020 . Do Renewable Energy Consumption and Financial Development Matter for Environmental Sustainability? New Global Evidence . Sustainable Development , 29 ( 4 ), 583 – 594 . 10.1002/sd.2159 . Open DOISearch in Google Scholar

Kotsantonis, S. and Serafeim, G. 2020. Human Capital and the Future of Work: Implications for Investors and ESG Integration. Journal of Financial Transformation, 51, 115–130. Kotsantonis S. Serafeim G. 2020 . Human Capital and the Future of Work: Implications for Investors and ESG Integration . Journal of Financial Transformation , 51 , 115 – 130 . Search in Google Scholar

Li, S., Zhang, J. and Ma, Y. 2015. Financial Development, Environmental Quality and Economic Growth. Sustainability, 7 (7), 9395–9416. DOI: 10.3390/su7079395. Li S. Zhang J. Ma Y. 2015 . Financial Development, Environmental Quality and Economic Growth . Sustainability , 7 ( 7 ), 9395 – 9416 . 10.3390/su7079395 . Open DOISearch in Google Scholar

Long, X., Yu, H., Sun, M., Wang, X.-C., Klemeš, J. J., Xie, W., Wang, C., Li, W. and Wang, Y. 2020. Sustainability Evaluation Based on the Three-Dimensional Ecological Footprint and Human Development Index: A Case Study on the Four Island Regions in China. Journal of Environmental Management, 265, 110509. DOI: 10.1016/j.jenvman.2020.110509. Long X. Yu H. Sun M. Wang X.-C. Klemeš J. J. Xie W. Wang C. Li W. Wang Y. 2020 . Sustainability Evaluation Based on the Three-Dimensional Ecological Footprint and Human Development Index: A Case Study on the Four Island Regions in China . Journal of Environmental Management , 265 , 110509 . 10.1016/j.jenvman.2020.110509 . Open DOISearch in Google Scholar

Maccari, N. 2014. Environmental Sustainability and Human Development: A Greening of Human Development Index. SSRN Electronic Journal. DOI: 10.2139/ssrn.2426073. Maccari N. 2014 . Environmental Sustainability and Human Development: A Greening of Human Development Index . SSRN Electronic Journal . 10.2139/ssrn.2426073 . Open DOISearch in Google Scholar

Musah, M., Owusu-Akomeah, M., Nyeadi, J. D., Alfred, M. and Mensah, I. A. 2022. Financial Development and Environmental Sustainability in West Africa: Evidence from Heterogeneous and Cross-Sectionally Correlated Models. Environmental Science and Pollution Research, 29, 12313–12335. DOI: 10.1007/s11356-021-16512-8. Musah M. Owusu-Akomeah M. Nyeadi J. D. Alfred M. Mensah I. A. 2022 . Financial Development and Environmental Sustainability in West Africa: Evidence from Heterogeneous and Cross-Sectionally Correlated Models . Environmental Science and Pollution Research , 29 , 12313 – 12335 . 10.1007/s11356-021-16512-8 . Open DOISearch in Google Scholar

Naomi, P. and Akbar, I. 2021. Beyond Sustainability: Empirical Evidence from OECD Countries on the Connection Among Natural Resources, ESG Performances, and Economic Development. Economics & Sociology, 14 (4), 89–106. DOI: 10.14254/2071-789X.2021/14-4/5. Naomi P. Akbar I. 2021 . Beyond Sustainability: Empirical Evidence from OECD Countries on the Connection Among Natural Resources, ESG Performances, and Economic Development . Economics & Sociology , 14 ( 4 ), 89 – 106 . 10.14254/2071-789X.2021/14-4/5 . Open DOISearch in Google Scholar

Nasreen, S., Khan, F. I. and Nghiem, X.-H. 2023. The Effects of Financial Development and Technological Progress on Environmental Sustainability: Novel Evidence from Asian Countries. Environmental Science and Pollution Research, 30 (18), 53712–53724. DOI: 10.1007/s11356-023-26139-6. Nasreen S. Khan F. I. Nghiem X.-H. 2023 . The Effects of Financial Development and Technological Progress on Environmental Sustainability: Novel Evidence from Asian Countries . Environmental Science and Pollution Research , 30 ( 18 ), 53712 – 53724 . 10.1007/s11356-023-26139-6 . Open DOISearch in Google Scholar

Neag, M.-M. and Halmaghi, E.-E. 2019. Correlation Between Human Development and Sustainable Development – Condition of Human Security. Scientific Bulletin, 24 (1), 52–60. DOI: 10.2478/bsaft-2019-0006. Neag M.-M. Halmaghi E.-E. 2019 . Correlation Between Human Development and Sustainable Development – Condition of Human Security . Scientific Bulletin , 24 ( 1 ), 52 – 60 . 10.2478/bsaft-2019-0006 . Open DOISearch in Google Scholar

Neumayer, E. 2010. Human Development and Sustainability. United Nations Development Programme – Human Development Reports, Research Paper No. 2010/05. DOI: 10.2139/ssrn.1711867. Neumayer E. 2010 . Human Development and Sustainability . United Nations Development Programme – Human Development Reports, Research Paper No. 2010/05 . 10.2139/ssrn.1711867 . Open DOISearch in Google Scholar

Ng, T.-H., Lye, C.-T., Chan, K.-H., Lim, Y.-Z. and Lim, Y.-S. 2020. Sustainability in Asia: The Roles of Financial Development in Environmental, Social and Governance (ESG) Performance. Social Indicators Research, 150 (1), 17–44. DOI: 10.1007/s11205-020-02288-w. Ng T.-H. Lye C.-T. Chan K.-H. Lim Y.-Z. Lim Y.-S. 2020 . Sustainability in Asia: The Roles of Financial Development in Environmental, Social and Governance (ESG) Performance . Social Indicators Research , 150 ( 1 ), 17 – 44 . 10.1007/s11205-020-02288-w . Open DOISearch in Google Scholar

Omri, A., Euchi, J., Hasaballah, A. H. and Al-Tit, A. 2019. Determinants of Environmental Sustainability: Evidence from Saudi Arabia. Science of the Total Environment, 657, 1592–1601. DOI: 10.1016/j.scitotenv.2018.12.111. Omri A. Euchi J. Hasaballah A. H. Al-Tit A. 2019 . Determinants of Environmental Sustainability: Evidence from Saudi Arabia . Science of the Total Environment , 657 , 1592 – 1601 . 10.1016/j.scitotenv.2018.12.111 . Open DOISearch in Google Scholar

Omri, A., Kahia, M. and Kahouli, B. 2021. Does Good Governance Moderate the Financial Development-CO₂ Emissions Relationship? Environmental Science and Pollution Research, 28 (34), 47503–47516. DOI: 10.1007/s11356-021-14014-1. Omri A. Kahia M. Kahouli B. 2021 . Does Good Governance Moderate the Financial Development-CO₂ Emissions Relationship? Environmental Science and Pollution Research , 28 ( 34 ), 47503 – 47516 . 10.1007/s11356-021-14014-1 . Open DOISearch in Google Scholar

Omri, A. and Mabrouk, N. B. 2020. Good Governance for Sustainable Development Goals: Getting Ahead of the Pack or Falling Behind? Environmental Impact Assessment Review, 83, 106388. DOI: 10.1016/j.eiar.2020.106388. Omri A. Mabrouk N. B. 2020 . Good Governance for Sustainable Development Goals: Getting Ahead of the Pack or Falling Behind? Environmental Impact Assessment Review , 83 , 106388 . 10.1016/j.eiar.2020.106388 . Open DOISearch in Google Scholar

Opoku, E. E. O., Dogah, K. E. and Aluko, O. A. 2022. The Contribution of Human Development Towards Environmental Sustainability. Energy Economics, 106, 105782. DOI: 10.1016/j.eneco.2021.105782. Opoku E. E. O. Dogah K. E. Aluko O. A. 2022 . The Contribution of Human Development Towards Environmental Sustainability . Energy Economics , 106 , 105782 . 10.1016/j.eneco.2021.105782 . Open DOISearch in Google Scholar

Pei, Y., Wu, Z., Cukurovali, A. and Yue, X.-G. 2023. Financial Development, Industrial Structure and Environmental Sustainability: New Evidence from Japan. Economic Research – Ekonomska Istraživanja, 36 (3), 2154239. DOI: 10.1080/1331677X.2022.2154239. Pei Y. Wu Z. Cukurovali A. Yue X.-G. 2023 . Financial Development, Industrial Structure and Environmental Sustainability: New Evidence from Japan . Economic Research – Ekonomska Istraživanja , 36 ( 3 ), 2154239 . 10.1080/1331677X.2022.2154239 . Open DOISearch in Google Scholar

Pham, C.-V., Liu, S.-F. and Chen, S. H. 2024. Corporate ESG Performance and Intellectual Capital: International Evidence. Asia Pacific Management Review, 29 (3), 306–346. DOI: 10.1016/j.apmrv.2023.12.003. Pham C.-V. Liu S.-F. Chen S. H. 2024 . Corporate ESG Performance and Intellectual Capital: International Evidence . Asia Pacific Management Review , 29 ( 3 ), 306 – 346 . 10.1016/j.apmrv.2023.12.003 . Open DOISearch in Google Scholar

Pradhan, R. P., Mukhopadhyay, B., Gunashekar, A., Samadhan, B. and Pandey, S. 2013. Financial Development, Social Development, and Economic Growth: The Causal Nexus in Asia. Decision, 40 (1–2), 69–83. DOI: 10.1007/s40622-013-0011-3. Pradhan R. P. Mukhopadhyay B. Gunashekar A. Samadhan B. Pandey S. 2013 . Financial Development, Social Development, and Economic Growth: The Causal Nexus in Asia . Decision , 40 ( 1–2 ), 69 – 83 . 10.1007/s40622-013-0011-3 . Open DOISearch in Google Scholar

Pradhan, R. P. and Sanyal, G. S. 2011. Good Governance and Human Development: Evidence form Indian States. Journal of Social and Development Science, 1 (1), 1–8. DOI: 10.22610/jsds.v1i1.622. Pradhan R. P. Sanyal G. S. 2011 . Good Governance and Human Development: Evidence form Indian States . Journal of Social and Development Science , 1 ( 1 ), 1 – 8 . 10.22610/jsds.v1i1.622 . Open DOISearch in Google Scholar

PRSDA (Pacific Rim Sustainable Development Association). 2025. National ESG Index [online]. Database. Available at: https://prsda.framer.website/dataset/data/esg. PRSDA (Pacific Rim Sustainable Development Association) . 2025 . National ESG Index [online]. Database . Available at: https://prsda.framer.website/dataset/data/esg. Search in Google Scholar

Rahman, M. M. and Sultana, N. 2024. Nexus of Human Development and Environmental Quality in Low-Income and Developing Countries: Do Renewable Energy and Good Governance Matter? Sustainability, 16 (13), 5382. DOI: 10.3390/su16135382. Rahman M. M. Sultana N. 2024 . Nexus of Human Development and Environmental Quality in Low-Income and Developing Countries: Do Renewable Energy and Good Governance Matter? Sustainability , 16 ( 13 ), 5382 . 10.3390/su16135382 . Open DOISearch in Google Scholar

Rizkallah, W. W. A. 2022. Good Governance and Sustainable Human Development: Evidence from the Egyptian Experience. L’Egypte Contemporaine, 548 (4), 548–577. DOI: 10.21608/espesl.2022.163902.1025. Rizkallah W. W. A. 2022 . Good Governance and Sustainable Human Development: Evidence from the Egyptian Experience . L’Egypte Contemporaine , 548 ( 4 ), 548 – 577 . 10.21608/espesl.2022.163902.1025 . Open DOISearch in Google Scholar

Rodrigues, P. M. M. and Taylor, A. M. R. 2012. The Flexible Fourier Form and Local Generalised Least Squares De-trended Unit Root Tests. Oxford Bulletin of Economics and Statistics, 74 (5), 736–759. DOI: 10.1111/j.1468-0084.2011.00665.x. Rodrigues P. M. M. Taylor A. M. R. 2012 . The Flexible Fourier Form and Local Generalised Least Squares De-trended Unit Root Tests . Oxford Bulletin of Economics and Statistics , 74 ( 5 ), 736 – 759 . 10.1111/j.1468-0084.2011.00665.x . Open DOISearch in Google Scholar

Ruza, C. and Caro-Carretero, R. 2022. The Non-Linear Impact of Financial Development on Environmental Quality and Sustainability: Evidence from G7 Countries. International Journal of Environmental Research and Public Health, 19 (14), 8382. DOI: 10.3390/ijerph19148382. Ruza C. Caro-Carretero R. 2022 . The Non-Linear Impact of Financial Development on Environmental Quality and Sustainability: Evidence from G7 Countries . International Journal of Environmental Research and Public Health , 19 ( 14 ), 8382 . 10.3390/ijerph19148382 . Open DOISearch in Google Scholar

Sahoo, M., Gupta, M. and Srivastava, P. 2021. Does Information and Communication Technology and Financial Development Lead to Environmental Sustainability in India? An Empirical Insight. Telematics and Informatics, 60 (12), 101598. DOI: 10.1016/j.tele.2021.101598. Sahoo M. Gupta M. Srivastava P. 2021 . Does Information and Communication Technology and Financial Development Lead to Environmental Sustainability in India? An Empirical Insight . Telematics and Informatics , 60 ( 12 ), 101598 . 10.1016/j.tele.2021.101598 . Open DOISearch in Google Scholar

Sarpong, S. Y. and Bein, M. A. 2021. Effects of Good Governance, Sustainable Development and Aid on Quality of Life: Evidence from Sub-Saharan Africa. African Devolopment Review, 33 (1), 25–37. DOI: 10.1111/1467-8268.12488. Sarpong S. Y. Bein M. A. 2021 . Effects of Good Governance, Sustainable Development and Aid on Quality of Life: Evidence from Sub-Saharan Africa . African Devolopment Review , 33 ( 1 ), 25 – 37 . 10.1111/1467-8268.12488 . Open DOISearch in Google Scholar

Sayılır, Ö., Doğan, M. and Soud, N. S. 2018. Financial Development and Governance Relationships. Applied Economics Letters, 25 (20), 1466–1470. DOI: 10.1080/13504851.2018.1430311. Sayılır Ö. Doğan M. Soud N. S. 2018 . Financial Development and Governance Relationships . Applied Economics Letters , 25 ( 20 ), 1466 – 1470 . 10.1080/13504851.2018.1430311 . Open DOISearch in Google Scholar

Scully-Russ, E. 2012. Human Resource Development and Sustainability: Beyond Sustainable Organizations. Human Resource Development International, 15 (4), 399–415. DOI: 10.1080/13678868.2012.707529. Scully-Russ E. 2012 . Human Resource Development and Sustainability: Beyond Sustainable Organizations . Human Resource Development International , 15 ( 4 ), 399 – 415 . 10.1080/13678868.2012.707529 . Open DOISearch in Google Scholar

Sethi, P., Chakrabarti, D. and Bhattacharjee, S. 2020. Globalization, Financial Development and Economic Growth: Perils on the Environmental Sustainability of an Emerging Economy. Journal of Policy Modeling, 42 (3), 520–535. DOI: 10.1016/j.jpolmod.2020.01.007. Sethi P. Chakrabarti D. Bhattacharjee S. 2020 . Globalization, Financial Development and Economic Growth: Perils on the Environmental Sustainability of an Emerging Economy . Journal of Policy Modeling , 42 ( 3 ), 520 – 535 . 10.1016/j.jpolmod.2020.01.007 . Open DOISearch in Google Scholar

Shahbaz, M., Haouas, İ., Sohag, K. and Öztürk, İ. 2020. The Financial Development-Environmental Degradation Nexus in the United Arab Emirates: The Importance of Growth, Globalization and Structural Breaks. Environmental Science and Pollution Research, 27 (3), 10685–10699. DOI: 10.1007/s11356-019-07085-8. Shahbaz M. Haouas İ. Sohag K. Öztürk İ. 2020 . The Financial Development-Environmental Degradation Nexus in the United Arab Emirates: The Importance of Growth, Globalization and Structural Breaks . Environmental Science and Pollution Research , 27 ( 3 ), 10685 – 10699 . 10.1007/s11356-019-07085-8 . Open DOISearch in Google Scholar

Shehzad, K., Zaman, U., Ahmad, M. and Koçak, E. 2023. Governance, Financial Development, and Environmental Degradation: Evidence from Symmetric and Asymmetric ARDL. Environment, Development and Sustainability, 25 (12), 14643–14660. DOI: 10.1007/s10668-022-02682-z. Shehzad K. Zaman U. Ahmad M. Koçak E. 2023 . Governance, Financial Development, and Environmental Degradation: Evidence from Symmetric and Asymmetric ARDL . Environment, Development and Sustainability , 25 ( 12 ), 14643 – 14660 . 10.1007/s10668-022-02682-z . Open DOISearch in Google Scholar

Shobande, O. A. and Ogbeifun, L. 2022. The Criticality of Financial Development and Energy Consumption for Environmental Sustainability in OECD Countries: Evidence from Dynamic Panel Analysis. International Journal of Sustainable Development & World Ecology, 29 (2), 153–163. DOI: 10.1080/13504509.2021.1934179. Shobande O. A. Ogbeifun L. 2022 . The Criticality of Financial Development and Energy Consumption for Environmental Sustainability in OECD Countries: Evidence from Dynamic Panel Analysis . International Journal of Sustainable Development & World Ecology , 29 ( 2 ), 153 – 163 . 10.1080/13504509.2021.1934179 . Open DOISearch in Google Scholar

Solaymani, S. and Montes, O. 2024. The Role of Financial Development and Good Governance in Economic Growth and Environmental Sustainability. Energy Nexus, 13 (1), 100268. DOI: 10.1016/j.nexus.2023.100268. Solaymani S. Montes O. 2024 . The Role of Financial Development and Good Governance in Economic Growth and Environmental Sustainability . Energy Nexus , 13 ( 1 ), 100268 . 10.1016/j.nexus.2023.100268 . Open DOISearch in Google Scholar

Song, J. 2024. Corporate ESG Performance and Human Capital Investment Efficiency. Finance Research Letters, 62 (B), 105239. DOI: 10.1016/j.frl.2024.105239. Song J. 2024 . Corporate ESG Performance and Human Capital Investment Efficiency . Finance Research Letters , 62 ( B ), 105239 . 10.1016/j.frl.2024.105239 . Open DOISearch in Google Scholar

Stolbov, M. and Shchepeleva, M. 2024. Environmental Performance, Financial Development, Systemic Risk and Economic Uncertainty: What Are the Linkages? Environmental and Sustainability Indicators, 22 (5), 100389. DOI: 10.1016/j.indic.2024.100389. Stolbov M. Shchepeleva M. 2024 . Environmental Performance, Financial Development, Systemic Risk and Economic Uncertainty: What Are the Linkages? Environmental and Sustainability Indicators , 22 ( 5 ), 100389 . 10.1016/j.indic.2024.100389 . Open DOISearch in Google Scholar

Subhani, B. H., Zunhuan, S. and Khan, M. A. 2025. Finance for a Greener Future: Evolving the Financial Sector for ESG and Sustainable Corporate Debt Management. Borsa İstanbul Review, 25 (2), 337–349. DOI: 10.1016/j.bir.2025.01.011. Subhani B. H. Zunhuan S. Khan M. A. 2025 . Finance for a Greener Future: Evolving the Financial Sector for ESG and Sustainable Corporate Debt Management . Borsa İstanbul Review , 25 ( 2 ), 337 – 349 . 10.1016/j.bir.2025.01.011 . Open DOISearch in Google Scholar

Şeker, Y. and Şengür, E. D. 2022. Çevresel, sosyal ve kurumsal yönetim (ESG) performansı: uluslararası bir araştırma. Muhasebe ve Vergi Uygulamaları Dergisi, 15 (2), 349–387. DOI: 10.29067/muvu.1066216. Şeker Y. Şengür E. D. 2022 . Çevresel, sosyal ve kurumsal yönetim (ESG) performansı: uluslararası bir araştırma . Muhasebe ve Vergi Uygulamaları Dergisi , 15 ( 2 ), 349 – 387 . 10.29067/muvu.1066216 . Open DOISearch in Google Scholar

Šlaus, I. and Jacobs, G. 2011. Human Capital and Sustainability. Sustainability, 3 (1), 97–154. DOI: 10.3390/su3010097. Šlaus I. Jacobs G. 2011 . Human Capital and Sustainability . Sustainability , 3 ( 1 ), 97 – 154 . 10.3390/su3010097 . Open DOISearch in Google Scholar

Tanjung, M. 2021. Can We Expect Contribution from Environmental, Social, Governance Performance to Sustainable Development? Business Strategy and Devolopment, 4 (4), 386–398. DOI: 10.1002/bsd2.165. Tanjung M. 2021 . Can We Expect Contribution from Environmental, Social, Governance Performance to Sustainable Development? Business Strategy and Devolopment , 4 ( 4 ), 386 – 398 . 10.1002/bsd2.165 . Open DOISearch in Google Scholar

Turhan, G. T., Tokal, P. and Sart, G. 2023. The Role of Financial Sector Development and Educational Attainment in the Achievement of Economic Sustainability: Evidence from BRICS Economies. Sustainability, 15 (6), 5527, DOI: 10.3390/su15065527.. Turhan G. T. Tokal P. Sart G. 2023 . The Role of Financial Sector Development and Educational Attainment in the Achievement of Economic Sustainability: Evidence from BRICS Economies . Sustainability , 15 ( 6 ), 5527 , 10.3390/su15065527 .. Open DOISearch in Google Scholar

Uche, E. and Effiom, L. 2021. Financial Development and Environmental Sustainability in Nigeria: Fresh Insights from Multiple Threshold Nonlinear ARDL Model. Environmental Science and Pollution Research, 28 (29), 39524–39539. DOI: 10.1007/s11356-021-12843-8. Uche E. Effiom L. 2021 . Financial Development and Environmental Sustainability in Nigeria: Fresh Insights from Multiple Threshold Nonlinear ARDL Model . Environmental Science and Pollution Research , 28 ( 29 ), 39524 – 39539 . 10.1007/s11356-021-12843-8 . Open DOISearch in Google Scholar

Umar, M., Ji, X., Kırıkkaleli, D. and Xu, Q. 2020. COP21 Roadmap: Do Innovation, Financial Development, and Transportation Infrastructure Matter for Environmental Sustainability in China? Journal of Environmental Management, 271, 111026. DOI: 10.1016/j.jenvman.2020.111026. Umar M. Ji X. Kırıkkaleli D. Xu Q. 2020 . COP21 Roadmap: Do Innovation, Financial Development, and Transportation Infrastructure Matter for Environmental Sustainability in China? Journal of Environmental Management , 271 , 111026 . 10.1016/j.jenvman.2020.111026 . Open DOISearch in Google Scholar

UNDP. 2024a. ESG: From Challenges to Opportunities [online]. Available at: https://www.undp.org/belarus/stories/esg-challenges-opportunities. [Accessed 2024, December 22]. UNDP . 2024a . ESG: From Challenges to Opportunities [online]. Available at: https://www.undp.org/belarus/stories/esg-challenges-opportunities . [Accessed 2024, December 22 ]. Search in Google Scholar

UNDP. 2024b. Human Development Index (HDI) [online]. Available at: https://hdr.undp.org/data-center/human-development-index#/indicies/HDI. [Accessed 2024, December 22]. UNDP . 2024b . Human Development Index (HDI) [online]. Available at: https://hdr.undp.org/data-center/human-development-index#/indicies/HDI . [Accessed 2024, December 22 ]. Search in Google Scholar

Usman, O., Alola, A. A. and Akadiri, S. S. 2022. Effects of Domestic Material Consumption, Renewable Energy, and Financial Development on Environmental Sustainability in the EU-28: Evidence from a GMM Panel-VAR. Renewable Energy, 184, 239–251. DOI: 10.1016/j.renene.2021.11.086. Usman O. Alola A. A. Akadiri S. S. 2022 . Effects of Domestic Material Consumption, Renewable Energy, and Financial Development on Environmental Sustainability in the EU-28: Evidence from a GMM Panel-VAR . Renewable Energy , 184 , 239 – 251 . 10.1016/j.renene.2021.11.086 . Open DOISearch in Google Scholar

Wang, H., Peng, G., Luo, Y. and Du, H. 2023. Asymmetric Influence of Renewable Energy, Ecological Governance, and Human Development on Green Growth of BRICS Countries. Renewable Energy, 206, 1007–1019. DOI: 10.1016/j.renene.2022.12.125. Wang H. Peng G. Luo Y. Du H. 2023 . Asymmetric Influence of Renewable Energy, Ecological Governance, and Human Development on Green Growth of BRICS Countries . Renewable Energy , 206 , 1007 – 1019 . 10.1016/j.renene.2022.12.125 . Open DOISearch in Google Scholar

World Bank. 2024. Global Financial Development Report Background [online]. Available at: https://www.worldbank.org/en/publication/gfdr/gfdr-2016/background/financial-development. [Accessed 2024, December 27]. World Bank . 2024 . Global Financial Development Report Background [online]. Available at: https://www.worldbank.org/en/publication/gfdr/gfdr-2016/background/financial-development . [Accessed 2024, December 27 ]. Search in Google Scholar

Wu, L., Adebayo, T. S., Yue, X.-G. and Umut, A. 2023. The Role of Renewable Energy Consumption and Financial Development in Environmental Sustainability: Implications for the Nordic Countries. International Journal of Sustainable Development & World Ecology, 30 (1), 21–36. DOI: 10.1080/13504509.2022.2115577. Wu L. Adebayo T. S. Yue X.-G. Umut A. 2023 . The Role of Renewable Energy Consumption and Financial Development in Environmental Sustainability: Implications for the Nordic Countries . International Journal of Sustainable Development & World Ecology , 30 ( 1 ), 21 – 36 . 10.1080/13504509.2022.2115577 . Open DOISearch in Google Scholar

Xu, B., Li, S., Afzal, A., Mirza, N. and Zhang, M. 2022. The Impact of Financial Development on Environmental Sustainability: A European Perspective. Resources Policy, 78, 102814. DOI: 10.1016/j.resourpol.2022.102814. Xu B. Li S. Afzal A. Mirza N. Zhang M. 2022 . The Impact of Financial Development on Environmental Sustainability: A European Perspective . Resources Policy , 78 , 102814 . 10.1016/j.resourpol.2022.102814 . Open DOISearch in Google Scholar

Yahya, F., Abbas, G., Hussain, M. and Waqas, M. 2022. Financial Development and Sustainable Competitiveness in Arctic Region: A Dynamic Panel Data Analysis. Problemy Ekorozwoju/Problems of Sustainable Development, 17 (1), 267–278. DOI: 10.35784/pe.2022.1.24. Yahya F. Abbas G. Hussain M. Waqas M. 2022 . Financial Development and Sustainable Competitiveness in Arctic Region: A Dynamic Panel Data Analysis . Problemy Ekorozwoju/Problems of Sustainable Development , 17 ( 1 ), 267 – 278 . 10.35784/pe.2022.1.24 . Open DOISearch in Google Scholar

Yang, B., Jahanger, A., Usman, M. and Khan, M. A. 2021. The Dynamic Linkage Between Globalization, Financial Development, Energy Utilization, and Environmental Sustainability in GCC Countries. Environmental Science and Pollution Research, 28 (13), 16568–16588. DOI: 10.1007/s11356-020-11576-4. Yang B. Jahanger A. Usman M. Khan M. A. 2021 . The Dynamic Linkage Between Globalization, Financial Development, Energy Utilization, and Environmental Sustainability in GCC Countries . Environmental Science and Pollution Research , 28 ( 13 ), 16568 – 16588 . 10.1007/s11356-020-11576-4 . Open DOISearch in Google Scholar

Yang, H., Dietz, T., Li, Y., Dou, Y., Wang, Y., Huang, Q., Zhang, J., Songer, M. and Liu, J. 2022. Unraveling Human Drivers Behind Complex Interrelationships Among Sustainable Development Goals: A Demonstration in a Flagship Protected Area. Ecology & Society, 27 (3), 15. DOI: 10.5751/ES-13275-270315. Yang H. Dietz T. Li Y. Dou Y. Wang Y. Huang Q. Zhang J. Songer M. Liu J. 2022 . Unraveling Human Drivers Behind Complex Interrelationships Among Sustainable Development Goals: A Demonstration in a Flagship Protected Area . Ecology & Society , 27 ( 3 ), 15 . 10.5751/ES-13275-270315 . Open DOISearch in Google Scholar

Yumashev, A., Ślusarczyk, B., Kondrashev, S. and Mikhaylov, A. 2020. Global Indicators of Sustainable Development: Evaluation of the Influence of the Human Development Index on Consumption and Quality of Energy. Energies, 13 (11), 2768. DOI: 10.3390/en13112768. Yumashev A. Ślusarczyk B. Kondrashev S. Mikhaylov A. 2020 . Global Indicators of Sustainable Development: Evaluation of the Influence of the Human Development Index on Consumption and Quality of Energy . Energies , 13 ( 11 ), 2768 . 10.3390/en13112768 . Open DOISearch in Google Scholar

Zhang, Y. and Wu, Z. 2022. Environmental Performance and Human Development for Sustainability: Towards to a New Environmental Human Index. Science of the Total Environment, 838 (4), 156491. DOI: 10.1016/j.scitotenv.2022.156491. Zhang Y. Wu Z. 2022 . Environmental Performance and Human Development for Sustainability: Towards to a New Environmental Human Index . Science of the Total Environment , 838 ( 4 ), 156491 . 10.1016/j.scitotenv.2022.156491 . Open DOISearch in Google Scholar