Financial outreach, financial innovation, and sustainable development in Africa.
Africa
Economic sustainability
Environmental sustainability
Financial innovation
Financial outreach
Social sustainability
Sustainable development
Journal
Environmental science and pollution research international
ISSN: 1614-7499
Titre abrégé: Environ Sci Pollut Res Int
Pays: Germany
ID NLM: 9441769
Informations de publication
Date de publication:
Jun 2023
Jun 2023
Historique:
received:
07
03
2023
accepted:
25
04
2023
medline:
29
5
2023
pubmed:
3
5
2023
entrez:
3
5
2023
Statut:
ppublish
Résumé
There has been a call on policy makers in the African continent to formulate and implement initiatives that help to realise some of the Sustainable Development Goals (SDGs), due to the low performance of the continent in terms of meeting the targets of the SDGs. Because of this, the study sought to investigate how banks' financial outreach and intermediation contribute to sustainable development in the continent. Information was collected on 34 African economies for a period of 11 years spanning from 2010 to 2020. The study employed the two-step system generalised method of moments technique to estimate the findings. It was discovered that financial outreach has a significant positive and negative relationship with sustainable development, depending on the indicator used to measure outreach. On various dimensions, financial outreach had a negative influence on carbon dioxide emissions, a positive impact on economic sustainability, and an inverse relationship with social sustainability. It was also revealed that financial innovation has a significant negative link with sustainable development in Africa. Additionally, the findings revealed that both financial outreach and innovation serve as moderating variables in the finance/development nexus. The study recommends that governments and policy makers in various African countries work together with financial service providers to ensure fair, flexible, and alluring interest rates on loans to the underprivileged, disadvantaged ones in society, and vulnerable businesses to smooth their consumption and boost their businesses.
Identifiants
pubmed: 37133668
doi: 10.1007/s11356-023-27304-7
pii: 10.1007/s11356-023-27304-7
doi:
Substances chimiques
Carbon Dioxide
142M471B3J
Types de publication
Journal Article
Langues
eng
Sous-ensembles de citation
IM
Pagination
69393-69415Informations de copyright
© 2023. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.
Références
Abbasi F, Riaz K (2016) CO2 emissions and financial development in an emerging economy: an augmented VAR approach. Energy Policy 90:102–114
doi: 10.1016/j.enpol.2015.12.017
Abdulai A, Tewari DD (2017a) Determinants of microfinance outreach in Sub-Saharan Africa: a panel approach. Acta Commercii 17(1):1–10
Abdulai A, Tewari DD (2017b) Trade-off between outreach and sustainability of microfinance institutions: evidence from sub-Saharan Africa. Enterp Dev Microfinance 28(3):162–181
doi: 10.3362/1755-1986.16-00014
Abeka MJ, Andoh E, Gatsi JG, Kawor S (2021) Financial development and economic growth nexus in SSA economies: the moderating role of telecommunication development. Cogent Econ Finance 9(1):1862395
doi: 10.1080/23322039.2020.1862395
Acheampong AO (2019) Modelling for insight: does financial development improve environmental quality? Energy Econ 83:156–179
doi: 10.1016/j.eneco.2019.06.025
Adam AM (2016) Statistics for business research: a guide for non statistician. Global research publishers, Accra, Ghana
Adam T, Guettler A (2015) Pitfalls and perils of financial innovation: the use of CDS by corporate bond funds. J Banking Finance 55:204–214
doi: 10.1016/j.jbankfin.2015.02.019
Adhvaryu A, Fenske J, Nyshadham A (2019) Early life circumstance and adult mental health. J Pol Econ 127(4):1516–1549
doi: 10.1086/701606
African Development Bank (2018) African economic outlook. https://www.afdb.org
Aghion P, Bolton P (1997) A theory of trickle-down growth and development. Rev Econ Stud 64(2):151–172
doi: 10.2307/2971707
Agyei SK, Isshaq Z, Frimpong S, Adam AM, Bossman A, Asiamah O (2021) COVID-19 and food prices in sub-Saharan Africa. Afr Dev Rev 33:S102–S113
doi: 10.1111/1467-8268.12525
Agyei SK, Marfo-Yiadom E, Ansong A, Idun AAA (2020) Corporate tax avoidance incentives of banks in Ghana. Journal of African Business 21(4):544–559
doi: 10.1080/15228916.2019.1695183
Ahmed H (2013) Financial inclusion and Islamic finance: organizational formats, products, outreach, and sustainability. In: Development E, Finance I (eds) Iqbal & Mirakhor. The World Bank, Washington DC, USA, pp 203–229
Ajide F (2016) Financial innovation and sustainable development in selected countries in West Africa. Int J Entrepreneurship Innov 12(3):85–112
Amin N, Song H, Khan ZA (2021) Dynamic linkages of financial inclusion, modernization, and environmental sustainability in South Asia: a panel data analysis. Environ Sci Pollut Res 29(11):16588–16596
doi: 10.1007/s11356-021-16648-7
Anderson J, Hopkins D, Valenzuela M (2019) The role of financial services in youth education and employment. CGAP, Washington DC, USA
Andrianaivo M, Kpodar K (2012) Mobile phones, financial inclusion, and growth. Rev Econ Inst 3(2):30–38
Anh NK, Tam PLT (2013) The sustainability of microfinance institutions in Vietnam: Circumstances and implications. Transport Publishing, Vietnam Microfinance Working Group
Arellano M, Bond S (1991) Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. Rev Econ Stud 58(2):277–297
doi: 10.2307/2297968
Arellano M, Bover O (1995) Another look at the instrumental variable estimation of error-components models. J Econs 68(1):29–51
doi: 10.1016/0304-4076(94)01642-D
Arnaboldi F, Rossignoli B (2013) Financial innovation in banking. In Bank Risk, Governance and Regulation, pp 127–162
Arrow KJ, Dasgupta P, Goulder LH, Mumford KJ, Oleson K (2012) Sustainability and the measurement of wealth. Environment and Development Economics 17(3):317–353
doi: 10.1017/S1355770X12000137
Aye GC, Edoja PE (2017) Effect of economic growth on CO2 emission in developing countries: evidence from a dynamic panel threshold model. Cogent Econ Finance 5(1):1379239
doi: 10.1080/23322039.2017.1379239
Baird S, De Hoop J, Özler B (2013) Income shocks and adolescent mental health. J Hum Resour 48(2):370–403
Bayai I, Ikhide S (2016) Financing and financial sustainability of microfinance institutions (MFIs): a conceptual view. Banks Bank Syst 11(2):21–32
doi: 10.21511/bbs.11(2).2016.03
Beck T, Chen T, Lin C, Song FM (2016) Financial innovation: the bright and the dark sides. J Bank Finance 72:28–51
doi: 10.1016/j.jbankfin.2016.06.012
Beck T, Lin C, & Ma Y (2014) Why do firms evade taxes? The role of information sharing and financial sector outreach. The Journal of Finance, 69(2),763–817
Behr P, Sonnekalb S (2012) The effect of information sharing between lenders on access to credit, cost of credit, and loan performance–evidence from a credit registry introduction. J Bank Finance 36(11):3017–3032
doi: 10.1016/j.jbankfin.2012.07.007
Bell A, Jones K (2015) Explaining fixed effects: random effects modeling of time-series cross-sectional and panel data. Political Sci Res Methods 3(1):133–153
doi: 10.1017/psrm.2014.7
Bester H (1985) The level of investment in credit markets with imperfect information. J Inst Theor Econ:503–515
Bilbao-Ubillos J (2013) Another approach to measuring human development: the composite dynamic Human Development Index. Soc Indic Res 111(2):473–484
doi: 10.1007/s11205-012-0015-y
Blundell R, Bond S (1998) Initial conditions and moment restrictions in dynamic panel data models. J Econom 87(1):115–143
doi: 10.1016/S0304-4076(98)00009-8
Boz E, Mendoza EG (2014) Financial innovation, the discovery of risk, and the US credit crisis. J Monet Econ 62:1–22
doi: 10.1016/j.jmoneco.2013.07.001
Carpenter RE, Petersen BC (2002) Capital market imperfections, high-tech investment, and new equity financing. Econ J 112(477):F54–F72
doi: 10.1111/1468-0297.00683
Chatterjee A (2020) Financial inclusion, information and communication technology diffusion, and economic growth: a panel data analysis. Inf Technol Dev 26(3):607–635
doi: 10.1080/02681102.2020.1734770
Chukwunulu JI (2019) Effect of financial innovation on the Nigerian economy. World J Innov Res 6(5):15–21
Churchill SA, & Marr A (2017) Sustainability and outreach: A comparative study of MFIs in South Asia and Latin America and the Caribbean. Bulletin of Economic Research, 69(4), 19–41
Cole SM, Tembo G (2011) The effect of food insecurity on mental health: panel evidence from rural Zambia. Soc Sci Med 73(7):1071–1079
doi: 10.1016/j.socscimed.2011.07.012
Conning J (1999) Outreach, sustainability and leverage in monitored and peer-monitored lending. J Dev Econ 60(1):51–77
doi: 10.1016/S0304-3878(99)00036-X
Datta SK, Singh K (2019) Variation and determinants of financial inclusion and their association with human development: a cross-country analysis. IIMB Manag Rev 31(4):336–349
doi: 10.1016/j.iimb.2019.07.013
Demirgüç-Kunt A, Klapper L, Singer D, Ansar S (2022) The Global Findex Database 2021: financial inclusion, digital payments, and resilience in the age of COVID-19. World Bank Publications
Domeher D, Konadu-Yiadom E, Aawaar G (2022) Financial innovations and economic growth: does financial inclusion play a mediating role? Cogent Bus Manag 9(1):2049670
doi: 10.1080/23311975.2022.2049670
Ehigiamusoe KU, Lean HH (2019) Effects of energy consumption, economic growth, and financial development on carbon emissions: evidence from heterogeneous income groups. Environmental Science and Pollution Research 26(22):22611–22624
doi: 10.1007/s11356-019-05309-5
Elkington J (1998) Cannibals with forks: the triple bottom line of 21st century business. In: Proceedings from Oxford Centre for Innovation, (1st ed.). edn. Capstone Publishing Limited, Oxford
Emas R (2015) The concept of sustainable development: definition and defining principles. Brief GSDR 10:131–140
Fosu AK, Abass AF (2019) Domestic credit and export diversification: Africa from a global perspective. J Afr Bus 20(2):160–179
doi: 10.1080/15228916.2019.1582295
Freimer M, Gordon MJ (1968) Investment behaviour with utility a concave function of wealth. In: Risk and Uncertainty. Palgrave Macmillan, London, pp 94–119
Giovannini A (1985) Saving and the real interest rate in LDCs. J Dev Econ 18(2-3):197–217
doi: 10.1016/0304-3878(85)90054-9
Gnegne Y (2009) Adjusted net saving and welfare change. Ecol Econ 68(4):1127–1139
doi: 10.1016/j.ecolecon.2008.08.002
Gujarati DN, Porter DC (2009) Basic econometrics, 5th edn. McGraw-Hill, Singapore
Guru BK, Yadav IS (2019) Financial development and economic growth: panel evidence from BRICS. J Econ Finance Adm Sci 24(47):113–126
Gutés MC (1996) The concept of weak sustainability. Ecoll Econ 17(3):147–156
doi: 10.1016/S0921-8009(96)80003-6
Hall, B. H., & Lerner, J. (2010a) The financing of R&D and innovation. In Handbook of the economics of innovation , 1, 609-639
Hall, B. H., & Lerner, J. (2010b) The financing of R&D and innovation. In Handbook of the economics of innovation, 1, 609-639
Hartwick JM (2017) Intergenerational equity and the investing of rents from exhaustible resources. In: The economics of sustainability. Routledge, pp 63–65
Henderson BJ, Pearson ND (2011) The dark side of financial innovation: a case study of the pricing of a retail financial product. J Financ Econ 100(2):227–247
doi: 10.1016/j.jfineco.2010.12.006
Heng S (2015) Assessing outreach and sustainability of microfinance institutions in Cambodia. Unpublished master's thesis, Ohio University
Hermes N, Lensik R, Meestres A (2011) Outreach and efficiency of microfinance institutions. World Dev 39(6):938–948
doi: 10.1016/j.worlddev.2009.10.018
Hickel J (2019) The contradiction of the sustainable development goals: growth versus ecology on a finite planet. Sustain Dev 27(5):873–884
doi: 10.1002/sd.1947
Hill RC, Griffiths WE, Lim GC (2012) Principles of econometrics. John Wiley & Sons
Huang W, Gu X, Lin L, Alharthi M, Usman M (2022) Do financial inclusion and income inequality matter for human capital? Evidence from sub-Saharan economies. Borsa Istanbul Rev 3(8):24–35
Idrees MA (2018) Foreign capital inflows and economic growth in SAARC. J Bus 5(2):81–107
Idun AAA (2021) Does finance lead to economic growth convergence in Africa? J Dev Areas 55(3):23–55. https://doi.org/10.1353/jda.2021.0051
doi: 10.1353/jda.2021.0051
Idun AAA, Aboagye AQ (2014) Bank competition, financial innovations and economic growth in Ghana. Afr J Econ Manag Stud 5(1):30–51
International Monetary Fund (2017) Regional economic outlook: restarting the growth engine. Retrieved from https://www.imf.org/en/Publications/REO/SSA/Issues/2017/05/03/sreo0517
IPA, 2017 Innovation for Poverty Action. In: Climate change and financial inclusion
Jin H, Qian X, Chin T, Zhang H (2020) A global assessment of sustainable development based on modification of the human development index via the entropy method. Sustainability 12(8):3251–3276
doi: 10.3390/su12083251
Johnson S, Kwak J (2012) Is financial innovation good for the economy? Innov Policy Econ 12(1):1–16
Jose PE (2013) Doing statistical mediation and moderation. Guilford Press
Karanja AM (2014) Relationship between outreach and financial performance of deposit taking micro finance institutions in Kenya. Unpublished master’s dissertation. University of Nairobi, Kenya
Kargbo SM, Adamu PA (2009) Financial development and economic growth in Sierra Leone. J Monet Econ Integr 9(2):30–61
Kaur P (2014) Outreach and sustainability of microfinance institutions in India in pre and post Andhra Pradesh microfinance crisis in context of South Asia. Global J Finance Manag 6(6):569–574
Kelly R, Sirr L, Ratcliffe J (2004) Futures thinking to achieve sustainable development at local level in Ireland. Foresight:12–20
Khan MA (2015) Putting ‘good society’ahead of growth and/or ‘development’: overcoming neoliberalism’s growth trap and its costly consequences. Sustain Dev 23(2):65–73
King RG, Levine R (1993) Finance and growth: Schumpeter might be right. Quart J Econ 108(3):717–737
doi: 10.2307/2118406
Klapper, L., El-Zoghbi, M., & Hess, J. (2016) Achieving the sustainable development goals. The role of financial inclusion. Retrieved From: http://www. ccgap. org
Koirala BS, Pradhan G (2020) Determinants of sustainable development: evidence from 12 Asian countries. Sustain Dev 28(1):39–45
doi: 10.1002/sd.1963
Kumar S, Kumar P, Shrivastava A, Acharya A, Chaudhari D (2018) Financial outreach and growth in India: interactions at the sub-national level. Reserve Bank India Occas Papers 39(1-2):105–128
Kusi BA, Agbloyor EK, Fiador VO, Osei KA (2016) Does information sharing promote or detract from bank returns: evidence from Ghana. Afr Dev Rev 28(3):332–343
doi: 10.1111/1467-8268.12209
Kuznets S (1955) International differences in capital formation and financing. In: Capital formation and economic growth. Princeton University Press, pp 19–111
Laeven L, Levine R, Michalopoulos S (2015) Financial innovation and endogenous growth. J Financ Intermed 24(1):1–24
doi: 10.1016/j.jfi.2014.04.001
Le TH, Chuc AT, Taghizadeh-Hesary F (2019) Financial inclusion and its impact on financial efficiency and sustainability: empirical evidence from Asia. Borsa Istanbul Rev 19(4):310–322
doi: 10.1016/j.bir.2019.07.002
Lee K (1999) Unexpected inflation, inflation uncertainty, and stock returns. Appl Financ Econ 9(4):315–328
doi: 10.1080/096031099332203
Li XX, Liu YM, Song T (2014) Calculation of the green development index. Soc Sci China 6:69–95
Llewellyn DT (2012) The evolution of bank business models: Pre-and post-crisis. Future Risks and Fragilities for Financial Stability, 45, 26–35
Liu D, Zhang Y, Hafeez M, Ullah S (2022) Financial inclusion and its influence on economic-environmental performance: demand and supply perspectives. Environ Sci Pollut Res:1–10
Liu N, Hong C, Sohail MT (2021) Does financial inclusion and education limit CO2 emissions in China? A new perspective. Environ Sci Pollut Res 29(13):18452–18459
doi: 10.1007/s11356-021-17032-1
Lopatta K, Tchikov M, Jaeschke R, Lodhia S (2017) Sustainable development and microfinance: the effect of outreach and profitability on microfinance institutions' development mission. Sustain Dev 25(5):386–399
doi: 10.1002/sd.1663
Lumsden E (2018) The future is mobil: financial inclusion and technological innovation in the emerging world. Stan JL Bus Fin 23:1–18
Maji IK, Habibullah MS, Saari MY (2017) Financial development and sectoral CO2 emissions in Malaysia. Environ Sci Pollut Res 24(8):7160–7176
doi: 10.1007/s11356-016-8326-1
Makina D, Walle YM (2019) Financial inclusion and economic growth: evidence from a panel of selected African countries. In: Extending financial inclusion in Africa. Academic Press, pp 193–210
doi: 10.1016/B978-0-12-814164-9.00009-8
Matekenya W, Moyo C, Jeke L (2020) Financial inclusion and human development: evidence from Sub-Saharan Africa. Dev Southern Afr 38(5):683–700
doi: 10.1080/0376835X.2020.1799760
Mehmood U (2021) Examining the role of financial inclusion towards CO2 emissions: Presenting the role of renewable energy and globalization in the context of EKC. Environmental Science and Pollution Research, 29(11), 15946–15954
Menyelim CM, Babajide AA, Omankhanlen AE, Ehikioya BI (2021) Financial inclusion, income inequality and sustainable economic growth in sub-Saharan African countries. Sustainability 13(4):1780–1800
doi: 10.3390/su13041780
Merton RC (1992) Financial innovation and economic performance. J Appl Corp Financ 4(4):12–22
doi: 10.1111/j.1745-6622.1992.tb00214.x
Meyer J (2019) Outreach and performance of microfinance institutions: the importance of portfolio yield. Appl Econ 51(27):2945–2962
doi: 10.1080/00036846.2018.1564016
Michalopoulos S, Laeven L, Levine R (2009) Financial innovation and endogenous growth (No. w15356). National Bureau of Economic Research
doi: 10.3386/w15356
Miller KE, Rasmussen A (2017) The mental health of civilians displaced by armed conflict: an ecological model of refugee distress. Epidemiol Psychiatr Sci 26(2):129–138
doi: 10.1017/S2045796016000172
Minetti R (2011) Informed finance and technological conservatism. Rev Finance 15:633–692
doi: 10.1093/rof/rfq024
Mollaahmetoğlu E, Akçalı BY (2019) The missing-link between financial development and economic growth: financial innovation. Procedia Comput Sci 158:696–704
doi: 10.1016/j.procs.2019.09.105
Moyo Z (2020) Financial sustainability, liquidity and outreach of deposit-taking microfinance institutions: evidence from low income Sub-Saharan Africa. Unpublished Doctoral thesis,. University of Kwazulu-Natal, South Africa
Mushtaq R, Bruneau C (2019) Microfinance, financial inclusion and ICT: implications for poverty and inequality. Technology in Society 59:101154
doi: 10.1016/j.techsoc.2019.101154
Mwinzi DM (2014) The effect of financial innovation on economic growth in Kenya. Unpublished Doctoral dissertation,. University of Nairobi
Nadeem MA, Liu Z, Ali HS, Younis A, Bilal M, Xu Y (2020) Innovation and sustainable development: does aid and political instability impede innovation? SAGE Open 10(4):2158244020973021
doi: 10.1177/2158244020973021
Nanda K, Kaur M (2016) Financial inclusion and human development: a cross-country evidence. Manag Labour Stud 41(2):127–153
doi: 10.1177/0258042X16658734
Navajas S, Schreiner M, Meyer RL, Gonzalez-Vega C, Rodriguez-Meza J (2000) Microcredit and the poorest of the poor: theory and evidence from Bolivia. World Dev 28(2):333–346
doi: 10.1016/S0305-750X(99)00121-7
Obuobi NK, Gatsi JG, Appiah MO, Kawor S, Amoah EK, Abeka MJ (2022) Trade liberalization policies and foreign direct investment inflows in Africa: evidence from new measures of trade liberalization. J Int Trade Econ Dev 31(3):394–409
doi: 10.1080/09638199.2021.1983009
Odhiambo NM (2020) Financial development, income inequality and carbon emissions in Sub-Saharan African countries: a panel data analysis. Energy Explor Exploit 38(5):1914–1931
doi: 10.1177/0144598720941999
Okafor IG, Chijindu EH, Chikezie AK (2017) Does financial innovation drive growth? Empirical analysis of the Nigerian case. Br J Econ Manag Trade 16(3):1–10
doi: 10.9734/BJEMT/2017/30809
Ozili, P. K. (2020) Theories of financial inclusion. In Özen & Grima (Eds), Uncertainty and challenges in contemporary economic behaviour (Emerald Studies in Finance, Insurance, and Risk Management) (pp.89-115). Bingley: Emerald Publishing Limited. https://doi.org/10.1108/978-1-80043-095-220201008
Pardi F, Salleh AM, Nawi AS (2015) Determinants of sustainable development in Malaysia: A VECM approach of short-run and long-run relationships. Am J Econ 5(2):269–277
Pearce DW, Atkinson GD (1993) Capital theory and the measurement of sustainable development: an indicator of “weak” sustainability. Ecol Econ 8(2):103–108
doi: 10.1016/0921-8009(93)90039-9
Pesaran MH, Shin Y, Smith RP (1999) Pooled mean group estimation of dynamic heterogeneous panels. J Am Stat Assoc 94(446):621–634
doi: 10.1080/01621459.1999.10474156
Polasky S, Kling CL, Levin SA, Carpenter SR, Daily GC, Ehrlich PR, Lubchenco J (2019) Role of economics in analyzing the environment and sustainable development. Proc Natl Acad Sci USA 116(12):5233–5238
doi: 10.1073/pnas.1901616116
Qamruzzaman M, Jianguo W, Jahan S, Yingjun Z (2021) Financial innovation, human capital development, and economic growth of selected South Asian countries: an application of ARDL approach. Int J Finance Econ 26(3):4032–4053
doi: 10.1002/ijfe.2003
Qamruzzaman M, Wei J (2018) Financial innovation, stock market development, and economic growth: an application of ARDL model. Int J Financ Stud 6(3):69–93
doi: 10.3390/ijfs6030069
Qamruzzaman M, Wei J (2019) Financial innovation and financial inclusion nexus in South Asian countries: evidence from symmetric and asymmetric panel investigation. Int J Financ Stud 7(4):61–80
doi: 10.3390/ijfs7040061
Qin L, Raheem S, Murshed M, Miao X, Khan Z, Kirikkaleli D (2021) Does financial inclusion limit carbon dioxide emissions? Analyzing the role of globalization and renewable electricity output. Sustain Dev 29(6):1138–1154
doi: 10.1002/sd.2208
Raichoudhury A (2016) Financial inclusion & human development: a cross country analysis. J Bus Res ISSN 6(1):1–20
Raffaelli R, Glynn MA (2015) Institutional innovation: novel, useful. The Oxford handbook of creativity, innovation, and entrepreneurship, In, pp 407–420
Rao KRM, Fitamo TL (2014) Concepts and measures of outreach and sustainability in microfinance institutions: a comprehensive literature review. Int J Sci Res (IJSR) 4(2):41–49
Renzhi N, Baek YJ (2020) Can financial inclusion be an effective mitigation measure? Evidence from panel data analysis of the environmental Kuznets curve. Finance Res Lett 37:101725
doi: 10.1016/j.frl.2020.101725
Rogers E (1962) Diffusion of innovations. Free Press, New York
Roodman, D. (2006) How to do xtabond2: an introduction to ‘difference’and ‘system’GMM. Stata Center for Global Development Working Paper, 103
Roodman D (2009) How to do xtabond2: an introduction to difference and system GMM in Stata. Stata J 9(1):86–136
doi: 10.1177/1536867X0900900106
Rosenberg R (2009) Measuring results of microfinance institutions: Minimum indicators that donors and investors should track-A technical guide. The World Bank
Rousseau PL (1998) The permanent effects of innovation on financial depth: theory and US historical evidence from unobservable components models. J Monet Econ 42(2):387–425
doi: 10.1016/S0304-3932(98)00027-0
Sadorsky P (2010) The impact of financial development on energy consumption in emerging economies. Energy Policy 38(5):2528–2535
doi: 10.1016/j.enpol.2009.12.048
Salehnia N, Alavijeh N, Salehnia N (2020) Testing porter and pollution haven hypothesis via economic variables and CO2 emissions: a cross-country review with panel quantile regression method. Environ Sci Pollut Res 27(25):31527–31542
doi: 10.1007/s11356-020-09302-1
Saqib N (2015) Review of literature on finance-growth nexus. J Appl Finance Bank 5(4):1–15
Saxena KK, Wagofya GM (2018) Statistical analysis of outreach and financial sustainability of Kifanya Saccos limited in Njombe. Int J Stat Appl Math 3(6):119–123
Schumpeter JA (1939) Business cycles: a theoretical, historical, and statistical analysis of the capitalist process. McGraw-Hill, New York
Sethi D, Acharya D (2018) Financial inclusion and economic growth linkage: some cross country evidence. J Financ Econ Policy 10(3):369–385
doi: 10.1108/JFEP-11-2016-0073
Shaffer S (1998) The winner’s curse in banking. J Financ Intermed 7(4):359–392
doi: 10.1006/jfin.1998.0251
Shaw ES (1973) Financial deepening in economic development. Oxford University Press, New York
Singh V, Padhi P (2019) Factors influencing outreach performance of microfinance sector in India. Asia-Pacific J Manag Res Innov 15(4):162–176
doi: 10.1177/2319510X19883705
Siueia TT, Wang J, Deladem TG (2019) Corporate social responsibility and financial performance: a comparative study in the Sub-Saharan Africa banking sector. J Clean Prod 226:658–668
doi: 10.1016/j.jclepro.2019.04.027
Solow R (1974) The economics of resources or the resources of economics. Am Econ Rev 64(2):1–14
Sood V, Ranjan P (2015) Financial innovation in India: an empirical study. J Econ Bus Rev 10(1):1–20
Stiglitz JE, Weiss A (1981) Credit rationing in markets with imperfect information. Am Econ Rev 71(3):393–410
Taddese BD, Abebaw DA (2021) The effect of financial sector development on economic growth of selected sub-Saharan Africa countries. Int J Finance Econ 4(1):15–35
Tchamyou VS, Asongu SA (2017) Information sharing and financial sector development in Africa. J Afr Bus 18(1):24–49
doi: 10.1080/15228916.2016.1216233
Tchamyou VS (2020) Education, lifelong learning, inequality and financial access: Evidence from African countries. Contemporary Social Science, 15(1),7–25
UN Women (2018) Gender equality and the sustainable development goals in Asia and the Pacific baseline and pathways for transformative change by 2030. Author
Woller G, Schreiner M (2004) Measuring outreach: conceptual workshop proceedings. In Workshop Proc 22:23–30
World Bank (2001) World development indicators 2001. Washington: The World Bank. https://doi.org/10.1596/0‐8213‐4898‐1
Yahaya MH, Ahmad K (2018) Financial inclusion through efficient zakat distribution for poverty alleviation in Malaysia: using fintech & mobile banking. In: Proceeding of the 5th International Conference on Management and Muamalah, Malaysia, pp 15–31
Yawe B, Prabhu J (2015) Innovation and financial inclusion: a review of the literature. J Paym Strategy Syst 9(3):215–228
Yuan G, Ye Q, Sun Y (2021) Financial innovation, information screening and industries’ green innovation—industry-level evidence from the OECD. Technol Forecast Soc Change 171:120998
doi: 10.1016/j.techfore.2021.120998
Zaidi SAH, Hussain M, Zaman QU (2021) Dynamic linkages between financial inclusion and carbon emissions: evidence from selected OECD countries. Resour Environ Sustain 4:100–122
Zikmund W, Babin BJ, Carr JC, Griffin M (2012) Business research methods, 8th edn. South-Western, Cengage Learning, Victoria, Australia