Clean energy stocks are exhibiting signs of increasing volatility reflecting the varied and conflicting strategies employed by nations to pursue energy security objectives. In…
Abstract
Purpose
Clean energy stocks are exhibiting signs of increasing volatility reflecting the varied and conflicting strategies employed by nations to pursue energy security objectives. In this regard, this paper aims to examine the response of NASDAQ clean energy stock returns volatility to the influences of external energy security elements including oil price, natural gas price, coal price, carbon price and green information technology stock price.
Design/methodology/approach
The paper uses symmetric and asymmetric generalised autoregressive conditional heteroskedasticity models (GARCH and TGARCH, respectively), which incorporate external energy security elements as exogenous variables, to estimate volatility models for clean energy stock returns.
Findings
Although, prices of oil, coal and natural gas are negatively associated with NASDAQ clean energy returns volatility, only the effect of natural gas price is significant. While carbon price affects NASDAQ clean energy returns volatility positively, green information technology price affects the volatility negatively. These results are robust to exponential GARCH and lead-and-lag robust ordinary least-squares as alternative estimation methods.
Research limitations/implications
The study lumps the effects of all other external and internal factors, including internal energy security elements, in the autoregressive conditional heteroscedasticity (ARCH) term to predict NASDAQ clean energy returns conditional variance. GARCH method does not disentangle individual roles of the factors captured in the ARCH term in predicting volatility.
Practical implications
Results documented imply that natural gas appears a closer substitute for renewable energy sources than crude oil and coal, such that its price rise is perceived as good news in the NASDAQ clean energy financial market, while a fall is considered bad news. Furthermore, both an increase in carbon price and a decrease in green information technology stock performance are perceived as negative shocks.
Social implications
In assessing risks associated with clean energy stocks, investors and fund managers should carefully consider the effects of external energy security elements.
Originality/value
To the best of the author’s knowledge, the paper is the first to identify external energy security elements and examine their effects on clean energy stock volatility.
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Bukar Zanna Waziri, Aminu Hassan and Reza Kouhy
Net energy importing countries (NEICs) pursue strategic policies to reduce the consumption of energy from conventional sources and increase that of renewable energy to attain…
Abstract
Purpose
Net energy importing countries (NEICs) pursue strategic policies to reduce the consumption of energy from conventional sources and increase that of renewable energy to attain energy security and sustainable development. However, net energy exporting countries (NEECs) rely substantially on the proceeds realised from oil and gas exports to mainly NEICs to finance government activities. This paper aims to investigate the effect of increased consumption of renewable energy in developed NEICs on the Nigeria’s oil and gas exports.
Design/methodology/approach
The study was undertaken by analysing macro-economic annual time-series data set (1980-2014) using autoregressive distributed lag (ARDL) bounds testing approach.
Findings
Both the short-run and the long-run results of the ARDL modelling reveal that renewable energy consumption in developed NEICs is affecting Nigeria’s oil and gas exports negatively, thereby causing significant decrease in the amounts of revenue being generated therefrom.
Research limitations/implications
Like most empirical studies, the conduct of this research has encountered some challenges. Thus, the use of rather small sample in terms of period covered (1980-2014), annual frequency of data and focus on one NEEC (Nigeria) are the key limitations of this paper. While the first two challenges were dealt with by using ARDL, future research can focus on other NEECs to extend the study.
Practical implications
The findings have several policy implications, including the need for Nigeria to focus on developing internal market trajectories to increase domestic utilisation of its conventional energy rather than depending on external markets. The results also suggest the need for public policymakers to develop a strategic plan that will effectively address the external economic threat arising from the influence of global energy transition.
Originality/value
To the best of the authors’ knowledge, this paper represents the first effort to empirically examine the effect of renewable energy consumption by developed NEICs on the Nigeria’s oil and gas exports. The paper contributes to the literature by providing insight into and documenting evidence that the world is taking transitioning to cleaner energy sources very seriously.
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Ismail Aliyu Danmaraya, Aminu Hassan Jakada, Suraya Mahmood, Bello Alhaji Ibrahim and Ahmad Umar Ali
The purpose of this paper is to look at the asymmetric effect of oil production on environmental degradation in OPEC member countries from 1970–2019.
Abstract
Purpose
The purpose of this paper is to look at the asymmetric effect of oil production on environmental degradation in OPEC member countries from 1970–2019.
Design/methodology/approach
The authors build a nonlinear panel ARDL–PMG model using the Shin et al. (2014) nonlinear autoregressive distributed lag (ARDL) approach in panel form to assess both the short- and long-run impact of positive and negative oil production movements on CO2 emissions.
Findings
The result demonstrates that the variables are cointegrated. According to the linear long run coefficients, oil production, FDI inflows and economic growth both have a positive and significant relationship with CO2 emissions, implying that they deteriorate environmental quality in OPEC countries, while renewable energy has a negative relationship with CO2, implying that increasing renewable energy improves environmental quality. The asymmetric findings prove that positive and negative shocks of oil production exert a positive effect on carbon emissions in short run and long run.
Research limitations/implications
To begin with, the empirical assessments do not include all OPEC member nations; researchers are advised to resolve this constraint by looking at the economies of other OPEC members. Albeit the lack of data for other energy sources may serve as another constraint of this research, future research is expected to broaden the current framework via other energy sources such as nuclear, electricity, biomass, solar as well as wind.
Originality/value
The research adds to the body of knowledge as many of the prevailing studies in the literature failed to look at the asymmetric effect of oil production on the quality of environment. This is another gap in the literature that the current study is set out to fill. This study adds oil production as an explanatory variable and helps to extend the existing literature for OPEC countries, which could propose a solution to deal with ensuing environmental issues.
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This paper aims to examine, through the lens of language expectancy theory (LET), how sustainability assurors use optimism and certainty in possible persuasion attempts. The paper…
Abstract
Purpose
This paper aims to examine, through the lens of language expectancy theory (LET), how sustainability assurors use optimism and certainty in possible persuasion attempts. The paper also explores a number of explanatory variables that could offer insights into the use of these verbal tones in sustainability assurance reports.
Design/methodology/approach
First, the paper relies on DICTION standard normalised optimism and certainty ranges in conjunction with descriptive statistics to analyse how sustainability assurors use optimism and certainty. Second, the paper uses quantile regression with robust standard errors to investigate the association between the measures of verbal tone used in this study and several possible explanatory variables.
Findings
Consistent with LET, the study documents that sustainability assurors exercise caution in using both certainty and optimism in persuasion attempts. The paper also finds that possible explanatory variables significantly associated with optimism include praise, assurance level, legal system and report location. However, reference to sustainability management control (SMC), status of assurance providers, praise, legal system and financial performance appear to explain the use of certainty.
Research limitations/implications
The paper does not, at this stage, claim causality between the two measures of verbal tone, on the one hand, and the possible explanatory variables explored, on the other hand. It rather reports their possible associations. Furthermore, the study only measures reference to management control system and not reliance on it.
Practical implications
The main findings of this study imply that the use of optimism and certainty exhibits likely cautious practice by assurors. Nevertheless, assurors are more likely to use certainty more flexibly and appear more discreet when using optimism.
Social implications
The findings of this paper also indicate how societal expectations play an important role in ensuring cautious persuasive behaviour by sustainability assurors in using verbal tones within sustainability assurance statements. This suggests that stakeholders may place reliance on attestations expressed in these statements.
Originality/value
The paper represents the first attempt to test LET in sustainability accounting by analysing verbal tones used by sustainability assurance providers. It contributes to the sustainability assurance literature in that it empirically demonstrates how sustainability assurors, as expert communicators, use optimistic tone and verbal certainty in careful persuasion attempts.
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– The purpose of this paper is to explore firm–stakeholder environmental accountability relationship in the Nigerian oil and gas industry.
Abstract
Purpose
The purpose of this paper is to explore firm–stakeholder environmental accountability relationship in the Nigerian oil and gas industry.
Design/methodology/approach
The paper develops, from the interdisciplinary literature, a normative framework that links the dominant environmentalism paradigm to the business-firm-causality environmental philosophy. The link is underpinned by the theory of stakeholder identification and salience to enable the identification and evaluation of the importance placed on each environmental stakeholder group by oil and gas companies in the Nigerian oil and gas sector.
Findings
This paper submits that three factors, originating from how these companies identify and classify green stakeholders, lead to little and unimpressive efforts to effectively discharge environmental accountability. These factors include weak, legal powers of regulatory environmental stakeholders; non-recognition of the host communities as powerful environmental stakeholders; and non-recognition of the Nigerian public as legitimate environmental stakeholders.
Social implications
Underestimating the importance of some key, environmental stakeholders and the weak powers of regulatory environmental stakeholders leads to limited commitments to environmental accountability by oil and gas companies operating in Nigeria. Inevitably, this results in persistent conflict, violence, destruction of the oil companies’ properties and other various forms of unrest common in the Niger Delta.
Originality/value
The paper develops a unique normative framework from the relevant literature in environmental ethics, environmental management and environmental accounting that are used to evaluate firms-stakeholder environmental accountability relationship.
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Sahbi Farhani and Mohammad Mafizur Rahman
The purpose of this study is to investigate the relationship between natural gas consumption and economic growth of France.
Abstract
Purpose
The purpose of this study is to investigate the relationship between natural gas consumption and economic growth of France.
Design/methodology/approach
To analyze the relationship, an extended Cobb–Douglas production function is used. The auto-regressive distributive lag bounds testing approach is applied to test the existence of the long-run relationship between the series. The vector error correction model Granger causality approach is implemented to detect the direction of causal relation between the variables.
Findings
The results show that variables are cointegrated for the long-run relationship. They also indicate that natural gas consumption, exports, capital and labor are the contributing factors to economic growth in France. The causality analysis indicates that feedback hypothesis is validated between gas consumption and economic growth. The bidirectional causality is also found between exports and economic growth, gas consumption and exports and capital and gas consumption.
Research limitations/implications
The feedback hypothesis between gas consumption and economic growth implies that adoption of energy conservation policies should be discouraged; rather, gas consumption and economic growth policies should be jointly implemented.
Originality/value
This study is an original work for France and shows the results of the relationship between natural gas consumption and economic growth. In line with the results of this study, new direction for policy makers is opened up to formulate a comprehensive energy policy to sustain long-term economic growth in France.
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Muhammad Aminu Haruna, Sallahuddin B. Hassan and Halima Salihi Ahmad
The aim is to examine the long run and short run linear and non-linear impact of foreign direct investment (FDI) inflows on poverty in Nigeria from 1980 to 2019.
Abstract
Purpose
The aim is to examine the long run and short run linear and non-linear impact of foreign direct investment (FDI) inflows on poverty in Nigeria from 1980 to 2019.
Design/methodology/approach
The Augmented Dickey Fuller, Phillips Perron and Kwiatkowski-Phillips-Schmidt-Shin unit root tests and bounds test were used to tests the series stationarity and co-integration, respectively. Autoregressive Distributive Lag (ARDL) and non-linear and linear autoregressive Distributive Lag (NARDL) estimators are employed to examine the long run and short run impact of the coefficients of the variables and diagnostic check.
Findings
The study finds that the variables are integrated at a level I(0) and the first difference I(I) and co-integrated. The ARDL estimator indicates that FDI significantly reduces poverty in the long and short run. The findings under NARDL shows FDI positive shock and FDI negative shock reduces poverty substantially in the long-short run, respectively. The error correction term is negative and significant.
Research limitations/implications
This study is limited to a single country (time series) and less informative compared with the panel data study with much informative and free from hetero-scedasticity. Future studies should consider panel data using a similar or dissimilar approach.
Practical implications
FDI inflows stimulate growth, thereby creating job openings, transfer of modern technology and reduce poverty and demonstrate that, if the finding integrated into policy actions, the government would attract FDI inflows for the real sector of the economy.
Social implications
FDI inflows lead to environmental degradation if inferior technology is use in the host economy, especially the weak environmental regulations in Nigeria.
Originality/value
The authors find no study that applied both ARDL and NARDL estimator, selection of variables measurement and time frame for the study in the context of Nigeria.
Peer review
The peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-08-2020-0530.
Shireen Mohammed Abed, Sabah M. Mohammad, Zainuriah Hassan, Aminu Muhammad and Suvindraj Rajamanickam
The purpose of this study is to fabricate an ultraviolet (UV) metal-semiconductor-metal (MSM) photodetector based on zinc oxide nanorods (ZnO NRs) grown on seeded silicon (Si…
Abstract
Purpose
The purpose of this study is to fabricate an ultraviolet (UV) metal-semiconductor-metal (MSM) photodetector based on zinc oxide nanorods (ZnO NRs) grown on seeded silicon (Si) substrate that was prepared by a low-cost method (drop-casting technique).
Design/methodology/approach
The drop-casting method was used for the seed layer deposition, the hydrothermal method was used for the growth of ZnO NRs and subsequent fabrication of UV MSM photodetector was done using the direct current sputtering technique. The performance of the fabricated MSM devices was investigated by current–voltage (I–V) measurements. The photodetection mechanism of the fabricated device was discussed.
Findings
Semi-vertically high-density ZnO (NRs) were effectively produced with a preferential orientation along the (002) direction, and increased crystallinity is confirmed by X-ray diffraction analysis. Photoluminescence results show a high UV region. The fabricated MSM UV photodetector showed that the ZnO (NRs) MSM device has great stability over time, high photocurrent, good sensitivity and high responsivity under 365 nm wavelength illumination and 0 V, 1 V, 2 V and 3 V applied bias. The responsivity and sensitivity for the fabricated ZnO NRs UV photodetector are 0.015 A W-1, 0.383 A W-1, 1.290 A W-1 and 1.982 A W-1 and 15,030, 42.639, 100.173 and 334.029, respectively, under UV light (365 nm) illumination at (0 V, 1 V, 2 V and 3 V).
Originality/value
This paper uses the drop-casting technique and the hydrothermal method as simple and low-cost methods to fabricate and improve the ZnO NRs photodetector.
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Aminu Muhammad, Sabah M. Mohammad, Zainuriah Hassan, Suvindraj Rajamanickam, Shireen Mohammed Abed and M.G.B. Ashiq
The purpose of this study is to dope silver (Ag) and fluorine (F) in zinc oxide (ZnO) for the enhancement of electrical and optical properties of ZnO, as previous studies reported…
Abstract
Purpose
The purpose of this study is to dope silver (Ag) and fluorine (F) in zinc oxide (ZnO) for the enhancement of electrical and optical properties of ZnO, as previous studies reported the improvement of these properties using individual doping of F and Ag. In this paper, F and Ag co-doped ZnO nanorods were synthesized using a modified hydrothermal method.
Design/methodology/approach
The hydrothermal method was modified and used for the synthesis of the doped ZnO nanostructures, where stainless autoclave and oven were replaced with the Duran laboratory bottle and water boiler system in the process. The ultraviolet metal-semiconductor-metal photodetector (PD) was fabricated using DC sputtering method.
Findings
Vertically aligned nanorods images were captured from field emission scanning electron microscopy. XPS analysis confirmed greater spin-orbital interaction in the F and Ag co-doped ZnO sample and revealed the presence of F, Ag, Zn and O in the samples, indicating a successful doping process. X-ray diffraction revealed a hexagonal wurtzite structure with enhanced crystal quality upon co-doping. The bandgap decreased from 3.19 to 3.14 eV upon co-doping because of reduced defects density in the sample. Finally, an ultra-violet PD was fabricated with enhanced sensitivity and response times upon co-doping.
Originality/value
The low-cost, less energy-consuming Duran laboratory bottle and water boiler system were used as the substitute of expensive, more energy-consuming stainless autoclave and oven in a hydrothermal method for synthesis of F and Ag co-doped ZnO and subsequent fabrication of PD.
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Akilu Aliyu Shinkafi and Nor Aini Ali
Purpose – Entrepreneurship development has become a goal of many countries to achieve economic development. Islamic economics is concerned with marketing, trading, business and…
Abstract
Purpose – Entrepreneurship development has become a goal of many countries to achieve economic development. Islamic economics is concerned with marketing, trading, business and entrepreneurship activities. This chapter examines the role of entrepreneurship development in Islamic economics.
Methodology/approach – This chapter is purely theoretical in nature. Thus, the Glorious Qur’an, Hadith and other related documents are its major sources.
Findings – The discussion reveals that entrepreneurship development has the potential to promote economic growth and development, employment, self-reliance and national growth. The discussion identifies a lack of capital and financial support as a principal obstacle to the development of entrepreneurship and entrepreneurs. This chapter further reveals that the success of entrepreneurship development and other commercial activities requires organisation in terms of coordination, networking and sharing of resources, as well as cooperation between government, public sector, private sector and enterprise.
Originality/value –The chapter is original in its form and arrangement having emerged as a novel attempt and the first of its kind. The chapter has a pearl of value to the Islamic economists, entrepreneurs, academic circle, and all those who may consider it relevant for application in their desirable business and cherish the value of its standing.