Issue #4 (Volume 17 2026)

Type of the article: Research Article

Abstract
Air pollution causes an alarming number of deaths worldwide. Metropolitan Lima is one of the megacities with the worst air quality in the world; San Juan de Lurigancho, one of the most polluted districts in Peru, recorded an annual average concentration of 41.2 µg/m3 of PM2.5 in 2023, which significantly exceeds the annual reference limit of 15 µg/m3 established by the World Health Organization. Therefore, this study aimed to estimate the economic benefit of improving air quality in San Juan de Lurigancho using the contingent valuation method in both simple and double dichotomous formats. A total of 400 face-to-face interviews were conducted to assess households’ willingness to pay for this environmental improvement, based on a price vector of 4, 6, 8, and 10 PEN as a monthly contribution over one year. The results indicate that 60% of respondents are willing to make a financial contribution. The average willingness to pay values, taking into account the variables household income and age of the head of household – the only statistically significant variables in the econometric models – are 8.77 PEN/month and 7.99 PEN/month, for the simple dichotomous and double dichotomous formats, respectively. Using this latter estimate, the associated social benefit amounts to 28,994,112 PEN/year (approximately 8,076,354 USD/year), which provides a useful benchmark for evaluating public policies aimed at mitigating air pollution in large urban centers.

Type of the article: Research Article

Abstract
The growing development of voluntary carbon markets has raised increasing interest in understanding how financial markets respond to climate-related policy announcements, particularly in emerging economies. This study investigates the stock market reaction to the official announcement of the operational launch of Morocco’s voluntary carbon market on September 24, 2024. The analysis applies the event study methodology to a sample of the eight largest companies listed on the Casablanca Stock Exchange to estimate expected returns and abnormal returns over an event window of [–4; +5].
The results indicate that the announcement did not generate statistically significant abnormal stock market reactions. On the event day (t = 0), the average abnormal return (AAR) was –0.238% (t = –1.006; p = 0.348), while the cumulative abnormal return (CAR) over the [–4; +5] event window reached 1.00% (t = 0.615; p = 0.550), indicating the absence of a statistically significant market response. A robustness analysis using an alternative event window [–3; +3] produced similar results (CAR = 1.52%, t = 1.494; p = 0.186), confirming the stability of our finding.
Overall, the evidence suggests that the operational launch of Morocco’s voluntary carbon market did not constitute value-relevant information capable of significantly influencing investors’ expectations or short-term market valuation, reflecting the early stage of development of the country’s voluntary carbon market.

Type of the article: Research Article

Abstract
Research on the relationships among green finance, renewable energy, and economic development has expanded rapidly in recent years; however, the intellectual structure, collaboration patterns, and thematic evolution of this interdisciplinary field remain insufficiently understood. This study addresses this gap by conducting a comprehensive bibliometric analysis of publications indexed in the Web of Science Core Collection using VOSviewer and Biblioshiny, the web interface of the bibliometrix R package. The analytical framework integrates performance analysis with science mapping techniques, including keyword co-occurrence, citation, co-citation, bibliographic coupling, thematic mapping, and thematic evolution analyses. The findings reveal substantial growth in scientific production and increasing international collaboration, while identifying an intellectual foundation primarily shaped by studies on econometric methodologies, the relationships between economic growth and environmental sustainability, and the integration of green finance with energy economics. Four major research streams emerge: green financial instruments and markets; the finance, growth, and emissions nexus; renewable energy transition and policy; and advanced quantitative modeling approaches. Thematic evolution further indicates that, although green finance, renewable energy, and sustainable development remain the core research themes, emerging topics such as digital finance and the digital economy are receiving increasing scholarly attention. By providing a comprehensive knowledge map of the field, this study contributes to a better understanding of its intellectual foundations, conceptual development, and future research directions, while offering valuable insights for researchers and policymakers seeking to promote sustainable finance, renewable energy transition, and long-term economic development.

Type of the article: Research Article

Abstract
This study examines the configurational causality among the shadow economy, corruption perception index, trade levels, population dynamics, urbanization, economic size and renewable energy use, and their impact on overall ecological footprints across the Digital Nations member countries and the seven emerging economies. To analyze the relationship, the study used annual data from 2012 to 2020, and fuzzy set qualitative comparative analysis (fsQCA) was used. While both groups show the absence of a necessary condition for high ecological footprints, there are instances of sufficient pathways across the Digital Nations groups. Based on the intermediate solution, digital grouping reveals a single pathway at a consistency threshold of 80% (consistency = 0.858, coverage = 0.2995), combining low shadow economy, high CPI, high GDP, low trade, high population, high urbanization, and low renewables. However, at the 70% threshold, there are two pathways, and the solution coverage increases to 0.423. Emerging economies yield no valid configurations via the intermediate solution, confirming heterogeneity. The results show how multiple factors, such as governance, demographics, and renewable energy adoption, can shape ecological footprints across economies with different digital, structural, and development statuses. These findings advance beyond traditional variance-based approaches by identifying precise causal recipes rather than net effects. The results offer policymakers targeted interventions prioritizing renewable energy deployment alongside strategic governance reforms to disrupt ecological footprint pathways across developmental contexts.

Acknowledgment
The authors would like to thank Modern College of Business and Science, Oman, for providing the financial support required to cover the article processing charges.