This research aims to investigate the impact of green bonds on the development of sustainable and environmentally friendly e-commerce businesses, with a focus on promoting environmental empowerment. Recognizing the necessity of preparing for economic changes and strengthening institutional frameworks, this study addresses the shortcomings identified in previous research, including statistical limitations, insufficient inclusion of variables, and a lack of diversity. By bridging these gaps, the research explores the interconnections between economic expansion, sustainability, profitability, and effective governance. To account for country-specific variations, a robust reduced-form modeling strategy is employed, supplemented by generalized method of moments estimates to address potential variability. The study analyzes survey data spanning the years 1990 to 2019. The research findings confirm the significant role of organizational excellence and economic growth in fostering sustainability, lending support to the presence of the environmental Kuznets curve hypothesis. Additionally, the study underscores the potential adverse consequences for the natural environment if economic liberalization proceeds without robust governance structures. By providing original empirical evidence on the effectiveness of green bonds in driving the growth of sustainable e-commerce businesses, this research contributes to the field of environmental empowerment and emphasizes the importance of well-designed frameworks to guide economic transitions. The insights derived from this study have implications for policymakers, businesses, and organizations aiming to align economic growth with sustainability goals, ultimately facilitating a more environmentally conscious and resilient future.
Keywords: EKC hypothesis; Environmental perspective; Green E-commerce; Green bonds; Sustainable business.
© 2023. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.