Ekonomikalia Journal of Economics

Renewable Energy Deployment as a Pathway to Sustainability and the Sustainable Development Goals (SDGs): A Review

Yoshihiro Hamaguchi — Fri, 23 Jan 2026 00:00:00 +0700

The energy transition from fossil fuels to renewable energy is underway to achieve a sustainable society based on carbon neutrality. However, there is an ongoing debate about how the implementation of such energy technologies will affect sustainability (social, economic, and environmental aspects). This review outlines research trends on the effects of renewable energy deployment on sustainability from the perspectives of income inequality, energy inequality, human capital, energy education, gender, health, and community, focusing on high-profile papers for the period 2014-2024. Renewable energy and income inequality are negatively related, and promoting renewable energy innovation through R&D subsidies is expected to decarbonize and alleviate poverty. Human capital promotes decarbonization through the diffusion and consumption of renewable energy, but in some cases, the effects are not apparent. However, energy education can be effective in addressing human capital shortages in the renewable energy sector. Gender inequality and energy inequality are closely linked, with women with poor energy access suffering health problems due to smoke pollution from cooking. Women's participation in society will encourage the spread of renewable energy and improve health standards. Local communities with voluntary citizen participation, rather than state initiative, are expected to be the actors that encourage decarbonization through renewable energy.

The Impact of Financial Stress on Academic Performance in Tertiary Education: Empirical Evidence from Comilla University

Sharna Mazumder — Sat, 25 Apr 2026 00:00:00 +0700

University students commonly struggle with financial stress, which has consequences for both their general well-being and academic achievement. This paper aims to explore the impact of financial stress on academic performance. A quantitative study was conducted at Comilla University, a tertiary institution in Bangladesh. The study included 152 randomly selected students from different departments who are currently enrolled in undergraduate and postgraduate programs. Primary data were used in both descriptive and inferential analyses. Descriptive analysis, including students’ perceptions and opinions regarding financing expenses, unexpected expenses, family financial obligations, tuition fees, living expenses, the cost of books and study materials, and financial support to family, showed that these factors led to financial stress and affected students’ academic performance. From the descriptive analysis, the study found that higher living expenses mostly affected students’ academic performance. The inferential analyses, including t-tests, hypothesis tests, and regression analysis, found different factors that significantly affected students’ academic performance. In the gender analysis using t-tests, it was found that female students reported slightly higher stress levels but performed better academically than males. From the correlation analysis, we found a positive relationship. Family income and class attendance were positively correlated with students’ academic performance, while working hours negatively impacted CGPA. The regression analysis revealed class attendance and family income as statistically positive factors that positively affected students’ academic performance. Working hours negatively affected academic performance and were statistically significant. Based on the results, the study recommends that, in order to mitigate the adverse impacts of financial stress on academic performance, Comilla University, as well as the government, should strengthen financial aid programs, create on-campus employment opportunities, and provide counseling on time management.

The Impact of Digitalization on Economic Growth in Developing Countries

Mirzatul Kadri, Wisnu Satria — Sun, 26 Apr 2026 00:00:00 +0700

This study analyzes the impact of digitalization on economic growth in developing countries. In the modern era, digital technology has become a key driver of global economic transformation. Using panel data for 50 developing countries from 2010 to 2020, this study examines the relationship between digitalization and economic growth, measured by real gross domestic product (GDP) per capita growth. The indicators of digitalization include internet penetration, smartphone usage, and digital infrastructure, while education, foreign direct investment (FDI), and urbanization are included as control variables. The empirical analysis employs panel data regression using a Fixed Effects Model (FEM). The results indicate that digitalization makes a significant contribution to economic growth in developing countries. In particular, higher internet penetration, greater smartphone usage, and improved digital infrastructure are associated with enhanced productivity and efficiency across key economic sectors. In addition, education, FDI, and urbanization play important complementary roles by facilitating the adoption and effective use of digital technologies. These findings suggest that policymakers in developing countries should prioritize investment in digital infrastructure and expand digital access to maximize the growth benefits of digitalization.

Board Gender Diversity as a Conditional Governance Resource: Evidence from Environmental Innovation in China’s Low-Carbon Transition

Shanshan Yue, Farhanullah Khan, Khartic Rao Manokaran, Xue Lei — Mon, 27 Apr 2026 00:00:00 +0700

As firms face increasing pressure to support the transition toward a low-carbon economy, corporate governance has emerged as a critical mechanism shaping environmental innovation. This study examines whether and under what conditions board gender diversity contributes to environmental innovation in China’s listed firms. Drawing on upper echelon theory and the resource-based view, we argue that gender-diverse boards enhance cognitive diversity and stakeholder orientation, thereby strengthening firms’ capacity to pursue sustainability-oriented innovation. Using panel data from Chinese A-share listed companies over the period 2014-2023, the results show that board gender diversity is positively associated with environmental innovation, measured by green patent output. However, this relationship is not uniform across institutional contexts. The positive effect is significantly stronger in non-state-owned enterprises than in state-owned enterprises, suggesting that organizational flexibility and market-oriented governance conditions influence whether diversity can be effectively translated into low-carbon outcomes. These findings contribute to the literature by demonstrating that board diversity operates as a conditional governance resource rather than a universally effective mechanism. The study also offers implications for policymakers and firms seeking to align governance reforms with low-carbon transition objectives in emerging economies.

N-Shaped or Inverted N-Shaped EKC? The Role of Renewable and Non-Renewable Energy in Environmental Sustainability

Thu, 30 Apr 2026 00:00:00 +0700

Climate change and global warming have become urgent challenges for all nations. Rapid population growth continues to raise energy demand, generating outputs that often create negative externalities and worsen environmental conditions. The Ecological footprint (EFP) and carbon dioxide (CO₂) emissions are key indicators of environmental quality, with higher levels of these indicators generally reflecting a deterioration in environmental conditions. This study examines the effects of economic growth, renewable energy, and non-renewable energy on Indonesia’s environmental quality from 1965 to 2023 using the Autoregressive Distributed Lag (ARDL) approach, Granger causality and wavelet coherence analysis. The results reveal Environmental Kuznets Curve (EKC) dynamics, with an N-shaped EKC for the ecological footprint and an inverted N-shaped EKC for CO₂ emissions. Capital formation reduces both EFP and CO₂ emissions, while renewable energy significantly decreases CO₂ emissions. Granger causality analysis shows directional relationships between economic growth, energy use, and environmental quality. Wavelet coherence results indicate strong co-movement between economic growth and non-renewable energy with EFP and CO₂, confirming that fossil-fuel-driven expansion remains the main driver of degradation. In contrast, renewable energy and capital formation show negative coherence with environmental indicators, reflecting their growing role in mitigating ecological stress. Overall, the findings highlight Indonesia’s dual challenge of sustaining economic growth while curbing long-term environmental degradation, emphasizing the need for structural reforms, greater investment in renewable energy, and stronger environmental governance to ensure a sustainable development path.