The Nexus among Green Financing: Companies in G20 Emerging Market Countries

Imamah, Nur; Trinugroho, Irwan; Arifin, Layyin Nafisa; Fahri, Luki Okta

doi:10.15408/etk.v24i2.45322

Akses terbuka Jurnal SINTA 1

The Nexus among Green Financing: Companies in G20 Emerging Market Countries

ETIKONOMI · Vol. 24 No. 2 (2025)

DOI: 10.15408/etk.v24i2.45322
ISSN: 2461-0771, 1412-8969
Terbit: 2025-09-30
Penerbit: Faculty of Economic and Business, Universitas Islam Negeri Syarif Hidayatullah Jakarta
Bahasa: eng
Lisensi: creativecommons.org/licenses/by-sa/4.0

Abstrak

Research Originality: This study addresses this urgent research gap by examining not only these relationships but also the underexplored role of national R&D capacity as a moderating factor, highlighting how emerging economies' innovation limitations may dilute the benefits of green capital inflows. Research Objectives: This study analyzed the impact of green financing and FDI on firm profitability and productivity in G20 emerging markets, and assess how R&D expenditure moderates these effects. Research Method: Panel data from 57 multinational companies across ten G20 emerging market countries during 2016–2021 were analyzed using fixed-effect regression. Empirical Results: Green financing and FDI both show significant positive impacts on firm profitability and productivity. However, R&D negatively moderates the green finance–profitability link and has no significant moderating effect on productivity or the FDI relationship, suggesting structural inefficiencies in R&D systems within emerging economies. Implications: The findings call for urgent policy interventions to enhance R&D infrastructure and efficiency in G20 emerging markets. Redirecting subsidies from fossil fuels to green innovation, fostering public-private R&D collaboration, and strengthening institutional frameworks can help unlock the full potential of green finance and FDI in supporting a sustainable economic transformation. JEL Classification: Q5, G3, F2

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15 penulis · 30 tautan kepenulisan bersama · 12 lintas organisasi

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Sebelas Maret University
University of Brawijaya
Universiti Putra Malaysia
Universitas Wijayakusuma Purwokerto
Universitas Muhammadiyah Jakarta

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Rekan penulis	Organisasi	Artikel bersama
Doddy Setiawan	Sebelas Maret University	2
Taufiq Arifin	Sebelas Maret University	2
Aina Mardiya	Sebelas Maret University	1
Muhammad Agung Prabowo	Sebelas Maret University	1
Bany Ariffin Amin Noordin	Universiti Putra Malaysia	1
Tulus Haryono	Sebelas Maret University	1
Dian Safitri Pantja Koesoemasari	Universitas Wijayakusuma Purwokerto	1
Aldy Fariz Achsanta	Sebelas Maret University	1
Nugroho Saputro	Sebelas Maret University	1
Tastaftiyan Risfandy	Sebelas Maret University	1
Bambang Sutrisno	Universitas Muhammadiyah Jakarta	1

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Sumber metadata: OAI-PMH (metadata jurnal) http://journal.uinjkt.ac.id/index.php/etikonomi/oai, pertama di-harvest 8 Nov 2026, terakhir terlihat 8 Nov 2026.

Metadata asli (oai_dc)

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	<dc:title xml:lang="en">The Nexus among Green Financing: Companies in G20 Emerging Market Countries</dc:title>
	<dc:creator xml:lang="en">Imamah, Nur</dc:creator>
	<dc:creator xml:lang="en">Trinugroho, Irwan</dc:creator>
	<dc:creator xml:lang="en">Arifin, Layyin Nafisa</dc:creator>
	<dc:creator xml:lang="en">Fahri, Luki Okta</dc:creator>
	<dc:subject xml:lang="en">green investment</dc:subject>
	<dc:subject xml:lang="en">green finance</dc:subject>
	<dc:subject xml:lang="en">profitability</dc:subject>
	<dc:subject xml:lang="en">productivity</dc:subject>
	<dc:subject xml:lang="en">emerging countries</dc:subject>
	<dc:description xml:lang="en">Research Originality: This study addresses this urgent research gap by examining not only these relationships but also the underexplored role of national R&amp;amp;D capacity as a moderating factor, highlighting how emerging economies' innovation limitations may dilute the benefits of green capital inflows.
Research Objectives: This study analyzed the impact of green financing and FDI on firm profitability and productivity in G20 emerging markets, and assess how R&amp;amp;D expenditure moderates these effects.
Research Method: Panel data from 57 multinational companies across ten G20 emerging market countries during 2016–2021 were analyzed using fixed-effect regression.
Empirical Results: Green financing and FDI both show significant positive impacts on firm profitability and productivity. However, R&amp;amp;D negatively moderates the green finance–profitability link and has no significant moderating effect on productivity or the FDI relationship, suggesting structural inefficiencies in R&amp;amp;D systems within emerging economies.
Implications: The findings call for urgent policy interventions to enhance R&amp;amp;D infrastructure and efficiency in G20 emerging markets. Redirecting subsidies from fossil fuels to green innovation, fostering public-private R&amp;amp;D collaboration, and strengthening institutional frameworks can help unlock the full potential of green finance and FDI in supporting a sustainable economic transformation.
JEL Classification: Q5, G3, F2</dc:description>
	<dc:publisher xml:lang="en">Faculty of Economic and Business, Universitas Islam Negeri Syarif Hidayatullah Jakarta</dc:publisher>
	<dc:date>2025-09-30</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:type xml:lang="en">Peer-reviewed Article</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://journal.uinjkt.ac.id/index.php/etikonomi/article/view/45322</dc:identifier>
	<dc:identifier>10.15408/etk.v24i2.45322</dc:identifier>
	<dc:source xml:lang="en">ETIKONOMI; Vol. 24 No. 2 (2025)</dc:source>
	<dc:source>2461-0771</dc:source>
	<dc:source>1412-8969</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://journal.uinjkt.ac.id/index.php/etikonomi/article/view/45322/17769</dc:relation>
	<dc:rights xml:lang="en">Copyright (c) 2025 Nur Imamah, Irwan Trinugroho, Layyin Nafisa Arifin, Luki Okta Fahri</dc:rights>
	<dc:rights xml:lang="en">https://creativecommons.org/licenses/by-sa/4.0</dc:rights>
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