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All Journal JURNAL EKONOMI DAN BISNIS AIRLANGGA
Basri Basri
Postgraduate Program, Sunan Kalijaga State Islamic University, Yogyakarta, Indonesia
Economics, Econometrics & Finance

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DO ISLAMIC GREEN FINANCE AND REGULATORY GOVERNANCE DRIVE ENVIRONMENTAL SUSTAINABILITY? PERSPECTIVES FROM MUSLIM-MAJORITY COUNTRIES Basri Basri; Endra Kasni Laila Yuda; Syahrul Gunawan; Akmal Asman
Jurnal Ekonomi dan Bisnis Airlangga Vol. 36 No. 1 (2026): JURNAL EKONOMI DAN BISNIS AIRLANGGA
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jeba.V36I12026.16-47

Abstract

Introduction: This study aims to analyze the dynamic impact of GDP per capita, Regulatory Quality, Islamic Green Finance (IGF), and Oil Revenue on sustainable economic performance in Islamic countries.  Methods: Using panel data from 24 OIC member countries over 2012–2023, this study applies the Panel Autoregressive Distributed Lag (ARDL) model to distinguish short-run adjustments and long-run equilibrium relationships.  Results: Regulatory Quality is a significant positive determinant in the long run under the Dynamic Fixed Effects (DFE) estimator. The Error Correction Term (ECT) is negative and significant, indicating stable adjustment toward long-run equilibrium. Short-run country-specific analysis shows heterogeneous effects: Regulatory Quality positively influences Iran and Iraq, while IGF demonstrates varying impacts in Bahrain and Malaysia.  Conclusion and suggestion: Strengthening institutional governance and implementing context-specific green finance policies are essential to enhance sustainable economic resilience in OIC countries. Policymakers should balance resource dependence with financial and regulatory innovation.
Co-Authors Akmal Asman Endra Kasni Laila Yuda Syahrul Gunawan