Assessing the Nexus among Institutional Quality, Sustainable Development, Environmental Sustainability on Tourism: A Panel Data Analysis in BRICS Economies

Abstract

Tourism is crucial for a country's economic development, especially in emerging economies like that of the BRICS countries. The data for BRICS countries is collected from the World Bank and ICRG for 25 years. The econometric technique NARDL is used in this research to view the short and long-run effects of independent variables on tourism. The Panel NARDL analyses provide a comprehensive examination of the effects of environmental sustainability, sustainable development, and institutional performance on Tourism. They are a helpful tool for analyzing nonlinear interactions. To determine if the BRICS nations have achieved a tipping point in their environmental sustainability the point at which economic growth starts to favorably influence environmental quality and may have an impact on visitor numbers the study employs the increase in GDP as an independent variable. The results of this exhaustive study are crucial for the BRICS officials and stakeholders because they provide light on the connections between tourism, economic growth, sustainability, and institutional performance. Understanding these relationships can help policymakers promote environmental protection and sustainable development in these critical and vibrant businesses while promoting sustainable tourism growth.