Associate Professor Dr Sahar Afshan

Associate Professor Dr Sahar Afshan

  • Associate Professor
Department of Accounting, Finance and Economics
  • ºìÐÓÊÓƵ Business School
SDGs Focus

Biography

Dr. Sahar Afshan is working as an Assistant Professor (Finance) at ºìÐÓÊÓƵ University Malaysia. She has done her PhD. in Finance & Banking from University Utara Malaysia. She has a number of publications in highly prestigious journals including Business Strategy & Environment, Journal of Cleaner Production, Sustainable Development, Resources Policy, International Journal of Finance & Economics, Renewable energy, Telematics & Informatics, Economic Research, etc. Her main area of interest is Sustainability (Finance & Economics). 

Academic & Professional Qualifications

PhD Finance and Banking, Universiti Utara Malaysia, Malaysia (2022)
MBA Finance, Iqra University, Pakistan (2013)
Bachelor of Commerce, University of Karachi, Pakistan (2009)

Research Interests

  • Financial Economics
  • Green Finance
  • Digital Economy
  • Sustainable Development

Teaching Areas

  • Finance
  • Economics
  • Research

Courses Taught

  • Investment Management
  • Financial Economics I
  • Financial Economics II

Notable Publications

  1. Li, S., Afshan, S., Mamadiyarov, Z., & Bashir, M. F. (2026). Renewable energy investments, climate mitigation technologies, productive capacity and fiscal policy challenges: Responsible resource production and consumption implications from top-10 resource exporting economies. Journal of Environmental Management, 400, 128715. (Impact Factor 8.40, Scopus Q1, ABDC-A, SCIE).
  2. Razi, U., Cheong, C. W., Sharif, A., & Afshan, S. (2026). From Crude to Green: Exploring Energy Indicators and Sustainability Nexus through Wavelet Quantile Correlation. Energy, 140223. (Impact Factor 9.40, Scopus Q1, SCIE).
  3. Afshan, S., Raza, S. A., Yaqoob, T., & Tiwari, S. (2026). Exploring the Regime Dependent Impacts of Renewable Energy, Growth, and Population on Inclusive Wealth. Sustainable Development. (Impact Factor 8.20, Scopus Q1, SSCI).
  4. Miyan, M. S., Cheong, C. W., Sharif, A., & Afshan, S. (2026). Bridging faith and future: the role of Islamic finance in driving environmental sustainability in OIC economies. International Journal of Islamic and Middle Eastern Finance and Management, 1-26. (Impact Factor 2.20, Scopus Q2, ABDC-B, SSCI). 
  5. Afshan, S., Yaqoob, T., Zaied, Y. B., & Ul-Durar, S. (2025). Pathway to environmental resilience: Analyzing financial dimensions to curb energy security risks. Journal of Environmental Management, 395, 127745. (Impact Factor 8.40, Scopus Q1, ABDC-A, SCIE).
  6. Miyan, M. S., Cheong, C. W., Sharif, A., & Afshan, S. (2025). The role of green finance and innovation in advancing environmental sustainability in South America. Journal of Economics, Finance and Administrative Science, 1-19. (Impact Factor 1.90, Scopus Q2, SSCI).  
  7. Afshan, S., Tiwari, S., Singh, M. K. H., & Ho, W. K. (2025). Building a Greener Future: Exploring the Synergy of Sustainable Investments, Environmental Taxes, and Green Innovations in Emerging Economies. International Journal of Energy Economics and Policy, 15(5), 490. (Scopus Q1, ABDC-C).
  8. Miyan, M. S., Cheong, C. W., Sharif, A., & Afshan, S. (2025). Green Finance, Innovation, and Environment: Testing the EKC in ASEAN-4 with MMQR Approach. Global Transitions. (Impact Factor 3.1, Scopus Q1, ESCI).
  9. Meo, M. S., Afshan, S., Zaied, Y. B., & Staniewski, M. (2025). The Resilience of Green Bonds During Market Turmoil: Implications for Investors and Policymakers. International Journal of Finance & Economics. (Impact Factor 2.8, Scopus Q1, SSCI, ABDC-B, ABS-3).
  10. Miyan, M. S., Cheong, C. W., Sharif, A., & Afshan, S. (2025). Greening the Future: How Green Finance and Innovation Shape Environmental Sustainability in D-8 Nations, Sustainable Futures, 10, 101168. (Impact Factor 4.9, Scopus Q1, ESCI).
  11. Razi, U., Cheong, C. W., Shams, S., Sarker, T., Sharif, A., & Afshan, S. (2025). Assessing the turbulence: Wavelet coherence and causality analysis of energy price volatility and exchange rate instability. Energy, 136948. (Impact Factor 9.4, Scopus Q1, SCIE, ABDC-A).
  12. Meo, M. S., Zaied, Y. B., Afshan, S., & Anees, A. (2025). Capitalizing on sustainability: China's green finance strategy for achieving environmentally resilient wastewater treatment. International Review of Economics & Finance, 104173. (Impact Factor 5.6, Scopus Q1, SSCI, ABDC-A, ABS-2).
  13. Razi, U., Cheong, C. W., Afshan, S., & Sharif, A. (2025). The ripple effects of energy price volatility on equity and debt markets: a Morlet wavelet analysis. Eurasian Economic Review, 15(1), 197-223. (Impact Factor 2.3, Scopus Q1, ESCI, ABDC-B). 
  14. Afshan, S., Zaied, Y. B., Yaqoob, T., & Managi, S. (2024). Insights into the efficiency of China's green energy policies. Journal of Cleaner Production, 434, 139913. (Impact Factor 11.1, Scopus Q1, SCIE, ABDC-A, ABS-2).
  15. Afshan, S., Yaqoob, T., Zaied, Y. B., Mishra, S., & Mishra, S. (2024). Oil shocks and currency behavior: A dual approach to digital and traditional currencies. Global Finance Journal, 101002. (Impact Factor 5.5, Scopus Q1, SSCI, ABDC-A, ABS-2).
  16. Umar, M., Ji, X., Safi, A., & Afshan, S. (2024). Decentralization, institutional quality, and carbon neutrality: Unraveling the nexus in China's pursuit of sustainable development. Economic Analysis and Policy, 82, 1238-1249. (Impact Factor 7.9, Scopus Q1, SSCI).
  17. Afshan, S., Yaqoob, T., Ho, W. K., & Leong, K. Y. (2024). Achieving sustainable growth in emerging economies: Insights from advance method moment of quantile regression. Gondwana Research, 127, 182-198. Elsevier Publisher. (Impact Factor 6.151, Scopus Q1, SCIE).
  18. Razi, U., Afshan, S., Cheong, C. W., & Sharif, A. (2024). Dynamic connection between energy prices, Malaysia's economic growth, and ecological footprint: An evidence from Morlet wavelet approach. Geological Journal, 59(3), 1000-1017. (Impact Factor 1.4, Scopus Q1, SCIE)
  19. Afshan, S., Leong, K. Y., Najmi, A., Razi, U., Lelchumanan, B., & Cheong, C. W. H. (2024). Fintech advancements for financial resilience: Analysing exchange rates and digital currencies during oil and financial risk. Resources Policy, 88, 104432. (Impact Factor 10.2, Scopus Q1, SSCI, ABS-2, ABDC-B).
  20. Li, S., Tauni, M. Z., Afshan, S., Dong, X., & Abbas, S. (2024). Moving towards a sustainable environment in the BRICS Economies: What are the effects of financial development, renewable energy and natural resources within the LCC hypothesis?. Resources Policy, 88, 104457. (Impact Factor 10.2, Scopus Q1, SSCI, ABS-2, ABDC-B).
  21. Xue, M., Razzaq, A., Afshan, S., & Yang, X. (2023). Fiscal pressure and carbon intensity: A quasi-natural experiment based on education authority reform. Energy Economics, 106919. ((Impact Factor 12.8, Scopus Q1, SSCI, ABDC-A*, ABS-3).
  22. Li, B., Rahman, S. U., Afshan, S., Amin, A., & Younas, S. (2023). Energy consumption and innovation-environmental degradation nexus in BRICS countries: new evidence from NARDL approach using carbon dioxide and nitrous oxide emissions. Environmental Science and Pollution Research, 30(53), 113561-113586. (Impact Factor 10.2, Scopus Q1, SSCI, ABS-2, ABDC-B).
  23. Wang, J., ul Abidin, R. Z., Afshan, S., Miao, C., Ullah, E., & Cai, X. (2023). Do economic growth and globalization are drivers of sustainable resources management? New insights from BRICS countries. Resources Policy, 87, 104314. (Impact Factor 10.2, Scopus Q1, SSCI, ABS-2, ABDC-B).
  24. Afshan, S., & Yaqoob, T. (2023). Unravelling the efficacy of green innovation and taxation in promoting environmental quality: A dual-model assessment of testing the LCC theory in emerging economies. Journal of Cleaner Production, 137850. (Impact Factor 11.1, Scopus Q1, SCIE, ABDC-A, ABS-2).
  25. Feng, Y., Hu, J., Afshan, S., Irfan, M., Hu, M., & Abbas, S. (2023). Bridging resource disparities for sustainable development: A comparative analysis of resource-rich and resource-scarce countries. Resources Policy, 85, 103981. (Impact Factor 10.2, Scopus Q1, SSCI, ABS-2, ABDC-B).
  26. Zhao, J., Rahman, S. U., Afshan, S., Ali, M. S. E., Ashfaq, H., & Idrees, S. (2023). Green investment, institutional quality, and environmental performance: evidence from G-7 countries using panel NARDL approach. Environmental Science and Pollution Research, 30(45), 100845-100860. (Impact Factor 5.8, Scopus Q1, SCIE Q1).
  27. Wang, X., Chen, G., Afshan, S., Awosusi, A. A., & Abbas, S. (2023). Transition towards sustainable energy: The role of economic complexity, financial liberalization and natural resources management in China. Resources Policy, 83, 103631. (Impact Factor 10.2, Scopus Q1, SSCI, ABS-2, ABDC-B).
  28. Jian, X., & Afshan, S. (2023). Dynamic effect of green financing and green technology innovation on carbon neutrality in G10 countries: fresh insights from CS-ARDL approach. Economic Research-Ekonomska Istraživanja, 36(2), 2130389. (Impact Factor 3.080, Scopus Q1, SSCI).    
  29. Afshan, S., Razi, U., Leong, K. Y., Lelchumanan, B., & Cheong, C. W. H. (2023). Navigating the interconnected risks in currency valuation: unveiling the role of climate policy uncertainty. Environmental Science and Pollution Research, 30(58), 122580-122600. (Impact Factor 10.2, Scopus Q1, SSCI, ABS-2, ABDC-B).
  30. Razzaq, A., Sharif, A., Ozturk, I., & Afshan, S. (2023). Dynamic and threshold effects of energy transition and environmental governance on green growth in COP26 framework. Renewable and Sustainable Energy Reviews, 179, 113296. (Impact Factor 15.9, Scopus Q1, SCIE).
  31. Feng, C. Y., Yang, X., Afshan, S., & Irfan, M. (2023). Can renewable energy technology innovation promote mineral resources’ green utilization efficiency? Novel insights from regional development inequality. Resources Policy, 82, 103449. (Impact Factor 10.2, Scopus Q1, SSCI, ABS-2, ABDC-B).
  32. Afshan, S., Yaqoob, T., Meo, M. S., & Hamid, B. (2023). Can green finance, green technologies, and environmental policy stringency leverage sustainability in China: evidence from quantile-ARDL estimation. Environmental Science and Pollution Research, 30(22), 61726-61740. (Impact Factor 5.8, Scopus Q1, SCIE Q1).
  33. Afshan, S., & Nordin, S. B. (2023). The dynamic relationship between energy commodities and bitcoin prices: evidence from the quantile ARDL approach. International Journal of Trade and Global Markets, 17(2), 201-220. (Scopus Q2).
  34. Suki, N. M., Suki, N. M., Sharif, A., Afshan, S., & Rexhepi, G. (2023). Importance of green innovation for business sustainability: Identifying the key role of green intellectual capital and green SCM. Business Strategy and the Environment, 32(4), 1542-1558. (Impact Factor 13.4, Scopus Q1, SSCI, ABDC-A, ABS-3).
  35. Razzaq, A., Sharif, A., Afshan, S., & Li, C. J. (2023). Do climate technologies and recycling asymmetrically mitigate consumption-based carbon emissions in the United States? New insights from Quantile ARDL. Technological Forecasting and Social Change, 186, 122138. (Impact Factor 8.002, Scopus Q1, SSCI, ABS-2, ABDC-B). 
  36. Wan, Q., Miao, X., & Afshan, S. (2022). Dynamic effects of natural resource abundance, green financing, and government environmental concerns toward the sustainable environment in China. Resources Policy, 79, 102954. (Impact Factor 8.002, Scopus Q1, SSCI, ABS-2, ABDC-B).  
  37. Afshan, S., Ozturk, I., & Yaqoob, T. (2022). Facilitating Renewable Energy Transition, Ecological Innovations and Stringent Environmental Policies to Improve Ecological Sustainability: Evidence from MM-QR Method. Renewable Energy. (Accepted) Elsevier Publisher. (Impact Factor 8.634, Scopus Q1, SCIE).  
  38. Jian, X. & Afshan, S. (2022). Dynamic effect of green financing and green technology innovation on carbon neutrality in G-10 countries. Fresh insights from CS-ARDL Approach, Economic Research-Ekonomska Istraživanja (Accepted) Taylor & Francis (Impact Factor 3.080, Scopus Q1, SSCI).  
  39. Zhang, S., Luo, S., & Afshan, S. (2022). Role of climate technologies, financial development, and renewable energy in the facilitation of social, economic, and environmental goals. Renewable Energy. (Impact Factor 8.634, Scopus Q1, SCIE).  
  40. Suki, N. M., Suki, N. M., Afshan, S., & Sharif, A., (2022). How does green technology innovation affect green growth in ASEAN-6 countries? Evidence from advance panel estimations. Gondwana Research. (Accepted) Elsevier Publisher. (Impact Factor 6.151, Scopus Q1, SCIE).
  41. Afshan, S., & Yaqoob, T. (2022). The potency of eco-innovation, natural resource, and financial development on ecological footprint: quantile-ARDL-based evidence from China. Environmental Science and Pollution Research, 1-11. Springer Publisher. (Impact Factor 5.190, Scopus Q1, SCIE).
  42. Suki, N. M., Suki, N. M., Sharif, A., Afshan, S., & Rexhepi, G. (2022) Importance of green innovation for business sustainability: Identifying the key role of green intellectual capital and green SCM. Business Strategy and the Environment. (Accepted) Wiley Publisher. (Impact Factor 10.8, Scopus Q1, SSCI, ABDC-A, ABS-3).    
  43. Li, C., Lin, S., Sun, Y., Afshan, S., & Yaqoob, T. (2022). The asymmetric effect of oil price, news-based uncertainty, and COVID-19 pandemic on equity market. Resources Policy, 102740. Elsevier Publisher. (Impact Factor 8.002, Scopus Q1, SSCI, ABS-2, ABDC-B).
  44. Zhang, K. C., Wang, M. W., AltuntaÅŸ, M., & Afshan, S. (2022). Do energy prices, covid19, and financial uncertainty hinder the environment and social responsibility? Economic Research-Ekonomska Istraživanja, 1-19. Taylor & Francis (Impact Factor 3.080, Scopus Q1, SSCI).    
  45. Suki, N. M., Suki, N. M., Afshan, S., Sharif, A., & Meo, M. S. (2022). The paradigms of technological innovation and renewables as a panacea for sustainable development: A pathway of going green. Renewable Energy, 181, 1431-1439. Elsevier Publisher (Impact Factor 8.63, Scopus Q1, SCIE).  
  46. Suki, N. M., Suki, N. M., Sharif, A., Afshan, S., & Jermsittiparsert, K. (2022). The role of technology innovation and renewable energy in reducing environmental degradation in Malaysia: A step towards sustainable environment. Renewable Energy, 182, 245-253. Elsevier Publisher (Impact Factor 8.63, Scopus Q1, SCIE).
  47. Afshan, S., & Nordin, S (2022). The Dynamic Relationship between Energy Commodities and Bitcoin Prices: Fresh insights from the Quantile ARDL Approach. International Journal of Trade and Financial Markets. (Accepted) Inderscience Publisher (Scopus-Q2).  
  48. Wang, J., Umar, M., Afshan, S., & Haouas, I. (2022). Examining the nexus between oil price, COVID-19, uncertainty index, and stock price of electronic sports: fresh insights from the nonlinear approach. Economic Research-Ekonomska Istraživanja, 35(1), 2217-2233. Taylor & Francis. (Impact Factor 3.080, Scopus Q1, SSCI). 
  49. Afshan, S., Sharif, S., Zaman, K. & Aloui, S. (2021). The role of information and communication technology on Asian stock market efficiency: Evidence from Quantile-on-Quantile cointegration and causality approach. International Journal of Finance and Economic. Wiley Online Library. (Impact Factor 3.070, Scopus Q1, ABS-3).  
  50. Jiang, C., Zhang, Y., Kamran, H. W., & Afshan, S. (2021). Understanding the dynamics of the resource curse and financial development in China? A novel evidence based on QARDL model. Resources Policy, 72, 102091. Elsevier Publisher. (Impact Factor 8.002, Scopus Q1, SSCI, ABS-2, ABDC-B).
  51. Sharif, A., Bhattacharya, M., Afshan, S., & Shahbaz, M. (2021). Disaggregated renewable energy sources in mitigating CO2 emissions: new evidence from the USA using quantile regressions. Environmental Science and Pollution Research, 1-20. Elsevier Publisher. (Impact Factor 5.190, Scopus Q1, SCIE).  
  52. Suki, N. M., Suki, N. M., Sharif, A., & Afshan, S. (2021). The role iof logistics performance for sustainable development in top Asian countries: Evidence from advance panel estimations. Sustainable Development. Wiley Online Library. (Impact Factor 6.159, Scopus Q1, ABS-2, ABDC-A).
  53. Sharif, A., Afshan, S., Chrea, S., Amal, A. & Khan, S. A. R. (2020). The role of Tourism, Transportation and Globalization in testing Environmental Kuznets Curve in Malaysia: New Insights from Quantile ARDL Approach. Environmental Science and Pollution Research. Springer Publisher. (Impact Factor 5.190, Scopus Q1, SCIE).
  54. Suki, N. M., Sharif, A., Afshan, S. & Suki, N. M. (2020). Revisiting the Environmental Kuznets Curve in Malaysia: The role of Globalization in Sustainable Environment. Journal of Cleaner Production. Elsevier Publisher. (Impact Factor 9.246, Scopus Q1, ABDC-A, ABS-2).  
  55. Godil, D. I., Sharif, A., Afshan, S., Yousuf, A. & Khan, S. A. R (2020). The asymmetric role of freight and passenger transportation in testing EKC in the US Economy: Evidence from QARDL approach. Environmental Science and Pollution Research. Springer Publisher. (Impact Factor 5.190, Scopus Q1, SCIE).
  56. Sharif, A. Mishra, S. Sinha, A., Zjiao, X., Shahbaz, M. & Afshan, S. (2020). The renewable energy consumption-Environmental Degradation Nexus in Top-10 Polluted Countries: Fresh insights from Quantile-on-Quantile Regression Approach. Renewable Energy. Elsevier Publisher (Impact Factor 8.63, Scopus Q1, SCIE).

Achievements & Accolades

  1. Top 2% of Global Research Scientists by Stanford University and Elsevier for the years 2025
  2. Top 2% of Global Research Scientists by Stanford University and Elsevier for the years 2024
  3. Dean’s Excellence Award for Research at ºìÐÓÊÓƵ University 2025
  4. Dean’s Excellence Award for Research at ºìÐÓÊÓƵ University 2024
  5. Dean’s Excellence Award for Research at ºìÐÓÊÓƵ University 2023