Variable definition and data source.

In the era of globalization, financial development plays a key role in socioeconomic and environmental development. However, its adverse consequences on human life, environmental hazards, and high energy consumption cannot be ignored. Thus, this study investigates the non-linear relationship between globalization, financial development, and energy consumption for BRICS economies. In doing so, we have applied second-generation tests to identify cross-sectional dependence in the data. Cross-sectional augmented Dickey-Fuller (CADF) and Cross-sectional Im-Pesaran Shin (CIPS) have been performed to find the stationary level of variables. The long-term equilibrium link between the investigated variables has been established in continuance using the Westerlund Cointegration test. The Dynamic Seemingly Unrelated Regression (DSUR) indicates that U-shaped relationships exist for financial development and globalization with energy consumption. Conversely, there is an inverted U-shaped relationship exist between economic growth and energy consumption in BRICS. The Dumitrescu-Hurlin panel causality test findings show that a unidirectional link runs from energy consumption to financial development, economic growth to energy consumption, and globalization towards energy usage. Important policy implications have also been discussed.全球化时代，金融发展对社会经济与环境发展具有关键作用。然而，其对人类生活的负面影响、环境危害以及高能耗问题不容忽视。为此，本研究针对金砖国家（BRICS）经济体，探讨全球化、金融发展与能源消费之间的非线性关系。研究中，我们采用第二代检验方法识别数据中的截面相关性，并通过截面增强迪基-富勒检验（Cross-sectional augmented Dickey-Fuller, CADF）与截面伊姆-佩萨兰-申检验（Cross-sectional Im-Pesaran Shin, CIPS）确定各变量的平稳性水平。后续借助韦斯特兰德协整检验（Westerlund Cointegration test）验证了所考察变量间的长期均衡关联。动态似不相关回归（Dynamic Seemingly Unrelated Regression, DSUR）结果显示，金融发展、全球化与能源消费之间均呈现U型关系；而经济增长与金砖国家能源消费则呈倒U型关系。杜米特雷斯库-赫尔林面板因果检验（Dumitrescu-Hurlin panel causality test）结果表明，存在从能源消费到金融发展、从经济增长到能源消费以及全球化到能源消费的单向因果关系。本研究最后还探讨了具有重要参考价值的政策启示。