Table 3 Pairwise correlations Variables...

Table 3

Pairwise correlations

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)
(1) traopen	1.000
(1) traopen
(2) envtax	−0.123*	1.000
(2) envtax	(0.019)
(3) co2	−0.020	0.226*	1.000
(3) co2	(0.700)	(0.000)
(4) energyusage	0.149*	0.223*	0.407*	1.000
(4) energyusage	(0.005)	(0.000)	(0.000)
(5) fdi	0.171*	−0.114*	−0.218*	−0.134*	1.000
(5) fdi	(0.001)	(0.031)	(0.000)	(0.011)
(6) agrigrowth	−0.569*	−0.028	−0.285*	−0.269*	0.115*	1.000
(6) agrigrowth	(0.000)	(0.592)	(0.000)	(0.000)	(0.029)
(7) gdpgrowth	−0.197*	0.025	−0.058	−0.066	0.042	0.217*	1.000
(7) gdpgrowth	(0.000)	(0.642)	(0.274)	(0.211)	(0.424)	(0.000)
(8) Polystab	−0.312*	0.192*	0.097*	−0.046	−0.171*	0.015	0.105*	1.000
(8) Polystab	(0.000)	(0.000)	(0.067)	(0.386)	(0.001)	(0.771)	(0.046)
(9) govteffec	−0.025	0.381*	0.129*	0.276*	−0.082	−0.382*	0.015	0.397*	1.000
(9) govteffec	(0.637)	(0.000)	(0.015)	(0.000)	(0.120)	(0.000)	(0.781)	(0.000)
(10) corruption	−0.051	0.219*	−0.129*	0.159*	−0.021	−0.241*	0.051	0.407*	0.829*	1.000
(10) corruption	(0.337)	(0.000)	(0.015)	(0.003)	(0.689)	(0.000)	(0.330)	(0.000)	(0.000)
(11) ruleoflaw	−0.023	0.359*	0.003	0.225*	−0.050	−0.301*	0.016	0.413*	0.937*	0.891*	1.000
(11) ruleoflaw	(0.658)	(0.000)	(0.959)	(0.000)	(0.348)	(0.000)	(0.759)	(0.000)	(0.000)	(0.000)
(12) regqual	−0.167*	0.444*	0.135*	0.286*	−0.123*	−0.218*	0.105*	0.399*	0.921*	0.799*	0.909*	1.000
(12) regqual	(0.002)	(0.000)	(0.011)	(0.000)	(0.019)	(0.000)	(0.047)	(0.000)	(0.000)	(0.000)	(0.000)

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)
(1) traopen	1.000
(1) traopen
(2) envtax	−0.123*	1.000
(2) envtax	(0.019)
(3) co2	−0.020	0.226*	1.000
(3) co2	(0.700)	(0.000)
(4) energyusage	0.149*	0.223*	0.407*	1.000
(4) energyusage	(0.005)	(0.000)	(0.000)
(5) fdi	0.171*	−0.114*	−0.218*	−0.134*	1.000
(5) fdi	(0.001)	(0.031)	(0.000)	(0.011)
(6) agrigrowth	−0.569*	−0.028	−0.285*	−0.269*	0.115*	1.000
(6) agrigrowth	(0.000)	(0.592)	(0.000)	(0.000)	(0.029)
(7) gdpgrowth	−0.197*	0.025	−0.058	−0.066	0.042	0.217*	1.000
(7) gdpgrowth	(0.000)	(0.642)	(0.274)	(0.211)	(0.424)	(0.000)
(8) Polystab	−0.312*	0.192*	0.097*	−0.046	−0.171*	0.015	0.105*	1.000
(8) Polystab	(0.000)	(0.000)	(0.067)	(0.386)	(0.001)	(0.771)	(0.046)
(9) govteffec	−0.025	0.381*	0.129*	0.276*	−0.082	−0.382*	0.015	0.397*	1.000
(9) govteffec	(0.637)	(0.000)	(0.015)	(0.000)	(0.120)	(0.000)	(0.781)	(0.000)
(10) corruption	−0.051	0.219*	−0.129*	0.159*	−0.021	−0.241*	0.051	0.407*	0.829*	1.000
(10) corruption	(0.337)	(0.000)	(0.015)	(0.003)	(0.689)	(0.000)	(0.330)	(0.000)	(0.000)
(11) ruleoflaw	−0.023	0.359*	0.003	0.225*	−0.050	−0.301*	0.016	0.413*	0.937*	0.891*	1.000
(11) ruleoflaw	(0.658)	(0.000)	(0.959)	(0.000)	(0.348)	(0.000)	(0.759)	(0.000)	(0.000)	(0.000)
(12) regqual	−0.167*	0.444*	0.135*	0.286*	−0.123*	−0.218*	0.105*	0.399*	0.921*	0.799*	0.909*	1.000
(12) regqual	(0.002)	(0.000)	(0.011)	(0.000)	(0.019)	(0.000)	(0.047)	(0.000)	(0.000)	(0.000)	(0.000)

Note(s): *p < 0.1

Trade- (1), Environmental tax -(2), Carbon emission (CO₂) –(3), Energy usage –(4), Foreign Direct Investment –(5), Agricultural growth –(6), GDP growth –(7), Environmental sustainability policy –(8), Government effectiveness –(9), Control of corruption –(10), Rule of law –(11), Regulatory quality –(12)

Source(s): Authors’ compilation, 2025

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