Table 3.

Results of stationarity tests

CountryStationarityGEGIQNICFDTRGVE
Brunei       
Augmented-Dickey-FullerIn level−4.277***−0.589−1.565−2.997**−1.061−2.634*
In the first difference−3.330**−2.964**−2.866**−3.919***−2.675*−3.652***
Phillip-PerronIn levels−2.894**−0.627−1.612−2.095−0.792−2.340
In the first difference−3.728**−4.523***−5.100***−3.381***−3.719***−5.707***
Structural breaksIn levels−4.882**−3.077−4.137*−4.411−3.193−3.487
In the first difference−4.899**−5.467***−5.726***−4.705*−4.824**−6.610***
Cambodia       
Augmented-Dickey-FullerIn level−1.994−2.716*1.234−0.940−2.722*−2.381
In the first difference−2.668*−3.330**−4.314***−2.697*−2.915**−3.407**
Phillip-PerronIn levels−2.358−2.3501.2922.324−2.341−2.295
In the first difference−2.687*−4.325***−8.737***−8.844***−4.067***−4.505***
Structural breaksIn levels−2.336−3.052−5.673***−2.684−5.285**−2.889
In the first difference−4.814**−5.043**−8.464***−6.487***−4.841*−5.382***
Indonesia       
Augmented-Dickey-FullerIn level−1.402−0.7431.569−2.348−2.322−2.311
In the first difference−3.281**−4.629***−3.127**−3.773***−6.612***−3.371**
Phillip-PerronIn levels−1.285−0.6362.129−1.553−2.219−2.302
In the first difference−3.274**−4.436***−4.612***−3.391**−4.836***−4.324***
Structural breaksIn levels−2.618−4.177−3.583−3.346−6.244***−1.396
In the first difference−4.652*−4.937**−6.968***−5.689***−7.145***−5.544***
Malaysia       
Augmented-Dickey-FullerIn level−0.940−3.013**−2.046−1.984−1.064−2.531
In the first difference−4.972***−3.933***−3.678***−3.353**−3.460***−3.825***
Phillip-PerronIn levels−0.662−2.656*−1.988−1.974−1.634−3.384**
In the first difference−5.025***−4.489***−3.840***−4.718***−3.960***−4.819***
Structural breaksIn levels−3.571−4.156−4.388*−2.991−2.802−5.143**
In the first difference−5.585***−4.747*−4.405*−6.269***−4.764*−4.751*
Singapore       
Augmented-Dickey-FullerIn level−2.113−2.013−0.296−0.595−0.896−2.748*
In the first difference−4.536***−3.674***−3.817***−5.424***−3.263**−4.844***
Phillip-PerronIn levels−1.482−3.316**−0.310−1.130−1.282−2.468
In the first difference−4.554***−7.639***−5.353***−5.269***−5.963***−5.472***
Structural breaksIn levels−2.365−4.962**−3.131−4.077−3.656−4.191
In the first difference−4.842**−8.480***−5.338***−7.982***−7.243***−4.597*
Thailand       
Augmented-Dickey-FullerIn level−2.873*−2.309−0.989−0.847−2.626*−1.425
In the first difference−3.486***−2.954**−3.529***−2.618*−4.677***−2.936**
Phillip-PerronIn levels−3.086**−2.102−1.159−0.777−2.412−1.156
In the first difference−3.491***−7.304***−5.299***−4.766***−4.636***−3.292**
Structural breaksIn levels−2.447−4.987**−3.009−2.925−3.603−4.684*
In the first difference−5.085**−4.904**−5.678***−5.263**−5.080**−4.848**
Vietnam       
Augmented-Dickey-FullerIn level−2.681*−1.767−0.871−3.410**−3.266**−1.681
In the first difference−5.710***−3.875***−3.985**−5.300***−5.820***−3.160**
Phillip-PerronIn levels−2.284−2.143−0.862−2.701*−2.613*−1.666
In the first difference−2.722*−5.301***−2.974**−2.906**−3.248**−4.041***
Structural breaksIn levels−2.680*−5.506***−3.205−5.078**−5.260**−4.317
In the first difference−5.708***−6.027***−4.554**−5.893***−7.439***−6.236***
Note(s):

*, ** and *** significance at 10, 5 and 1% level, respectively.

GEG denotes green economic growth; IQ represents institutional quality; NIC refers to national intellectual capital; IQ*NIC is the interaction term between institutional quality and national intellectual capital; FD denotes financial development; TR indicates trade openness, and GVE refers to government expenditure on education

Source(s): Authors’ own work
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