Table 4. Empirical results on the...

Table 4.

Empirical results on the moderating effect of institutional quality in the relationship between national intellectual capital and green economic growth in the short and long term

Variables	Brunei	Cambodia	Indonesia	Malaysia	Singapore	Thailand	Vietnam
Long-run coefficients
IQ	−0.275	−0.476	−0.001	−0.171	−34.814	−3.705	−1.391**
NIC	−0.477	5.452	2.470**	1.112	−92.093	5.630*	1.239**
IQ*NIC	0.457*	−5.238	−0.040*	2.621	45.317	7.482*	2.215**
FD	0.210	−2.489	−3.669	−1.019	2.005	1.509	0.530**
TR	−0.018	1.057	0.724	−0.342	0.735	0.518	0.599**
GVE	−1.276*	−23.199*	−2.695	1.914	−15.118	−15.579	9.576***
ECM (-1)	−0.769**	−0.120	−0.140*	−0.268	−0.074	−0.089*	−1.185***
Short-run coefficients
D(IQ)	−0.671**	0.057	−0.001	−0.315	−2.577**	0.332	−0.805
D(NIC)	−1.154*	−0.025	0.346	0.298	−6.817**	−0.504	−1.232
D(IQ*NIC)	1.232**	−0.629	−0.005	0.702	3.549**	−0.671	2.518**
D(FD)	0.161	−0.299***	−0.514***	−0.273	−0.237**	−0.312***	0.628***
D(TR)	−0.014	0.127	0.101	0.017	0.054**	0.008	0.150
D(GVE)	−0.714	−2.788	−0.377	0.513	−1.119	−1.005	8.301***
C	18.272**	2.830	3.936	7.330	6.958**	−2.087	27.378***
R-Squared	0.6478	0.735	0.745	0.404	0.843	0.900	0.909
Adj R-squared	0.2956	0.583	0.626	0.063	0.735	0.818	0.891
Durbin Watson	2.376	2.909	2.664	1.967	1.813	2.561	2.457

Variables	Brunei	Cambodia	Indonesia	Malaysia	Singapore	Thailand	Vietnam
Long-run coefficients
IQ	−0.275	−0.476	−0.001	−0.171	−34.814	−3.705	−1.391**
NIC	−0.477	5.452	2.470**	1.112	−92.093	5.630*	1.239**
IQ*NIC	0.457*	−5.238	−0.040*	2.621	45.317	7.482*	2.215**
FD	0.210	−2.489	−3.669	−1.019	2.005	1.509	0.530**
TR	−0.018	1.057	0.724	−0.342	0.735	0.518	0.599**
GVE	−1.276*	−23.199*	−2.695	1.914	−15.118	−15.579	9.576***
ECM (-1)	−0.769**	−0.120	−0.140*	−0.268	−0.074	−0.089*	−1.185***
Short-run coefficients
D(IQ)	−0.671**	0.057	−0.001	−0.315	−2.577**	0.332	−0.805
D(NIC)	−1.154*	−0.025	0.346	0.298	−6.817**	−0.504	−1.232
D(IQ*NIC)	1.232**	−0.629	−0.005	0.702	3.549**	−0.671	2.518**
D(FD)	0.161	−0.299***	−0.514***	−0.273	−0.237**	−0.312***	0.628***
D(TR)	−0.014	0.127	0.101	0.017	0.054**	0.008	0.150
D(GVE)	−0.714	−2.788	−0.377	0.513	−1.119	−1.005	8.301***
C	18.272**	2.830	3.936	7.330	6.958**	−2.087	27.378***
R-Squared	0.6478	0.735	0.745	0.404	0.843	0.900	0.909
Adj R-squared	0.2956	0.583	0.626	0.063	0.735	0.818	0.891
Durbin Watson	2.376	2.909	2.664	1.967	1.813	2.561	2.457

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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