Table 6. Simultaneous equations...

Table 6.

Simultaneous equations

Dependent variables	VOL		GHG		GDP
	(1)		(2)		(3)
	Coefficient	z	Coefficient	z	Coefficient	z
GHG	1.17***	3.49			−190.85***	−5.63
VOL			−0.22	−1.49
L1_VOL	0.21***	3.35
AVOL	−1.75	−1.45
IF	0.00**	1.82			−0.49***	−4.65
VST	0.02***	2.61
GDP	0.00	1.19	−0.00***	−3.63
GRW			−0.15	−1.43	30.70***	3.01
MSCI	−0.16**	−2.12
RET	−0.00	−0.12			−3.96*	−1.74
ACORR	−0.11*	−1.83
Forest			0.04	1.34
Fisheries			−0.04	−0.17
FITs			−0.07***	−6.47
Obs.	373		373		373
R-square	0.38		0.13		0.94	7
Chi-square	677.02***		55.12***

Dependent variables	VOL		GHG		GDP
	(1)		(2)		(3)
	Coefficient	z	Coefficient	z	Coefficient	z
GHG	1.17***	3.49			−190.85***	−5.63
VOL			−0.22	−1.49
L1_VOL	0.21***	3.35
AVOL	−1.75	−1.45
IF	0.00**	1.82			−0.49***	−4.65
VST	0.02***	2.61
GDP	0.00	1.19	−0.00***	−3.63
GRW			−0.15	−1.43	30.70***	3.01
MSCI	−0.16**	−2.12
RET	−0.00	−0.12			−3.96*	−1.74
ACORR	−0.11*	−1.83
Forest			0.04	1.34
Fisheries			−0.04	−0.17
FITs			−0.07***	−6.47
Obs.	373		373		373
R-square	0.38		0.13		0.94	7
Chi-square	677.02***		55.12***

Notes:

This table presents the results of simultaneous equations to alleviate endogeneity problem. The main analysis result is in column (1), where the explanatory variable, GHG, still has a significant positive regression coefficient. We include country and year dummy variables in the model. All variables are defined in Table 1;

***, **denote significant levels at 1 and 5%, respectively

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