Table 2 Estimated outcomes of two-step...

Table 2

Estimated outcomes of two-step SYS-GMM with government effectiveness (GE)

Regressors	Two-step SYS-GMM
Regressors	(1)	(2)	(3)	(4)
CO_2t-1	0.8864^*** (0.0472)	0.8846^*** (0.0512)	0.8843^*** (0.0463)	0.8822^*** (0.0522)
Y	0.2125^** (0.0870)	0.2875^** (0.1181)	0.2006^*** (0.0800)	0.3192^*** (0.1241)
GE	−0.4877^* (0.2692)	−0.6282^*** (0.3150)	−0.5208^** (0.2569)	−0.7452^** (0.3366)
(Y $\times$ GE)	0.0538^* (0.0318)	0.0703^* (0.0369)	0.0566^* 0.0638	0.0833^** (0.0390)
REC	−0.0041^*** (0.0015)	−0.0056^*** (0.0021)	−0.0032^*** (0.0012)	−0.0055^*** (0.0021)
FDI	0.0077^* (0.0046)	0.0077^* (0.0044)	0.0081^* (0.0047)	0.0083^* (0.0044)
EIA		0.0055^** (0.0023)
EII			0.0081^* (0.0046)
EIS				−0.0093^*** (0.0035)
Time dummies	Yes	Yes	Yes	Yes
F (18, 114)	1923.67	1608.76	1918.91	1611.06
Prob > F	0.0000	0.0000	0.0000	0.0000
AR(1)	0.0030	0.0030	0.003	0.003
AR(2)	0.8230	0.8260	0.8190	0.8270
Hansen's p-value	0.214	0.157	2.740	0.156
Number of observation	1,610	1,610	1,610	1,610
Number of instruments	34	35	27	35

Regressors	Two-step SYS-GMM
Regressors	(1)	(2)	(3)	(4)
CO_2t-1	0.8864^*** (0.0472)	0.8846^*** (0.0512)	0.8843^*** (0.0463)	0.8822^*** (0.0522)
Y	0.2125^** (0.0870)	0.2875^** (0.1181)	0.2006^*** (0.0800)	0.3192^*** (0.1241)
GE	−0.4877^* (0.2692)	−0.6282^*** (0.3150)	−0.5208^** (0.2569)	−0.7452^** (0.3366)
(Y $\times$ GE)	0.0538^* (0.0318)	0.0703^* (0.0369)	0.0566^* 0.0638	0.0833^** (0.0390)
REC	−0.0041^*** (0.0015)	−0.0056^*** (0.0021)	−0.0032^*** (0.0012)	−0.0055^*** (0.0021)
FDI	0.0077^* (0.0046)	0.0077^* (0.0044)	0.0081^* (0.0047)	0.0083^* (0.0044)
EIA		0.0055^** (0.0023)
EII			0.0081^* (0.0046)
EIS				−0.0093^*** (0.0035)
Time dummies	Yes	Yes	Yes	Yes
F (18, 114)	1923.67	1608.76	1918.91	1611.06
Prob > F	0.0000	0.0000	0.0000	0.0000
AR(1)	0.0030	0.0030	0.003	0.003
AR(2)	0.8230	0.8260	0.8190	0.8270
Hansen's p-value	0.214	0.157	2.740	0.156
Number of observation	1,610	1,610	1,610	1,610
Number of instruments	34	35	27	35

Note(s): Robust standard errors are in parenthesis

Source(s): Author's calculation

Instruments and Lags: We used (Y, REC, FDI, GE, Y × GE); (Y, REC, FDI, GE, Y × GE, EIA); (Y, REC, FDI, GE, Y × GE, EII) and (Y, REC, FDI, GE, Y × GE, EIS) as instruments with lags 2 to 3 in the estimated model (1)–(4) respectively

Asterisks (***, ** and *) denotes the significance level at 1%, 5 and 10% respectively

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