Table 3 Estimated results of two-step...

Table 3

Estimated results of two-step SYS-GMM with rule of law (RL)

Regressors	Two-step SYS-GMM
Regressors	(1)	(2)	(3)	(4)
CO_2t-1	0.8918^*** (0.0491)	0.8947^*** (0.0511)	0.8914^*** (0.0484)	0.8923^*** (0.0520)
Y	0.1935^** (0.0886)	0.2505^** (0.1111)	0.1757^** (0.0810)	0.2802^** (0.1138)
RL	−0.2547 (0.2692)	−0.3343 (0.2084)	−0.2610 (0.1905)	−0.3688^* (0.1952)
(Y $\times$ RL)	0.0241 (0.0263)	0.0343 (0.0255)	0.0233 (0.0235)	0.0368 (0.0390)
REC	−0.0037^*** (0.0014)	−0.0049^*** (0.0018)	−0.0026^** (0.0012)	−0.0049^** (0.0019)
FDI	0.0084^* (0.0051)	0.0083^* (0.0050)	0.0090^* (0.0054)	0.0093^* (0.0052)
EIA		0.0048^** (0.0022)
EII			0.0086^* (0.0050)
EIS				−0.0086^*** (0.0033)
Time dummies	Yes	Yes	Yes	Yes
F (18, 114)	1508.65	1548.44	1410.15	1464.67
Prob > F	0.0000	0.0000	0.0000	0.0000
AR(1)	0.0030	0.0030	0.003	0.003
AR(2)	0.8330	0.8360	0.8310	0.8360
Hansen's p-value	0.117	0.127	0.126	0.151
Number of observation	1,610	1,610	1,610	1,610
Number of instruments	34	37	35	37

Regressors	Two-step SYS-GMM
Regressors	(1)	(2)	(3)	(4)
CO_2t-1	0.8918^*** (0.0491)	0.8947^*** (0.0511)	0.8914^*** (0.0484)	0.8923^*** (0.0520)
Y	0.1935^** (0.0886)	0.2505^** (0.1111)	0.1757^** (0.0810)	0.2802^** (0.1138)
RL	−0.2547 (0.2692)	−0.3343 (0.2084)	−0.2610 (0.1905)	−0.3688^* (0.1952)
(Y $\times$ RL)	0.0241 (0.0263)	0.0343 (0.0255)	0.0233 (0.0235)	0.0368 (0.0390)
REC	−0.0037^*** (0.0014)	−0.0049^*** (0.0018)	−0.0026^** (0.0012)	−0.0049^** (0.0019)
FDI	0.0084^* (0.0051)	0.0083^* (0.0050)	0.0090^* (0.0054)	0.0093^* (0.0052)
EIA		0.0048^** (0.0022)
EII			0.0086^* (0.0050)
EIS				−0.0086^*** (0.0033)
Time dummies	Yes	Yes	Yes	Yes
F (18, 114)	1508.65	1548.44	1410.15	1464.67
Prob > F	0.0000	0.0000	0.0000	0.0000
AR(1)	0.0030	0.0030	0.003	0.003
AR(2)	0.8330	0.8360	0.8310	0.8360
Hansen's p-value	0.117	0.127	0.126	0.151
Number of observation	1,610	1,610	1,610	1,610
Number of instruments	34	37	35	37

Note(s): Robust standard errors are reported in parenthesis

Source(s): Author's calculation

Instruments and Lags: We used (Y, REC, FDI, RL, Y × RL); (Y, REC, FDI, EIA, RL, Y × RL); (Y, REC, FDI, EII, RL, Y × RL) and (Y, REC, FDI, EIS, RL, Y × RL) 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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