Table 5

Coefficients of estimation results

CO2XTGLSXTPCSENEWEYXTSCC
CoefCoefCoefCoef
Constant−0.01−0.02−0.02−0.02
(−0.03)(−0.03)(−0.05)(−0.03)
FSI0.26***0.32***0.32***0.32***
(0.05)(0.11)(0.13)(0.08)
EIL0.78***0.66***0.66***0.66***
(0.03)(0.04)(0.06)(0.05)
GDP−0.41***−0.50***−0.50***−0.50***
(−0.06)(−0.13)(−0.12)(−0.1)
EXR0.15***0.14***0.14***0.14***
(−0.03)(−0.02)(−0.04)(−0.01)
RIR−0.22***−0.25***−0.25***−0.25***
(0.02)(0.05)(0.05)(0.02)
FDI0.01−0.04−0.04−0.04
(−0.04)(−0.05)(−0.03)(−0.03)
CPI−0.11***−0.04−0.04−0.04
(−0.03)(−0.03)(−0.04)(−0.02)

Note(s): XTGLS= Cross-sectional time-series FGLS regression, XTPCSE = Linear regression, correlated panels corrected standard errors, NEWEY=Regression with Newey–West standard errors and XTSCC= Regression with Driscoll-Kraay standard errors. Control variables are GDP, EXR, RIR, FDI and CPI

*** indicates p ≤ 0.01, ** indicates p ≤ 0.05 and * indicates p ≤ 0.10 and figures in parentheses represent standard error

Source(s): Authors' calculation

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