Table 5 Robustness analysis.
OLS | FE | GMM | |
---|---|---|---|
EF | –0.3373 (0.4695) | –0.9418 (1.5578) | –0.5851* (3.3759) |
GHG | 1.7723*** (0.3973) | 2.8603* (1.4336) | 1.6717** (2.7223) |
POT | 2.2763*** (0.5734) | 6.4829* (3.1547) | –2.6019 (2.9161) |
GDP | 0.8864*** (0.2016) | –0.2755 (0.9968) | 0.4961*** (0.8485) |
Constant | –92.1375*** (7.1497) | –159.2757*** (32.1365) | –40.0917* (22.5306) |
No. of Obs. | 418 | 418 | 418 |
F-Stat | 299.50*** | 12.29*** | 64.15*** |
AR(2) (p-value) | –0.94 (0.346) | ||
Hansen-J (p-value) | 14.50 (0.270) |