Table 5 Results of Lewbel 2SLS (Endogeneity): output-side green finance indicators.
From: Green finance and environmental decentralization drive OECD low carbon transitions
Variables | Dependent variable: ecological footprint (ECFP) | |||||
|---|---|---|---|---|---|---|
With internal IVE | With internal and external IVE | With internal IVE | With internal and external IVE | With internal IVE | With internal and external IVE | |
(1) | (2) | (3) | (4) | (5) | (6) | |
PAT_ENV_TECH | − 0.7451*** (0.1678) | − 0.8530*** (0.1812) | ||||
PAT_EVN_MGT | − 0.8020*** (0.1781) | − 0.8433*** (0.1836) | ||||
PAT_SUS_OCE | − 0.8354*** (0.1676) | − 0.8271*** (0.1667) | ||||
ENDZ | − 0.3343** (0.0366) | − 0.3673** (0.1505) | − 0.3440** (0.1481) | − 0.3206** (0.1534) | − 0.6906*** (0.2494) | − 0.6916*** (0.2487) |
ABEC | 2.0790*** (0.1450) | 2.0027*** (0.1612) | 2.0698*** (0.1518) | 2.0422*** (0.1575) | 2.1373*** (0.1308) | 2.1420*** (0.1302) |
ENTN | − 1.9231*** (0.5771) | − 2.0400*** (0.5886) | − 1.9540*** (0.5882) | − 1.9972*** (0.5932) | − 1.9143*** (0.5580) | − 1.9064*** (0.5573) |
FIDV | − 2.2111*** (0.8445) | − 2.4847*** (0.9624) | − 0.1069 (0.8517) | 0.1053 (0.8952) | − 0.5317 (0.7167) | − 0.5683 (0.7110) |
URBN | 3.3380*** (0.7552) | 3.5203*** (0.7839) | 3.2775*** (0.7422) | 3.3392*** (0.7522) | 3.7021*** (0.7642) | 3.6860*** (0.7619) |
Constant | − 24.1194*** (2.4723) | − 23.8695*** (2.4809) | − 24.0862*** (2.4502) | − 23.9956*** (2.4514) | − 27.7645*** (2.8828) | − 27.7454*** (2.8805) |
N | 1232 | 1232 | 1232 | 1232 | 1232 | 1232 |
adj_R2 | 0.2739 | 0.2555 | 0.2684 | 0.2615 | 0.2572 | 0.2583 |
Hansen | 0.287 | 0.218 | 0.206 | 0.183 | 0.243 | 0.179 |
Kleibergen-Paap rk LM P-value | 0.0139 | 0.0445 | 0.0106 | 0.0306 | 0.0651 | 0.0205 |
Kleibergen-Paap rk Wald F | 17.75 | 15.35 | 15.53 | 13.02 | 16.60 | 13.95 |
