Table 8.

Robustness analysis (effect of geopolitical risk on energy policy).

Variables	DOLS (fully modified ordinary least square) model
	FEC as a dependent		REC as a dependent		TEC as a dependent
	Coefficient	Probability	Coefficient	Probability	Coefficient	Probability
GPR	−0.371∗∗∗	0.040	0.843∗∗∗	0.039	−0.111∗∗∗	0.008
FDI	0.611	0.369	1.042	0.487	−0.083	0.313
ECG	0.841∗∗∗	0.034	−0.461∗∗	0.053	0.034∗∗∗	0.004
BSD	0.180∗∗∗	0.001	−0.175∗∗	0.064	0.020∗∗∗	0.002
IFR	−0.635∗∗	0.062	0.413∗∗	0.053	−0.259∗∗	0.081
Adjusted R-squared		0.491	0.478		0.490
S.E. of regression		1.244	2.438		4.212
Long-run variance		0.134	0.667		202.900

Acronyms: FEC = fossil fuel energy consumption, REC = renewable energy consumption, TEC = total energy consumption, GPR = geopolitical risk, FDI = foreign direct investment, ECG = economic growth, BSD = banking sector development, IFR = inflation rate.

Note: ∗∗∗, ∗∗, ∗ are demonstrating the significance level at 1 %, 5 %, and 10 % relatively.

Source: self-calculation.