Table 9.

Robustness Check By employing ARDL.

Variables	ARDL estimation
	FEC as a dependent		REC as a dependent		TEC as a dependent
	Coefficient	Probability	Coefficient	Probability	Coefficient	Probability
Long run equation
GPR	−0.070∗∗	0.095	0.961∗∗∗	0.045	−1.675∗	0.098
FDI	1.611∗∗∗	0.010	0.961∗∗∗	0.045	1.061	0.292
ECG	1.573∗∗∗	0.000	0.964∗∗∗	0.044	0.990∗∗∗	0.000
BSD	0.262∗∗∗	0.000	0.963∗∗∗	−0.046	0.295∗∗∗	0.000
IFR	0.372	0.116	0.964∗∗∗	0.0452	3.258∗∗∗	0.001
Short run equation
COINTEQ01	−0.137∗∗∗	0.005	0.007∗∗∗	0.006	−0.055∗∗∗	0.002
D(GPR)	0.244	0.233	0.092∗∗∗	0.026	0.585	0.361
D(FDI)	−0.118	0.138	0.230	0.126	0.404	0.296
D(ECG)	−0.036	0.510	−0.072∗∗∗	0.006	−0.114	0.460
D(BSD)	0.006∗∗	0.077	−0.110∗∗	0.075	−0.875∗∗∗	0.036
D(IFR)	−0.058∗∗∗	0.007	0.040	0.178	−0.465∗∗∗	0.020
C	5.584∗∗∗	0.000	0.364∗∗	0.053	−0.187∗∗∗	0.015
Mean dependent variable		0.213	−0.342		32.169
S.E. of regression		0.770	0.840		52.420
Akaike info criterion		2.034	2.161		9.578
Schwarz criterion		3.034	3.161		10.577
Log likelihood		−68.863	−75.659		−472.450
Hannan-Quinn criterion		2.439	2.566		9.983

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.