Table 6.

Results of renewable markets values test.

values	-ONE	-TWO	-THREE	-FOUR	-FIVE
	RE assists return values	Market(capitalization)	Quality of asset	Inefficiency level	Z-score level
1.RoA	0.00211**
	−0.000899
2.dMarketCap		2.111662***
		−1.11124
3.Asset quality			−1.111499***
			−1.11123
4.ManIneff				−1.111211***
				−1.11112
5.Z-score					1.111661*
					−1.11124
6.Linrec	1.991***	1.992***	1.949***	1.999***	1.991***
	−1.11926	−1.11992	−1.1114	−1.11929	−1.11916
Dlncop	1.111969	−1.111969	1.111446	1.11141	−1.111469
	−1.11641	−1.11644	−1.11696	−1.11642	−1.11641
Dlngdppc	−1.144***	−1.142***	−1.162***	−1.126***	−1.126***
	−1.1492	−1.146	−1.1496	−1.1419	−1.1491
Dlnco2	−1.141***	−1.146***	−1.162***	−1.149***	−1.141***
	−1.1242	−1.1241	−1.1262	−1.124	−1.1249
fdi	1.111919**	1.111991**	1.11124***	1.111919**	1.111916**
	−1.1113	−1.11129	−1.11144	−1.11129	−1.11129
trade	−1.111244	−1.111261	−1.111411**	−1.111266	−1.111249
	−1.11116	−1.11116	−1.11116	−1.11116	−1.11116
dlniva	1.1116	1.11	1.1161	1.1111	1.11692
	−1.1126	−1.1124	−1.1144	−1.1114	−1.1122
Institution	1.1469	1.1444	1.1421	1.1442	1.1429
	−1.1214	−1.1212	−1.1226	−1.1222	−1.1219
urbanistion	1.11119**	1.11116**	−1.111429	1.111924	1.11112*
	−1.11144	−1.11145	−1.11146	−1.11145	−1.11144
Constant	−1.112***	−1.1994***	−1.1696***	−1.1699***	−1.114***
	−1.1211	−1.1214	−1.1249	−1.1219	−1.122
Observations	1411	1494	1214	1492	1411
Nr.contrid	112	112	111	112	112
Wald test	26944.41***	24646.64***	19291.99***	24121.96***	26996.94***
Sargan's test	51.5 (1.09)	42.4 (1.116)	41.9 (1.12)	42.9 (1.114)	41.4 (1.12)
1st order list	−5.51***	−4.42***	−4.16***	−4.44***	−4.44***
2nd order auto	1.16	1.12	1.614	1.19	1.12
Cd test	1.626	1.214	1.224	1.492	1.226
Cips test	1	1	1.111a	1	1

Source: Author calculations