Table 4.

ARDL long- and short-run result. Model: RGDP = f (FDI, IND, COAL, TNR)

Variables	Coefficient	SE	t-statistic	P value
Short run
FDI	0.002	0.002	1.027	0.317
IND	0.506***	0.075	6.789	0.000
COAL	− 0.083***	0.024	− 3.371	0.003
TNR	0.019**	0.009	2.042	0.055
ECT	− 0.39***	0.042	− 9.569	0.000
Long run
FDI	0.013**	0.006	2.101	0.049
IND	1.274***	0.159	8.039	0.000
COAL	− 0.207***	0.046	− 4.524	0.000
TNR	0.046	0.021	2.226	0.038
Diagnostic tests
Tests	f-statistic	Prob. value
χ2 SERIAL	0.354	0.705	f (2,28)
χ2 WHITE	1.693	0.181	f (26,11)
χ2 RAMSEY	1.357	0.254	f (1,29)

*1% level

**5% level

***10% level