Table 2.
Cross-sectional dependency analysis
| Model | (1) | (2) | (3) | (4) | (5) | (6) |
|---|---|---|---|---|---|---|
| Dependent variable | lnRECt | lnRESt | lnEIt | lnACFTt | lnCO2t | lnCO2t |
| CD-tests |
− 1.833* (0.076) |
1.901** (0.039) |
− 1.767* (0.069) |
− 1.712** (0.049) |
− 1.882** (0.026) |
4.003*** (0.000) |
| LM-tests |
74.231*** (0.000) |
70.719*** (0.000) |
56.298*** (0.001) |
66.291*** (0.001) |
89.230*** (0.000) |
75.249*** (0.000) |
The optimal lags are based on Schwarz Information Criterion (SIC); The probability values are reported within the parentheses. ***, **, and * denote statistical significance at 1%, 5%, and 10% levels respectively