Table 9.
Dumitrescu and Hurlin (2012) heterogeneous panel causality test results
| Model (4) | Models (5) and (6) | ||||
|---|---|---|---|---|---|
| Dep. var. | Indep. var. | Z-stat | Dep. var. | Indep. var. | Z-stat |
| lnACFT | lnIOPEN | 5.428*** | lnCO2 | lnIOPEN | 8.031*** |
| lnIOPEN | lnACFT | 1.150 | lnIOPEN | lnCO2 | 2.012** |
| lnACF | lnCO2 | − 0.715 | lnCO2 | lnREC | 4.275*** |
| lnCO2 | lnACFT | 3.755*** | lnREC | lnCO2 | 3.324*** |
| lnACFT | lnOIL | − 0.401 | lnCO2 | lnNREC | 8.191*** |
| lnOIL | lnACFT | − 0.464 | lnNREC | lnCO2 | 13.272*** |
| lnACFT | lnLIFE | − 0.001 | lnCO2 | lnEI | 7.123*** |
| lnLIFE | lnACFT | 271.48*** | lnEI | lnCO2 | 1.223 |
| lnACFT | lnSSE | 0.001 | lnCO2 | lnACFT | 8.448*** |
| lnSSE | lnACFT | 0.129 | lnACFT | lnCO2 | 1.229 |
| lnACFT | lnCPI | 3.453*** | lnCO2 | lnOIL | 2.119** |
| lnCPI | lnACFT | − 1.023 | lnOIL | lnCO2 | − 1.041 |
| lnACFT | lnGNIPC | − 0.177 | lnCO2 | lnGNIPC | 4.848*** |
| lnGNIPC | lnACFT | 2.595 | lnGNIPC | lnCO2 | 3.665*** |
The estimated Z-statistics are reported; *** and ** denote statistical significance at 1% and 5% levels respectively