Table 2.

ARDL-Bounds testing estimates for model I

Variables	Coefficient	Std. error	t statistic	Prob.
∆ln(CO2)t − 1	0.134	0.106	1.261	0.231
∆ln(CO2)t − 2	0.585	0.115	5.065	0.000
∆ln(CO2)t − 3	0.504	0.130	3.873	0.002
∆ln(COMDIS)t	− 0.146	0.030	− 4.800	0.000
∆ln(COMDIS)t − 1	0.025	0.026	0.958	0.356
∆ln(KSO)t	− 0.012	0.030	− 0.406	0.691
∆ln(KSO)t − 1	− 0.196	0.039	− 4.984	0.000
∆ln(KSO)t − 2	− 0.085	0.033	− 2.582	0.024
∆ln(KSO)t − 3	− 0.096	0.032	− 2.985	0.011
∆ln(EPC)t	0.199	0.056	3.510	0.004
∆ln(ECR)t	0.323	0.113	2.861	0.014
∆ln(ECR)t − 1	− 0.069	0.197	− 0.354	0.729
∆ln(ECR)t − 2	− 0.016	0.189	− 0.086	0.932
∆ln(ECR)t − 3	− 0.802	0.184	− 4.349	0.000
∆ln(PDEN)t	0.628	0.590	1.063	0.308
∆ln(PDEN)t − 1	− 15.419	8.464	− 1.821	0.093
∆ln(PDEN)t − 2	34.830	8.847	3.936	0.002
∆ln(PDEN)t − 3	− 11.568	4.492	− 2.575	0.024
CointEqt − 1	− 1.070	0.127	− 8.397	0.000
Long-run coefficients
ln(COMDIS)t	− 0.108	0.023	− 4.590	0.000
ln(KSO)t	0.459	0.051	8.872	0.000
ln(EPC)t	0.186	0.048	3.874	0.002
ln(ECR)t	1.201	0.081	14.794	0.000
ln(PDEN)t	− 0.808	0.122	− 6.594	0.000
C	− 8.277	0.524	− 15.792	0.000
Diagnostic tests
Wald F statistics	9.327*	J.B Test	1.529	Prob. value: 0.465
Breusch–Godfrey serial correlation LM test			1.165	Prob. value: 0.303
Heteroskedasticity test: Breusch–Pagan–Godfrey			0.659	Prob. value: 0.811
Ramsey RESET test: t statistics			1.566	Prob. value: 0.145

ln(CO₂) is the dependent variable. The asterisk indicates 99% significance level