Table 4.
ARDL bound test results
| Regressand (s) | Model one: CO2e | Model 1wo: Y | Model three: TOR | Model four: FDI | Model five: RE |
|---|---|---|---|---|---|
| Variable (s) | (Y, TOR, FDI, RE) | (CO2e, TOR, FDI, RE) | (CO2e, Y, FDI, RE) | (CO2e, Y, TOR, RE) | (CO2e, Y, TOR, FDI) |
| Optimal lags | (2, 0, 1, 0, 1, 0) | (1, 0, 0, 1, 1, 0) | (2, 1, 2, 0, 2, 2) | (2, 1, 1, 0, 2, 1) | (2, 2, 0, 0, 0, 1) |
| Break year | 2008 | 2004 | 2004 | 2008 | 2003 |
| F-statistics | 6.884a | 3.147b | 6.095a | 5.3633a | 5.1970a |
| Diagnostic tests | |||||
| White χ2 | 5.9414 (0.7458) | 2.262 (0.139) | 11.8116 (0.6214) | 18.9335 (0.0901) | 10.3487 (0.4105) |
| LM χ2 | 2.4445 (0.2946) | 4.087 (0129) | 0.39408 (0.5302) | 2.4791 (0.2895) | 4.1573 (0.1251) |
| J-B χ2 | 0.9017 (0.6370) | 0.506 (0.776) | 1.3006 (0.5218) | 0.2348 (0.8891) | 0.3314 (0.8729) |
| CUSUM | Stable-model | Stable-model | Stable-model | Stable-model | Stable-model |
| CUSUM-SQ | Stable-model | Stable-model | Stable-model | Stable-model | Stable-model |
Level of the sig. a = 1% (p < 0.01), b = 5% (p < 0.05) and at c = 10% (p < 0.1), values in () are probability values