Table 5.

Cointegration (Hatemi J) test with shifts in regime

Model (s)	ADF	Zt	Za
CO2e/Y, TOR, FDI, RE	− 21.051	− 7.866	− 139.076
Y/CO2e, TOR, FDI, RE	− 14.55	− 6.738	− 134.171
TOR/CO2e, Y, FDI, RE	− 9.176	− 8.058	− 139.602
RE/CO2e, Y, TOR, FDI	− 10.111	− 8.602	− 141.716
FDI/CO2e, Y, TOR, RE	− 8.1	− 5.632	− 130.288

Critical values at 1% and 5% for ADF and Z_t are − 8.353, − 7.705; and Z_a are − 140.135 and − 123.87 respectively