Table 8.

Robustness estimation for one-step and two-step econometric

	One step	Two-step	One step	Two-step
	(1)	(2)	(3)	(4)
L.GEPI	−0.221***	−0.089**	−0.221***	−0.079**
	(0.041)	(0.039)	(0.037)	(0.043)
PCRD	0.057**	0.044***
	(0.08)	(0.021)
PCEDU			0.0492	0.077***
			(0.073)	(0.031)
INDUS	−0.413***	−0.463***	−0.383***	−0.386***
	(0.073)	(0.067)	(0.083)	(0.07)
Green	0.083**	0.078	0.088**	0.067*
	(0.045)	(0.043)	(0.042)	(0.042)
GDPLA	0.085***	0.041**	0.095***	0.036*
	(0.05)	(0.021)	(0.076)	(0.028)
Openness	0.021	−0.028*	0.016	0.012
	(0.022)	(0.022)	(0.022)	(0.032)
Constant	3.034***	3.384***	3.264***	3.374***
	(0.54)	(0.472)	(0.733)	(0.382)
Observations	302	302	302	302
Adjusted R2	0.086		0.085
Arellano-bond AR (1)		−6.732		−6.463
		[0.000]		[0.000]
Arellano-bond AR (2)		−0.567		−0.762
		[0.739]		[0.713]
Sargan test		271.231		281.658
		[0.702]		[0.723]

p-value in brackets and standard errors in parentheses

*p<0.1

**p<0.5

***p<0.01