Table 10.

Robustness check (FMOLS and CCEMG estimators)

	FMOLS	CCEMG
Variable	Coefficient	Coefficient
POP	0.23**	0.18*
GDPPC	0.09*	0.15*
EI	0.11**	0.23*
GB	−0.19*	−0.06*
GEI	−0.24**	−0.33*

Note 1: POP, GDPPC, EI, GB, and GEI indicate population, GDP per capita, energy intensity, issued green bonds, and green energy index, respectively

Note 2: * and ** denote the significance at 5% and 10%, respectively

Source: Authors’ calculation