. 2022 Aug 3:1–41. Online ahead of print. doi: 10.1007/s10668-022-02460-x

Table 3.

CR Model Parameter Estimation between S&P ESG index and WTI Crude Oil Price: Note all estimates are statistically significant judging from the corresponding standard errors

	$a_{1}$	$σ_{D}$	$c_{1}$	$a_{2 E S G}$	$σ_{V}$	$c_{2 E S G}$	$ρ_{ESG}$	$p_{ESG}$	$q_{ESG}$
Estimates	0.496	4.050E+02	161.301	3.576	2.011E+02	1.469E-06	−0.197	−3.370E-01	1.919E-03
Std Errors	0.000	2.514E-06	0.000	0.000	0.000	2.859E-10	0.000	1.245E-08	6.877E-08
Loglikelihood	16,682
AIC	−33,346
SIC	−33,293

$q_{ESG}$ is estimated as a positive value, implying that the correlations between the S&P ESG index and WTI crude oil prices are a decreasing function of the latter.