Table 5.

The result of the panel data regression.

	Green finance	Energy policy
Constant	2.025 (0.145)	2.154***(0.0751)
GEPIt − 1	0.032***(0.141)	0.321***(0.1457)
GF	0.0325***(0.118)
REP		0.03***(0.0025)
CSR	0.032***(0.0014)	0.0352***(0.0324)
RandD	0.021 (0.018)	0.0187(0.021)
HE	0.0124**(0.002)	0.017***(0.002)
RE	0.012***(0.004)	0.028***(0.0124)
AR (1) test	−3.0254	−3.2516
	[0.034]	[0.018]
AR (2) test	−2.1254	−2.1685
	[0.321]	[0.195]
Sargan test	22.2548	21.5148
	[0.054]	[0.17]
Wald test	1,64,587	2,14,587
	[0]	[0]
N	303	303

Standard errors are in parentheses (). ^*** = 1% significant level; and ^** = 5% significant level.