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Financial Innovation

Table 4 Estimation Results

From: Degree of financialization and energy efficiency in Sub-Saharan Africa: do institutions matter?

 

Aggregate energy intensity

Reverse Causality & sensitivity analysis

 

(1)

(2)

(3)

(4)

(5)

(6)

VARIABLES

Uncond.

EI&Polity2

EI&Polity2

EI&Polity2

EI&Polity2

EI&Polity2

L.ROA

0.122***

0.159***

0.187***

0.161***

0.0526**

0.0509**

(0.0254)

(0.0334)

(0.0246)

(0.0287)

(0.0210)

(0.0224)

CreditGrowth (lag)

1.567***

1.699***

1.866***

1.577***

1.837***

1.842***

(0.185)

(0.250)

(0.244)

(0.231)

(0.290)

(0.298)

Size

0.146***

0.152***

0.160***

0.187***

0.188***

0.186***

(0.00630)

(0.00880)

(0.0109)

(0.0206)

(0.0165)

(0.0163)

Risk

−0.0179**

−0.0152

−0.00778

− 0.00365

0.0183***

0.0189***

(0.00804)

(0.00933)

(0.00974)

(0.00586)

(0.00478)

(0.00493)

MIE

−0.0263***

− 0.0268***

− 0.0278***

−0.0312***

− 0.0646***

−0.0645***

(0.00177)

(0.00255)

(0.00286)

(0.00424)

(0.00391)

(0.00384)

FG

0.0718***

0.0679***

0.0686***

0.0656***

0.0512**

0.0517**

(0.0133)

(0.0109)

(0.0187)

(0.0212)

(0.0212)

(0.0214)

GDPgrowth

0.108***

0.102***

0.0829***

0.0802***

0.00662

–

(0.00761)

(0.00874)

(0.0110)

(0.00710)

(0.00837)

 

Infl

0.0435***

0.0446***

0.0392***

0.0338***

–

–

lag(lnei)

(0.00636)

(0.00636)

(0.00545)

(0.00159)

2.340***

2.487**

−2.252**

−1.394**

(1.162)

(1.093)

(0.920)

(0.562)

 

Lnei

1.305***

−1.038*

–

–

–

–

(0.176)

(0.580)

    

LnSSH

4.656***

4.250***

3.939***

–

–

–

lag(Polity2)

(0.711)

(0.754)

(0.722)

−7.711***

−4.682

−4.488

− 10.21***

(1.837)

(3.443)

(3.158)

(2.315)

Polity2

0.0351

− 7.372***

–

–

–

–

(0.475)

(1.538)

    

Polity2*lnei

–

3.874***

–

–

–

–

lag(polity2)*lag(lnei)

 

(0.711)

5.623***

4.568***

2.123

2.046

(1.268)

(0.906)

(1.690)

(1.525)

Total effect of lnei

–

1.183***

–

–

–

–

Total effect of lag(lnei)

 

(0.215)

0.967***

1.221***

3.555***

3.658***

(0.241)

(0.232)

(0.246)

(0.261)

Constant

−20.81***

−14.77***

−11.46***

1.697*

−1.587

− 1.896

(2.601)

(3.226)

(3.832)

(0.968)

(2.406)

(2.324)

Observations

329

329

329

374

377

377

ID

37

37

37

39

40

40

Sargan’s test (S)

23.01(25)

22.12(25)

23.71(25)

31.65(25)

29.65(25)

29.38(25)

1st order autocor.

−1.89*

−1.98**

−1.91*

−2.08**

−2.14**

−2.12**

2nd order autocor.

−0.90

− 0.82

−0.78

−1.16

−1.03

− 1.05

CD

0.182

0.340

1.493

−0.363

2.839***

3.022***

ADF

0.000

0.000

0.000

0.000

0.000

0.000

  1. Standard errors in parentheses *** p < 0.01, ** p < 0.05, * p < 0.1. In the Sargan’s test we presented the values and the degree of freedom are in parentheses. We presented the z values for the autocorrelation test. We report p-values for the CD and ADF tests
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