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Table 4 Robustness analysis (system GMM estimates)

From: Institutional quality and renewable energy capital flows in Africa

Variables

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

L. capital flows

0.301***

0.359***

0.303***

0.260***

0.239***

0.302***

0.232***

0.201**

 

(0.0736)

(0.0590)

(0.0752)

(0.0626)

(0.0681)

(0.0752)

(0.0732)

(0.081)

Interest rate

0.472**

0.141

0.475**

0.277

0.190

0.498*

1.239

0.525

 

(0.224)

(0.131)

(0.226)

(0.254)

(0.221)

(0.240)

(2.288)

(3.096)

Exchange rate

6.868*

2.733**

7.143*

1.648**

3.224

6.986*

4.729

4.338

 

(3.811)

(1.029)

(3.895)

(0.576)

(4.450)

(3.871)

(3.792)

(3.834)

Urbanisation

0.0204

− 0.00318

0.0232

− 0.0234

0.00757

0.0221

0.0180

0.101**

 

(0.0359)

(0.0106)

(0.0366)

(0.0143)

(0.0391)

(0.0367)

(0.0374)

(0.045)

GDP

− 0.269

0.158

− 0.230

0.0504

− 0.140

− 0.262

− 0.0798

− 0.492*

 

(0.171)

(0.129)

(0.156)

(0.169)

(0.200)

(0.175)

(0.214)

(0.282)

Voice/accountability

0.190

       
 

(0.323)

       

Corruption

 

− 0.500**

      
  

(0.177)

      

Gov. effectiveness

  

0.00830

     
   

(0.339)

     

Political stability

   

− 0.486**

    
    

(0.174)

    

Regulatory quality

    

0.525*

   
     

(0.280)

   

Rule of law

     

0.186

  
      

(0.419)

  

Gov. index

      

0.114

0.136

       

(0.168)

(0.352)

Gov. index2

       

− 1.793**

        

(0.672)

Inflexion point

       

2.48**

Constant

− 167.6

− 3.399**

− 161.9

− 402.7**

− 282.2

− 168.2

− 177.1

− 292.5

 

(239.9)

(1.258)

(240.5)

(142.9)

(231.2)

(249.5)

(280.1)

(305.2)

Observations

298

298

298

298

298

298

298

298

GMM instrument lag

1

1

1

1

1

1

1

1

Country and time dummies

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

F Stat

[P value]

12.92

(0.000)

29.15

(0.000)

25.84

(0.000)

24.12

(0.000)

22.04

(0.000)

27.73

(0.000)

48.30

(0.000)

15.32

(0.000)

AR(1)

− 3.57

− 3.75

− 3.60

− 3.68

− 3.62

− 3.61

− 3.58

− 3.71

[P value]

(0.000)

(0.000)

(0.000)

(0.000)

(0.000)

(0.000)

(0.000)

(0.000)

AR(2)

0.79

0.99

0.78

0.82

0.74

0.79

0.64

0.33

[P value]

(0.431)

(0.323)

(0.433)

(0.411)

(0.458)

(0.431)

(0.520)

(0.556)

Hansen test

[P value]

10.49

(0.726)

14.88

(0.533)

10.45

(0.729)

11.98

(0.608)

13.32

(0.501)

10.49

(0.726)

13.78

(0.468)

15.24

(0.292)

Sargan test

16.27

31.73

16.21

16.04

15.99

16.22

16.34

14.48

[P value]

(0.297)

(0.011)

(0.301)

(0.311)

(0.314)

(0.300)

(0.293)

(0.341)

Number of groups

20

20

20

20

20

20

20

20

  1. Standard errors in parentheses; ***, ** and * denote significance level at 1%, 5% and 10%, respectively
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