Does sustainable financial inclusion and energy efficiency ensure green environment? Evidence from B.R.I.C.S. countries

Figures & data

Table 1. Average ratios of CCO₂ to TCO₂ of sample countries.

Countries	CCO2/TCO2	CCO2–TCO2	Decision
China	0.872633	−800.198	Emission Exporter
India	0.941664	−88.2027	Emission Exporter
South Africa	1.1388	56.77792	Emission Importer
Russian Federation	0.839677	−260.681	Emission Exporter
Brazil	1.08753	30.4703	Emission Importer

Source: drawn by authors.

Table 2. Diagnostic tests.

Slope heterogeneity
Statistic	Model-1	Model-2
$\stackrel{\sim }{\Delta }$	4.677***	4.821***
${\stackrel{\sim }{\Delta }}^{\mathrm{Adjusted}}$	6.236***	6.429***
Cross-section dependence test
${CO}_2$	$FI$	$TI$
8.759***	3.012***	6.351***
$\mathit{GDP}$	$\mathit{ENEF}$	$EX$
11.877***	4.526***	6.975***
$IM$	–	–
6.09***	–	–

Note: Significance is denoted by ***, ** and * for 1%, 5% and 10%.

Source: drawn by authors.

Table 3. Unit root testing.

Variable(s)	Level and trend
	I(0)	I(1)
${CO}_2$	−2.463	−4.114***
$FI$	−0.842	−2.891*
$\mathit{GDP}$	−1.714	−2.877*
$TI$	−1.722	−3.246***
$\mathit{ENEF}$	−2.682	−3.341***
$EX$	−1.852	−3.109***
$IM$	−1.882	−2.939**

Note: Significance is denoted by ***, ** and * for 1%, 5% and 10%.

Source: drawn by authors.

Table 4. Cointegration testing.

Models	Gt	Ga	Pt	Pa
Model-1	−7.890***	−10.931***	−8.231***	−12.314***
Model-2	−7.930***	−9.741***	−10.715***	−11.381***

Note: Significance is denoted by ***, ** and * for 1%, 5% and 10%.

Source: drawn by authors.

Table 5. Long-run empirical testing.

Variable(s)	Model-1	Model-2
	Coefficients (p-values)	Coefficients (p-values)
$FI$	0.195*** (0.000)	–
$\mathit{GDP}$	–	0.441*** (0.000)
$TI$	−0.120* (0.081)	−0.052*** (0.000)
$\mathit{ENEF}$	−0.747*** (0.000)	−0.722** (0.049)
$EX$	−0.320*** (0.000)	−0.359*** (0.000)
$IM$	0.164*** (0.000)	0.259*** (0.000)
Constant	−1.534*** (0.000)	−1.532*** (0.000)
Wald-Stats	171.00*** (0.000)	40.61*** (0.000)
RMSE	0.0077	0.0079

Note: Significance is denoted by ***, ** and * for 1%, 5% and 10%. RMSE is for root mean squared errors.

Source: drawn by authors.

Table 6. Robustness check (D.O.L.S.).

Variable(s)	Model-1 Coefficients	Model-2 Coefficients
$FI$	0.171***	–
$\mathit{GDP}$	–	1.097***
$TI$	−0.161*	−0.409***
$\mathit{ENEF}$	−0.631***	−0.561***
$EX$	−0.681**	−0.573***
$IM$	0.676**	0.431***
Constant	1.0092***	1.264***

Note: Significance is denoted by ***, ** and * for 1%, 5% and 10%.

Source: drawn by authors.

Table 7. Causality test.

$H^0$	$W-\mathit{Stat}$	$\overline{Z_{\mathit{Stat}}}$	$p-\mathit{values}$
FINC-CO2	3.962***	3.103	0.001
CO2–FINC	2.232	1.159	0.246
GDP–CO2	3.852***	2.981	0.002
CO2–GDP	4.233***	3.408	0.000
ENEF–CO2	4.159***	3.325	0.000
CO2–ENEF	2.821*	1.821	0.068
TI–CO2	4.395***	3.342	0.000
CO2–TI	2.504	1.465	0.142
IM–CO2	5.066***	3.973	0.000
CO2–IM	3.702***	2.812	0.004
EX–CO2	4.712***	3.947	0.000
CO2–EX	3.224**	2.274	0.022

Note: Significance is denoted by ***, ** and * for 1%, 5% and 10%.

Source: drawn by authors.