The moderating role of ICT on the relationship between foreign direct investment and the quality of environment in selected African countries

Figures & data

Table 1. Summary statistics of variables (in natural logarithm)

	$\mathit{l}nC{O}_{2\mathit{i}t}$	$\mathit{l}nIC{T}_{it}$	$\mathit{l}nFD{I}_{it}$	$\mathit{l}nGD{P}_{it}$	$\mathit{l}nF{D}_{it}$
Mean	10.81721	1.225358	18.96606	6.937237	3.419664
Median	10.94896	1.110923	19.56333	6.970571	3.342384
Std. Dev.	1.287340	1.167676	2.715122	0.909296	0.986194
Skewness	−0.244199	0.349689	−1.431635	0.003657	−0.249296
Kurtosis	2.293266	1.972336	6.567246	2.122314	1.873214
Jarque-Bera	7.933573	16.61115	224.9283	8.281658	16.32109
Probability	0.018934	0.000247	0.000000	0.015910	0.000286
Sum	2790.839	316.1423	4893.243	1789.807	882.2733
Sum Sq. Dev.	425.9117	896.4706	1894.575	212.4924	249.9528
Observations	258	258	258	258	258

All the variables are transformed into logarithm forms. The data for 22 African countries were considered over the period 1970 to 2019. The Jarque-Bera test is used to determine whether a given series follow a normal distribution or not. It tests the null hypothesis that, a given series is normally distributed.

Table 2. Results from the Pesaran-Yamagata’s homogeneity test

Test	Statistics	P-value
${\tilde{\mathrm{\Delta }}}_{test}$	8.320*	0.000
${\tilde{\mathrm{\Delta }}}_{Adjtest}$	8.969*	0.000

Note: ***indicates statistical significance at % level.

Table 3. Results from cross-section independence test

	$\mathit{l}nC{O}_{2it}$	$\mathit{l}nIC{T}_{it}$	$\mathit{l}nFD{I}_{it}$	$\mathit{l}nGD{P}_{it}$	$\mathit{l}nF{D}_{it}$
Pesaran CD-test	20.081	24.487	11.630	21.615	6.232
P-value	0.000	0.000	0.000	0.000	0.000
Pesaran Scale LM-test	74.283	106.793	25.208	83.375	48.186
P-value	0.000	0.000	0.000	0.000	0.000

Note: *** indicates the statistical significance at 1% level.

Table 4. Results from CADF and CIPS panel unit root test

At level			At first difference
Series	CADF	CIPS	CADF	CIPS	Verdict
$lnC{O}_{2it}$	−2.627	−2.797	−4.880*	−5.561*	Integrated (1)
$lnIC{T}_{it}$	−2.778	−2.355	−3.854*	−4.060*	Integrated (1)
$lnFD{I}_{it}$	−3.137*	−3.806*	−5.316*	−6.420*	Integrated (0)
$lnGD{P}_{it}$	−2.919	−2.810	−4.488*	−5.338*	Integrated (1)
$lnF{D}_{it}$	−2.432	−2.544	−3.714*	−6.176*	Integrated (1)

Note: D represents the first differences, ***, ** and * indicate statistical significance at 1%, 5% and 10% level respectively.

Table 5. Results from bootstrap panel cointegration test

Dependent variable $\mathit{l}nC{O}_{2it}$		Constant		Constant + trend
Test type	Statistic	Value	p-value	Value	p-value
Westerlund	Gt	−3.484	0.004	−3.576	0.027
	Ga	−3.246	0.999	−2.727	1.000
	Pt	−8.687	0.001	−8.817	0.009
	Pa	−3.912	0.959	−3.107	0.999

Table 6. Cross-sectional ARDL estimate results

Variables	Dependent Variable $\mathit{l}nC{O}_{2it}$
	Model One			Model Two
	Coefficient	Std. Err	t. Statistics	Coefficient	Std. Err	t. Statistics
Long-run Results
$lnIC{T}_{it}$	0.407	0.051	7.91	0.072*	0.026	2.75
$lnFD{I}_{it}$	0.214	0.025	8.40	−0.049	0.029	−1.70
$lnGD{P}_{it}$	0.643	0.042	14.99	−0.141*	0.051	−2.75
$lnF{D}_{it}$	0.418	0.065	6.39	0.319*	0.036	8.83
$ln{\left(ICT\ast FDI\right)}_{it}$	——	——	——	0.632	0.054	11.744
Short-run Results
ECM(−1)	−0.549	0.147	−3.72	−0.342	0.108	−3.16
$\mathrm{\Delta }lnIC{T}_{it}$	−0.185	0.072	−2.55	0.060	0.020	2.91
$\mathrm{\Delta }lnFD{I}_{it}$	0.464*	0.155	2.99	−0.114	0.273	−0.41
$\mathrm{\Delta }lnGD{P}_{it}$	0.144	0.042	3.41	−0.142	0.052	−2.72
$\mathrm{\Delta }lnF{D}_{it}$	−0.348	0.456	−0.76	0.248	0.869	0.28
$\mathrm{\Delta }ln{\left(ICT\ast FDI\right)}_{it}$				−0.014	0.002	−4.76
Number of Groups	6			6
R-squared	0.63			0.66
Adjusted R-Square	0.49			0.51
F(93, 175)	2.49	0.00		2,63	0.00
CD Statistic	2.72	0.00		3.61	0.00

Notes: * as well as ** signifies the null hypothesis rejection at 1% as well as 5% level of significance.