Unlocking sustainable development in East Asia Pacific and South Asia: An econometric exploration of ESG initiatives

Figures & data

Table 1. ESG indicators

ESG Indicators
Environmental Factors (ENVf)	Social Factors (SOCf)	Governance Factors (GOVNf)
Renewable energy consumption	Life expectancy	Control of corruption
Forest area	Population density	Regulatory quality
CO2 emissions	Female to male ratio	Rule of law
Methane emissions		Government effectiveness
Nitrous oxide emissions

Table 2. Selected countries

Region	Countries	Number of Countries
East Asia Pacific	Australia, Brunei, Cambodia, China, Fiji, Indonesia, Japan, Korea Rep., Laos, Malaysia, Mongolia, Myanmar, New Zealand, Papua New Guinea, Philippines, Singapore, Thailand, and Vietnam	18
South Asia	Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka	8
	Total	26

Figure 1. Pathway of panel data analysis.

Table 3. Descriptive statistics

Variable	Mean	Std. Dev.	Min	Max
SDGs	63.733	8.499	36.69	79.525
ENVf	−.031	1.005	−1.247	2.226
SOCf	.035	1.003	−2.247	1.587
GOVf	.006	1.018	−2.412	2.416
GDPG	4.742	4.995	−33.493	41.745

Table 4. Cross-sectional dependence

	Breusch-Pagan LM	Pesaran Scaled LM	Bias-correlated scaled LM	Pesaran CSD
SDGs	5389.996***	198.6655***	197.9433***	73.1883***
ENVf	3107.070***	109.1218***	108.3995***	7.98096***
SOCf	2552.893***	87.38513***	86.66291***	3.44667***
GOVNf	1609.618***	50.38688***	49.66466***	12.4414***
GDPG	1698.818***	53.88558***	53.16336***	36.0108***

***represents 99%, **represents 95%, and *represents 90% significance level.

Table 5. Unit root test (first & second generation)

Variables	I(0)		I(1)		I(0)		I(1)
	IPS	FADF	IPS	FADF	CIPS	CADF	CIPS	CADF
SDGs	8.89	42.17	−7.13***	157.05***	−2.34***	−2.00*	−4.45***	−3.16***
ENVf	2.14	44.23	−6.64***	139.28***	−2.28**	−1.82	−4.15***	−2.67***
SOCf	2.51	44.79	−6.12***	149.79***	−1.56	−1.89	−3.02***	−2.10**
GOVNf	−1.19	91.61***	−9.14***	215.42***	−2.18**	−2.05**	−4.23***	−2.98***
GDPG	−2.89***	124.76***	−12.06***	246.47***	−2.91***	−1.95	−4.97***	−3.32***

***represents 99%, **represents 95%, and *represents 90% significance level.

Table 6. Dumitrescu Hurlin panel causality tests

Independent Variable	W-bar	Z-bar
ENVf	2.91966	4.89104
SOCf	2.90825	4.85943
GOVNf	1.65139	1.37812
GDPG	1.45601	0.83696

***represents 99%, **represents 95%, and *represents 90% significance level.

Table 7. Westerlund cointegration tests

Statistics	Value	Z-value
Gt	−1.314	6.041
Ga	−4.135	5.871
Pt	−3.272	7.092
Pa	−2.041	4.886

***represents 99%, **represents 95%, and *represents 90% significance level.

Table 8. The result of the long-term relationship

	FMOLS		DOLS
Independent Variables	Coeff	Std Err	Coeff	Std Err
ENVf	−9.2307***	0.7865	−6.5858***	1.223
SOCf	3.9244***	0.8941	2.5698*	1.427
GOVNf	0.8336	0.6791	2.1235**	1.009
GDPG	−0.1718***	0.0289	−0.4583***	0.1038

***represents 99%, **represents 95%, and *represents 90% significance level.

Table 9. ARDL/PMG model

	Long-run Relationship		Short-run Relationship
Variables	Coefficient	Std. Error	Coefficient	Std. Error
ENVf	−27.126***	9.6392	−40.2034	42.2218
SOCf	−5.997	6.5818	−0.4762	1.6955
GOVNf	26.042***	9.7985	−0.2478	0.2526
GDPG	1.362	0.8584	0.0111	0.0105

***represents 99%, **represents 95%, and *represents 90% significance level.

Table 10. AMG and CCEMG model

	AMG	CCEMG
Variables	Coefficient	Coefficient
ENVf	−54.859	−19.231
SOCf	0.7023	0.327
GOVNf	−0.8255*	−0.777*
GDPG	0.0049	−0.008

*Represents 90% significance level.

Data availability statement

The data that support the findings of this study are available from the corresponding author, [M.A.I. Gazi], upon reasonable request.