How Energy Sector Reacted to COVID-19 Pandemic? Empirical Evidence from an Emerging Market Economy

Table 10

ARDL cointegrating and short-term coefficients.

Variables	Coefficient	Std. error	t-statistic	Prob.
Dependent variable: APX
D(APX(−1))	0.809048	0.227774	3.551977	0.0006
D(APX(−2))	0.434999	0.163033	2.668164	0.0087
D(APX(−3))	0.253036	0.091628	2.761563	0.0067
D(CNE)	0	0	0.795941	0.4277
D(D(CNW))	0	0	−0.22721	0.8207
CointEq(−1)	−2.297643	0.272947	−8.41792	0
Dependent variable: BET-NG
D(CNE)	0	0	−0.99377	0.3224
D(D(CNW))	0	0	0.314607	0.7536
CointEq(−1)	−1.003723	0.09165	−10.9517	0
Dependent variable: EEX-B
D(EEX-B(−1))	0.833263	0.190063	4.384153	0
D(EEX-B(−2))	0.464822	0.140376	3.311257	0.0013
D(EEX-B(−3))	0.313867	0.087614	3.582395	0.0005
D(CNE)	−0.000001	0.000001	−2.19195	0.0305
D(D(CNW))	0	0	−0.43939	0.6612
CointEq(−1)	−2.033893	0.235973	−8.61918	0
Dependent variable: EEX-P
D(EEX-P(−1))	0.839216	0.208358	4.027771	0.0001
D(EEX-P(−2))	0.514926	0.152479	3.377025	0.001
D(EEX-P(−3))	0.279896	0.089542	3.125875	0.0023
D(CNE)	−0.000002	0.000001	−1.75091	0.0827
D(D(CNW))	0	0	−0.75757	0.4503
CointEq(−1)	−2.206487	0.257442	−8.57081	0
Dependent variable: EL
D(CNE)	0	0	−0.82438	0.4114
D(D(CNW))	0	0	0.833004	0.4065
CointEq(−1)	−0.99039	0.091465	−10.8281	0
Dependent variable: LNGI
D(CNE)	0	0	0.110969	0.9118
D(D(CNW))	0	0	0.012388	0.9901
CointEq(−1)	−0.983164	0.091917	−10.6962	0
Dependent variable: SNG
D(CNE)	0	0	−0.73723	0.4625
D(D(CNW))	0	0	0.835434	0.4052
CointEq(−1)	−0.873453	0.089253	−9.78628	0
Dependent variable: TEL
D(CNE)	0	0	1.383263	0.1693
D(CNE(−1))	0	0	0.101994	0.9189
D(CNE(−2))	0	0	2.33551	0.0213
D(D(CNW))	0	0	0.221264	0.8253
CointEq(−1)	−1.005732	0.091574	−10.9827	0
Dependent variable: TGN
D(CNE)	0	0	2.840856	0.0053
D(CNE(−1))	0	0	3.286466	0.0013
D(D(CNW))	0	0	−2.36328	0.0198
CointEq(−1)	−1.086295	0.088083	−12.3326	0

Source: author’s own work. Notes: for the definition of variables, please see Table 2.