**Acknowledgment**

**Appendix**

76 New Developments in Renewable Energy

**OLS FE RE**

**CSE(X) CSE(XI) RSE(XII) RSE(XIII) CSE(XIV) CSE(XV) RSE(XVI) RSE(XVII) CSE(XVIII) CSE(XIX) RSE(XX) RSE(XXI)**




0.0034 0.002 0.0034 0.002 0.085 0.0837 0.085 0.0837 0.0037 0.002 0.0037 0.002 -0.0092 -0.0115 -0.0124 -0.0142 -0.0791 -0.0811 -0.0587 -0.0651 -0.0095 -0.0115 -0.0125 -0.0142

0.0335 0.0173 0.0335 0.0173 -0.1241 -0.1599 -0.1241 -0.1599\*\* 0.0315 0.0173 0.0315 0.0173 -0.0356 -0.0404 -0.0387 -0.0457 -0.0818 -0.0834 -0.0648 -0.0632 -0.0364 -0.0404 -0.0392 -0.0457

0.3054\*\*\* 0.3469\*\*\* 0.3054\*\*\* 0.3469\*\*\* -0.1836 -0.1975 -0.1836 -0.1975 0.3015\*\*\* 0.3469\*\*\* 0.3015\*\*\* 0.3469\*\*\* -0.1044 -0.1179 -0.0682 -0.0899 -0.3496 -0.349 -0.2983 -0.2968 -0.1075 -0.1179 -0.0692 -0.0899

0.0002\*\*\* 0.0002\*\*\* 0.0002\*\*\* 0.0002\*\*\* 0.0002\*\*\* 0.0002\*\*\* 0.0002\*\*\* 0.0002\*\*\* 0.0002\*\*\* 0.0002\*\*\* 0.0002\*\*\* 0.0002\*\*\* 0.000 0.000 -0.0001 -0.0001 0.000 0.000 -0.0001 -0.0001 0.000 0.000 -0.0001 -0.0001


0.0002\*\*\* 0.0002\*\*\* 0.0002\*\*\* 0.0002\*\*\* 0.0015 0.0022 0.0015 0.0022 0.0002\*\*\* 0.0002\*\*\* 0.0002\*\*\* 0.0002\*\*\* 0.000 0.000 0.000 0.000 -0.0015 -0.0016 -0.0012 -0.0012 0.000 0.000 0.000 0.000


0.0031\*\*\* 0.0031\*\*\* 0.0031\*\*\* 0.0031\*\* 0.0008 0.0009 0.0008 0.0009 0.0031\*\*\* 0.0031\*\*\* 0.0031\*\*\* 0.0031\*\*\* -0.0006 -0.0007 -0.001 -0.0011 -0.0011 -0.0011 -0.0005 -0.0006 -0.0006 -0.0007 -0.001 -0.0011


0.0001 0.0001 0.0001 0.0001 0.0001 0.0001 -0.0007 -0.0007 -0.0011 -0.0008 -0.0007 -0.0007


0.0001 0.0001 0.0015 0.0015 0.0001 0.0001 -0.0015 -0.0012 -0.0028 -0.0016 -0.0015 -0.0012

0.0012 0.0012 0.0050\*\* 0.0050\*\*\* 0.0012 0.0012 -0.0012 -0.0008 -0.0024 -0.0008 -0.0012 -0.0008

distribution and tests the null hypothesis of non-significance of all coefficients of

1.0006\*\*\* 1.0251\*\*\* 1.0006\*\*\* 1.0251\*\*\* -0.0636 -0.2684 -0.0636 -0.2684 1.0003\*\*\* 1.0251\*\*\* 1.0003\*\*\* 1.021\*\*\* -0.0564 -0.0651 -0.0512 -0.0692 -0.6406 -0.6538 -0.6284 -0.6256 -0.058 -0.0651 -0.0525 -0.0692

N 218 218 218 218 218 218 218 218 218 218 218 218

Notes: OLS - Ordinary Least Squares. RE – Random Effects. FE – Fixed Effects. CSE – Conventional standard errors. RSE – Ro‐ bust standard errors. The F-test has normal distribution N(0,1) and tests the null hypothesis of non-significance of all esti‐

independent variables. Standard errors are reported in brackets. All estimates were controlled to include time effects, but they are not reported for reasons of simplicity. \*\*\*, \*\*, denote significance at 1 and 5% significance levels respectively

Wald (χ 2) 171.31\*\*\* 176.91\*\*\*

R2 0.4772 0.4809 0.4772 0.4809 0.3554 0.375 0.3554 0.375

**Table A.1** Estimation results with disaggregated variables – Dependent variable *WOCAPc,t*

F (N(0,1)) 8.09\*\*\* 6.80\*\*\* 4.44\*\*\* 3.99\*\*\*

mated parameters. The Wald test has χ <sup>2</sup>

**Ind. Variables**

COALSHc,t

GASSHc,t

OILSHc,t

CFNUCLc,t

CFHYDc,t

WASTSHc,t

WINDGRc,t

SOLSHc,t

POPDENSc,t

LNGDPPCc,t

NORMPOLc,t

FISCPOLc,t

FINPOLc,t

EDUPOLc,t

COOPPOLc,t

CUTPOLc,t

CONST

We gratefully acknowledge the generous financial support of the NECE – Research Unit in Business Science and Economics, sponsored by the Portuguese Foundation for Science and Technology.
