“…linear with positive slope (Ardakani and Seyedaliakbar, 2019;Erdoğan et al, 2019;Zaheer and Ali, 2021), Inverted U-shaped relationship (Apergis and Ozturk, 2015;Özokcu and Özdemir, 2017;Salazar-Núñez et al, 2020;Shahbaz et al, 2020), N-shapes relationship (Aljadani et al, 2021;Allard et al, 2018;Ardakani and Seyedaliakbar, 2019;Begum et al, 2015;Özokcu and Özdemir, 2017), or even no relationship (Aslanidis and Iranzo, 2009;Jaunky, 2011;Robalino-López et al, 2015). 12 In most of the studies cited above the researchers have neglected the problem of heteroscedasticity, serial correlation, and Crosssectional Dependence (CD) which are the potential problems of a panel data (Asif et al, 2015;Azimi et al, 2020 , 2021;Shaari et al, 2014). If these potential problems are neglected then the standard least square estimation may produce specious regression (Arellano, 2003;Baltagi, 2008;Drukker, 2003;Hsiao, 2007;Kao, 1999;Pesaran, 2015b;Qasim et al, 2021;Wooldridge, 2010).…”