Table 6

Pairwise dumitrescu Hurlin panel causality tests

Null hypothesis: Direction of causalityW-StatZbar-StatProb
CR does not homogeneously cause SR2.536.434760.0018
SR does not homogeneously cause CR 3.703.579890.0291
QR does not homogeneously cause SR2.890.113110.8931
SR does not homogeneously cause QR 2.500.445190.6411
LA does not homogeneously cause SR3.310.707760.4936
SR does not homogeneously cause LA 4.680.042670.9582
TL does not homogeneously cause SR2.606.822190.0013
SR does not homogeneously cause TL 4.104.362360.0136
ST does not homogeneously cause SR3.808.05210.0004
SR does not homogeneously cause ST 2.733.081710.0474
TL does not homogeneously cause SR3.026.620090.0015
SR does not homogeneously cause TL 2.863.774720.0241
SIZE does not homogeneously cause SR2.684.362360.0136
SR does not homogeneously cause SIZE 3.272.93950.0545
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