Table 8 Results of Dumitrescu and Hurlin... | Emerald Publishing

Table 8

Results of Dumitrescu and Hurlin non-Granger causality test

H₀: No causal relationship	Statistics	Decision
$DFII \to HC$	19.941***	Bidirectional causality
$HC \to DFII$	11.737***	Bidirectional causality
$IS \to HC$	18.074***	Unilateral causality
$HC \to IS$	0.738	Unilateral causality
$PS \to HC$	6.474***	Unilateral causality
$HC \to PS$	1.319	Unilateral causality
$PR \to HC$	0.846***	Unilateral causality
$HC \to PR$	1.907	Unilateral causality
$DCPS \to HC$	14.360***	Unilateral causality
$HC \to DCPS$	1.267	Unilateral causality

H₀: No causal relationship	Statistics	Decision
$DFII \to HC$	19.941***	Bidirectional causality
$HC \to DFII$	11.737***	Bidirectional causality
$IS \to HC$	18.074***	Unilateral causality
$HC \to IS$	0.738	Unilateral causality
$PS \to HC$	6.474***	Unilateral causality
$HC \to PS$	1.319	Unilateral causality
$PR \to HC$	0.846***	Unilateral causality
$HC \to PR$	1.907	Unilateral causality
$DCPS \to HC$	14.360***	Unilateral causality
$HC \to DCPS$	1.267	Unilateral causality

Note(s):

***Indicates statistical significance at 1%

Source(s): Authors’ own work