Table 5. Results of Johansen... | Emerald Publishing

Table 5.

Results of Johansen cointegration test

Hypothesized No. of CE(s)	Eigenvalue	Trace statistic	0.05 Critical value	p-value
None*	0.500731	122.3966	95.75366	0.0002
At most 1	0.273236	66.13317	69.81889	0.0950
At most 2	0.206013	40.28173	47.85613	0.2126
At most 3	0.108350	21.59601	29.79707	0.3215
At most 4	0.086802	12.30678	15.49471	0.1428
At most 5*	0.059302	4.951761	3.841465	0.0261

Hypothesized No. of CE(s)	Eigenvalue	Trace statistic	0.05 Critical value	p-value
None*	0.500731	122.3966	95.75366	0.0002
At most 1	0.273236	66.13317	69.81889	0.0950
At most 2	0.206013	40.28173	47.85613	0.2126
At most 3	0.108350	21.59601	29.79707	0.3215
At most 4	0.086802	12.30678	15.49471	0.1428
At most 5*	0.059302	4.951761	3.841465	0.0261

Note(s):

Trace test indicates 1 cointegrating equation (CE) at the 0.05 level, *denotes rejection of the hypothesis at the 0.05 level; lag intervals 1–4

Source(s): Author’s own work

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