Table 3 Johansen cointegration test... | Emerald Publishing

Table 3

Johansen cointegration test

Hypothesis	Trace statistic	0.05 critical value	Max-Eigen statistic	0.05 critical value
F_{lnSMD [lnSMD \|} _lnFDI, _lnEXR, _lnINF, _lnINT]
R = 0	118.4201^***	88.3038	47.9383^***	38.3310
R ≤ 1	70.4816^**	63.8761	32.2064^**	32.1183
R ≤ 2	38.2752	42.9152	25.1428	25.8232
R ≤ 3	13.1324	25.8721	8.3254	19.3870
R ≤ 4	4.8069	12.5179	4.8069	12.5179
F_{lnSMD [lnSMD \|} _lnFDI, _lnINF, _lnINT, _lnBANK]
R = 0	88.3038^***	88.3038	52.4893^***	38.3310
R ≤ 1	63.8761	63.8761	29.1595	32.1183
R ≤ 2	42.9152	42.9152	17.7274	25.8232
R ≤ 3	25.8721	25.8721	7.5857	19.3870
R ≤ 4	12.5179	12.5179	3.7138	12.5179
F_{lnFDI [lnFDI \|} _lnEXR]
R = 0	23.5555	25.8721	0.5421	19.3870
R ≤ 1	5.5882	12.5179	0.2157	12.5179

Hypothesis	Trace statistic	0.05 critical value	Max-Eigen statistic	0.05 critical value
F_{lnSMD [lnSMD \|} _lnFDI, _lnEXR, _lnINF, _lnINT]
R = 0	118.4201^***	88.3038	47.9383^***	38.3310
R ≤ 1	70.4816^**	63.8761	32.2064^**	32.1183
R ≤ 2	38.2752	42.9152	25.1428	25.8232
R ≤ 3	13.1324	25.8721	8.3254	19.3870
R ≤ 4	4.8069	12.5179	4.8069	12.5179
F_{lnSMD [lnSMD \|} _lnFDI, _lnINF, _lnINT, _lnBANK]
R = 0	88.3038^***	88.3038	52.4893^***	38.3310
R ≤ 1	63.8761	63.8761	29.1595	32.1183
R ≤ 2	42.9152	42.9152	17.7274	25.8232
R ≤ 3	25.8721	25.8721	7.5857	19.3870
R ≤ 4	12.5179	12.5179	3.7138	12.5179
F_{lnFDI [lnFDI \|} _lnEXR]
R = 0	23.5555	25.8721	0.5421	19.3870
R ≤ 1	5.5882	12.5179	0.2157	12.5179

Note(s): Trend assumption: Linear deterministic trend; Lags interval (in first differences): 1 to 1; ^** and ^*** represent significant at 5 and 1%, respectively