Granger causality for percentage in a change of capital registered
| Null hypothesis | χ2 | Results |
|---|---|---|
| PERCAP does not indicate Granger Causality with ENT | 2.6267 | Fail to reject |
| PERCAP does not indicate Granger Causality with NB | 3.328 | Fail to reject |
| PERCAP does not indicate Granger Causality with D.ENTVN | 3.6538 | Fail to reject |
| PERCAP does not indicate Granger Causality with SU | 2.3063 | Fail to reject |
| PERCAP does not indicate Granger Causality with all | 10.77 | Fail to reject |
| ENT does not indicate Granger Causality with PERCAP | 1.1722 | Fail to reject |
| ENT does not indicate Granger Causality with NB | 1.1308 | Fail to reject |
| ENT does not indicate Granger Causality with D.ENTVN | 1.7601 | Fail to reject |
| ENT does not indicate Granger Causality with SU | 9.98** | Reject |
| ENT does not indicate Granger Causality with all | 16.428 | Fail to reject |
| NB does not indicate Granger Causality with PERCAP | 3.5342 | Fail to reject |
| NB does not indicate Granger Causality with ENT | 0.13862 | Fail to reject |
| NB does not indicate Granger Causality with D.ENTVN | 5.525 | Fail to reject |
| NB does not indicate Granger Causality with SU | 5.9225 | Fail to reject |
| NB does not indicate Granger Causality with all | 16.963 | Fail to reject |
| D.ENTVN does not indicate Granger Causality with PERCAP | 5.6833 | Fail to reject |
| D.ENTVN does not indicate Granger Causality with ENT | 4.0682 | Fail to reject |
| D.ENTVN does not indicate Granger Causality with NB | 6.1207 | Fail to reject |
| D.ENTVN does not indicate Granger Causality with SU | 4.4209 | Fail to reject |
| D.ENTVN does not indicate Granger Causality with all | 20.217* | Reject |
| SU does not indicate Granger Causality with PERCAP | 3.3163 | Fail to reject |
| SU does not indicate Granger Causality with ENT | 11.782*** | Reject |
| SU does not indicate Granger Causality with NB | 7.5531 | Fail to reject |
| SU does not indicate Granger Causality with D.ENTVN | 6.705* | Fail to reject |
| SU does not indicate Granger Causality with all | 26.533*** | Reject |
| Null hypothesis | Results | |
|---|---|---|
| PERCAP does not indicate Granger Causality with ENT | 2.6267 | Fail to reject |
| PERCAP does not indicate Granger Causality with NB | 3.328 | Fail to reject |
| PERCAP does not indicate Granger Causality with D.ENTVN | 3.6538 | Fail to reject |
| PERCAP does not indicate Granger Causality with SU | 2.3063 | Fail to reject |
| PERCAP does not indicate Granger Causality with all | 10.77 | Fail to reject |
| ENT does not indicate Granger Causality with PERCAP | 1.1722 | Fail to reject |
| ENT does not indicate Granger Causality with NB | 1.1308 | Fail to reject |
| ENT does not indicate Granger Causality with D.ENTVN | 1.7601 | Fail to reject |
| ENT does not indicate Granger Causality with SU | 9.98** | |
| ENT does not indicate Granger Causality with all | 16.428 | Fail to reject |
| NB does not indicate Granger Causality with PERCAP | 3.5342 | Fail to reject |
| NB does not indicate Granger Causality with ENT | 0.13862 | Fail to reject |
| NB does not indicate Granger Causality with D.ENTVN | 5.525 | Fail to reject |
| NB does not indicate Granger Causality with SU | 5.9225 | Fail to reject |
| NB does not indicate Granger Causality with all | 16.963 | Fail to reject |
| D.ENTVN does not indicate Granger Causality with PERCAP | 5.6833 | Fail to reject |
| D.ENTVN does not indicate Granger Causality with ENT | 4.0682 | Fail to reject |
| D.ENTVN does not indicate Granger Causality with NB | 6.1207 | Fail to reject |
| D.ENTVN does not indicate Granger Causality with SU | 4.4209 | Fail to reject |
| D.ENTVN does not indicate Granger Causality with all | 20.217 | |
| SU does not indicate Granger Causality with PERCAP | 3.3163 | Fail to reject |
| SU does not indicate Granger Causality with ENT | 11.782*** | |
| SU does not indicate Granger Causality with NB | 7.5531 | Fail to reject |
| SU does not indicate Granger Causality with D.ENTVN | 6.705 | Fail to reject |
| SU does not indicate Granger Causality with all | 26.533*** |
Note:
*, ** and *** significant at 10%, 5% and 1% levels, respectively
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