Table VIII

Summary of the results of the statistical analyses

HypothesesPearson correlation matrixOrdinary least square regressionPanel regressionGranger causality Wald statisticsaRobust SEs regressionHausman statistics for endogenity
H1−0.175**−0.009−0.0093.551***−0.009−0.002
 SupportedNot supportedNot supportedNot supportedNot supportedNot supported
H2−0.211***−0.025*−0.025*1.307−0.025*−0.016
 SupportedSupportedSupportedSupportedSupportedNot supported
H30.257***0.075**0.075**1.6570.075**0.081*
 SupportedSupportedSupportedSupportedSupportedSupported
H40.0470.0040.0040.1180.0040.000
 Not supportedNot supportedNot supportedSupportedNot supportedNot supported
H50.0510.033***0.033***2.353**0.033***0.012
 Not supportedSupportedSupportedNot supportedSupportedNot supported
H6−0.264***−0.043−0.0432.787**−0.043−0.013
 SupportedNot supportedNot supportedNot supportedNot supportedNot supported
H7−0.188***0.0100.011.3680.0100.001
 SupportedNot supportedNot supportedSupportedNot supportedNot supported
H8−0.032−0.004−0.0042.791**−0.0040.005
 Not supportedNot supportedNot supportedNot supportedNot supportedNot supported
H9−0.002−0.004−0.0042.665**−0.0040.018
 Not supportedNot supportedNot supportedNot supportedNot supportedNot supported

Notes: aGranger causality Wald statistics lagged variables which cause an impact on the dependent variable do not indicate significance level. *p<0.10; **p<0.05; ***p<0.01

Source: Author constructed

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