Table IV Results of ARDL cointegration... | Emerald Publishing

Table IV

Results of ARDL cointegration test

Variable	LnWP	LnAR	LnSP	LnFER
Optimal lag structure	(1, 0, 0, 0)	(1, 0, 0, 0)	(1, 0, 0, 0)	(1, 0, 1, 0)
F-statistics	10.27062***	4.985628**	1.443394	5.813190***
Critical values (%)	1	5	10
Lower bounds I(0)	4.29	3.23	2.72
Upper bounds I(1)	5.61	4.35	3.77
Diagnostic tests	Statistics	Statistics	Statistics	Statistics
R²	0.500502	0.327235	0.647250	0.434619
Adj-R²	0.451771	0.261599	0.276862	0.363946
F² statistics	10.2706***	4.9856***	0.2768 (0.1086)	6.1497***
χ² NORMAL	3.1647 (0.2054)	0.9235 (0.6301)	1.2705 (0.3298)	0.2116 (0.8995)
χ² SERIAL	0.6299 (0.6002)	0.2671 (0.7670)	1.8248 (0.1591)	0.2928 (0.7478)
χ² ARCH	0.0076 (0.9306)	0.2015 (0.8183)	1.7129 (0.1679)	0.0182 (0.8932)
χ² White	0.9985 (0.4193)	1.0487 (0.3940)	1.6472 (0.1260)	1.1996 (0.3238)
χ² RESET	0.4473 (0.5174)	1.1262 (0.2668)	0.6098 (0.5454)	0.6322 (0.5309)

Variable	LnWP	LnAR	LnSP	LnFER
Optimal lag structure	(1, 0, 0, 0)	(1, 0, 0, 0)	(1, 0, 0, 0)	(1, 0, 1, 0)
F-statistics	10.27062***	4.985628**	1.443394	5.813190***
Critical values (%)	1	5	10
Lower bounds I(0)	4.29	3.23	2.72
Upper bounds I(1)	5.61	4.35	3.77
Diagnostic tests	Statistics	Statistics	Statistics	Statistics
R²	0.500502	0.327235	0.647250	0.434619
Adj-R²	0.451771	0.261599	0.276862	0.363946
F² statistics	10.2706***	4.9856***	0.2768 (0.1086)	6.1497***
χ² NORMAL	3.1647 (0.2054)	0.9235 (0.6301)	1.2705 (0.3298)	0.2116 (0.8995)
χ² SERIAL	0.6299 (0.6002)	0.2671 (0.7670)	1.8248 (0.1591)	0.2928 (0.7478)
χ² ARCH	0.0076 (0.9306)	0.2015 (0.8183)	1.7129 (0.1679)	0.0182 (0.8932)
χ² White	0.9985 (0.4193)	1.0487 (0.3940)	1.6472 (0.1260)	1.1996 (0.3238)
χ² RESET	0.4473 (0.5174)	1.1262 (0.2668)	0.6098 (0.5454)	0.6322 (0.5309)

Notes: **,***Denote the probability and the significant levels at 5 and 1 percent, respectively