Table 7. The estimated long-run... | Emerald Publishing

Table 7.

The estimated long-run coefficient results (ADRL) estimation

Model 1 (1, 4, 4, 2, 2)
Determinants	Constant		LNTOUR	LNSWB		LNHWB
Coefficient	−8.882		0.042	0.112		1.875
t-stat	−4.501*		5.940*	1.411		3.756*
Model 2 (2, 3, 4, 4, 2)
Determinants	Constant		LNOWB	LNSWB		LNHWB
Coefficient	266.63		20.485	0.796		59.733
t-stat	5.814*		4.318*	0.348		5.483*
Diagnostic tests
Parameters		Model 1			Model 2
Adjusted R²		0.822			0.674
$χ_{N o r m a l i t y}^{2}$		1.73 (0.420)			0.024 (0.988)
$χ_{H e t r o}^{2}$		12.87 (0.744)			18.25 (0.506)
$χ_{S e r i a l c o r r e l a t i o n}^{2}$		5.55 (0.07)			5.19 (0.076)
F-statistic (Prob)		9.435 (0.001)			4.37 (0.006)
D/W statistics		2.24			2.62

Model 1 (1, 4, 4, 2, 2)
Determinants	Constant		LNTOUR	LNSWB		LNHWB
Coefficient	−8.882		0.042	0.112		1.875
t-stat	−4.501*		5.940*	1.411		3.756*
Model 2 (2, 3, 4, 4, 2)
Determinants	Constant		LNOWB	LNSWB		LNHWB
Coefficient	266.63		20.485	0.796		59.733
t-stat	5.814*		4.318*	0.348		5.483*
Diagnostic tests
Parameters		Model 1			Model 2
Adjusted R²		0.822			0.674
$χ_{N o r m a l i t y}^{2}$		1.73 (0.420)			0.024 (0.988)
$χ_{H e t r o}^{2}$		12.87 (0.744)			18.25 (0.506)
$χ_{S e r i a l c o r r e l a t i o n}^{2}$		5.55 (0.07)			5.19 (0.076)
F-statistic (Prob)		9.435 (0.001)			4.37 (0.006)
D/W statistics		2.24			2.62

Notes:

*, ** and *** refer to level of significance at 1%, 5% and 10%, respectively. () represent probability