Table 5 Bound test results
Model estimated (5–11) (2003Q01–2018Q01) after sample size adjusted: AIC (2, 2) | F-statistics | Critical values 5% Significance | Result | |
|---|---|---|---|---|
Lower bound | Upper bound | |||
(5) \( H_{0} :\alpha_{i1} = \alpha_{i2} = \cdots = \alpha_{i7} ;\;{\text{versus}}\;H_{A} :\alpha_{i1} \ne \alpha_{i2} \ne \cdots \ne \alpha_{i7} \) | 3.288*** | 2.27 | 3.28 | Reject \( H_{0} \) |
(6) \( H_{0} :\alpha_{i1} = \alpha_{i2} = \cdots = \alpha_{i7} ;\;{\text{versus}}\;H_{A} :\alpha_{i1} \ne \alpha_{i2} \ne \cdots \ne \alpha_{i7} \) | 2.457 | 2.27 | 3.28 | Inconclusive |
(7) \( H_{0} :\alpha_{i1} = \alpha_{i2} = \cdots = \alpha_{i7} ;\;{\text{versus}}\;H_{A} :\alpha_{i1} \ne \alpha_{i2} \ne \cdots \ne \alpha_{i7} \) | 10.315*** | 2.27 | 3.28 | Reject \( H_{0} \) |
(8) \( H_{0} :\alpha_{i1} = \alpha_{i2} = \cdots = \alpha_{i7} ;\;{\text{versus}}\;H_{A} :\alpha_{i1} \ne \alpha_{i2} \ne \cdots \ne \alpha_{i7} \) | 3.429*** | 2.27 | 3.28 | Reject \( H_{0} \) |
(9) \( H_{0} :\alpha_{i1} = \alpha_{i2} = \cdots = \alpha_{i7} ;\;{\text{versus}}\;H_{A} :\alpha_{i1} \ne \alpha_{i2} \ne \cdots \ne \alpha_{i7} \) | 5.387*** | 2.27 | 3.28 | Reject \( H_{0} \) |
(10) \( H_{0} :\alpha_{i1} = \alpha_{i2} = \cdots = \alpha_{i7} ;\;{\text{versus}}\;H_{A} :\alpha_{i1} \ne \alpha_{i2} \ne \alpha \cdots \ne \alpha_{i7} \) | 2.191 | 2.27 | 3.28 | Fail to reject \( H_{0} \) |
(11) \( H_{0} :\alpha_{i1} = \alpha_{i2} = \cdots = \alpha_{i7} ;\;{\text{versus}}\;H_{A} :\alpha_{i1} \ne \alpha_{i2} \ne \cdots \ne \alpha_{i7} \) | 0.936 | 2.27 | 3.28 | Fail to reject \( H_{0} \) |