Table 11 D–H causality test
Null hypothesis | W-stat | Zbar-stat | Probability | Decision |
|---|---|---|---|---|
NR \(\to \) lnEF | 1.589 | − 0.845 | 0.397 | No causality |
lnEF \(\to \) NR | 2.982 | 1.009 | 0.312 | |
lnFD \(\to \) lnEF | 4.850 | 3.496 | 0.000 | Bidirectional causality |
lnEF \(\to \) lnFD | 4.351 | 2.831 | 0.004 | |
lnGB \(\to \) lnEF | 4.143 | 2.564 | 0.010 | Bidirectional causality |
lnEF \(\to \) lnGB | 4.047 | 2.437 | 0.014 | |
UB \(\to \) lnEF | 4.582 | 3.151 | 0.001 | Unidirectional causality |
lnEF \(\to \) UB | 2.599 | 0.503 | 0.614 | |
lnBI \(\to \) lnEF | 3.283 | 1.416 | 0.156 | Unidirectional causality |
lnEF \(\to \) lnBI | 4.328 | 2.811 | 0.004 | |
lnHD \(\to \) lnEF | 3.775 | 1.846 | 0.064 | Bidirectional causality |
lnEF \(\to \) lnEF | 6.753 | 3.264 | 0.001 | |
lnFD \(\to \) NR | 4.208 | 2.632 | 0.008 | Unidirectional causality |
NR \(\to \) lnFD | 1.760 | − 0.619 | 0.535 | |
lnGB \(\to \) NR | 2.673 | 0.597 | 0.549 | No causality |
NR \(\to \) lnGB | 1.346 | − 1.169 | 0.242 | |
UB \(\to \) NR | 4.754 | 3.368 | 0.000 | Bidirectional causality |
NR \(\to \) UB | 4.366 | 2.852 | 0.004 | |
lnBI \(\to \) NR | 2.817 | 0.789 | 0.430 | No causality |
NR \(\to \) lnBI | 2.717 | 0.656 | 0.511 | |
lnHD \(\to \) NR | 2.925 | 0.795 | 0.426 | No causality |
NR \(\to \) lnHD | 1.918 | − 0.440 | 0.659 | |
lnGB \(\to \) lnFD | 5.970 | 4.987 | 0.006 | Unidirectional causality |
lnFD \(\to \) lnGB | 2.629 | 0.590 | 0.590 | |
UB \(\to \) lnFD | 6.711 | 5.975 | 0.002 | Bidirectional causality |
lnFD \(\to \) UB | 5.198 | 3.959 | 0.008 | |
lnBI \(\to \) lnFD | 3.382 | 1.541 | 0.123 | Unidirectional causality |
lnFD \(\to \) lnBI | 5.711 | 4.643 | 0.061 | |
lnHD \(\to \) lnFD | 4.716 | 2.993 | 0.002 | Unidirectional causality |
lnFD \(\to \) lnHD | 1.948 | − 0.403 | 0.686 | |
lnBI \(\to \) lnGB | 4.444 | 2.965 | 0.003 | Bidirectional causality |
lnGB \(\to \) lnBI | 3.903 | 2.244 | 0.024 | |
lnHD \(\to \) lnGB | 4.815 | 3.124 | 0.001 | Unidirectional causality |
lnGB \(\to \) lnHD | 2.042 | − 0.285 | 0.775 | |
lnBI \(\to \) UB | 2.423 | 0.268 | 0.788 | Unidirectional causality |
UB \(\to \) lnBI | 4.959 | 3.654 | 0.000 | |
lnHD \(\to \) UB | 5.380 | 3.819 | 0.000 | Unidirectional causality |
UB \(\to \) lnHD | 3.249 | 1.198 | 0.230 | |
lnHD \(\to \) lnBI | 5.173 | 3.565 | 0.000 | Unidirectional causality |
lnBI \(\to \) lnHD | 2.604 | 0.404 | 0.685 |