Future Business Journal

Table 4 Results of Westerlund [26] panel cointegration test

From: Business confidence as a strong tracker of future growth: is it driven by economic policy uncertainty and oil price shocks in the OECD countries?

Statistics	Full sample		Sub-sample
	Full sample		Eurozone		Non-Eurozone
	Brent	WTI	Brent	WTI	Brent	WTI
Symmetric model
G_t	−3.310***	−3.168***	−3.549***	−3.366***	−3.132***	−3.039**
G_a	−19.083***	−18.549***	−19.330***	−18.822***	−19.574***	−19.003***
P_t	−14.344***	−14.116***	−11.769***	−11.579***	−10.247***	−9.975***
P_a	−17.241***	−16.963***	−17.908***	−17.653***	−18.923***	−18.351***
Asymmetric model
G_t	−3.198***	−3.175***	−3.447***	−3.444***	−3.071*	−3.095*
G_a	−18.070**	−19.069***	−18.570**	−2.233**	−18.576*	−19.863**
P_t	−14.141**	−14.033*	−11.503**	−1.760**	−10.175**	−10.210**
P_a	−16.043***	−16.840***	−16.678***	−2.855***	−17.632***	−19.164***

G_t and G_a denote group mean tests, while P_t and P_a denote panel mean tests. ***, ** and * indicate significance at 1%, 5% and 10% critical levels, respectively

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