Table 4.

Results of bounds testing

Test stat.Valuek
F-stat. 5.1161 5 
Levels of significance I0 Bound I1 Bound 
10% 2.26 3.35 
5% 2.62 3.79 
1% 3.41 4.68 
F-stat. 8.2675  
Pro. (F-stat.) 0.0075  
R2 0.9632  
Adjusted R2 0.8467  
Test stat.Valuek
F-stat. 5.1161 5 
Levels of significance I0 Bound I1 Bound 
10% 2.26 3.35 
5% 2.62 3.79 
1% 3.41 4.68 
F-stat. 8.2675  
Pro. (F-stat.) 0.0075  
R2 0.9632  
Adjusted R2 0.8467  
Source: Authors’ own creation
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