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Financial Innovation

Table 7 Panel cointegration test (Johansen-Fisher and Kao)

From: Financial sector development and Investment in selected countries of the Economic Community of West African States: empirical evidence using heterogeneous panel data method

Panel A: Johansen-Fisher

Hypothesised No. of CE(s)

Fisher Stat (Trace Test)

Fisher Stat (Maximum Eigen Test)

None

211.3***

109.5***

At most 1

121.0***

67.10***

At most 2

64.83***

44.60***

At most 3

31.69***

26.16**

At most 4

16.07

16.32

At most 5

13.23

13.23

Panel B: Kao

ADF t-Statistic

 

P-value

−3.4409***

 

0.0003

  1. Source: Authors’ computation
  2. Note: *** and ** represent statistical significance at 1% and 5%, respectively. Null hypothesis/trend assumption in Kao: no cointegration/no deterministic trend. Trend assumption in Johansen-Fisher: linear deterministic trend
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