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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