Financial Innovation

Table 8 Panel cointegration tests (Westerlund)

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

Statistic	Value	Z-value	P-value	Robust P-value
Gt	−2.748	−1.428	0.077	0.030
Ga	−13.514	−0.617	0.269	0.000
Pt	−10.865	−4.817	0.000	0.010
Pa	−25.236	−5.724	0.000	0.000

Source: Authors’ computation
Note: Null hypothesis was no cointegration. Gt and Ga represent group mean tests; Pa and Pt are the panel mean tests

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