Decision making on financial investment in Turkey by using ARDL long-term coefficients and AHP

Financial Innovation

Table 1 ADF unit root test results

Variables	Constant		Constant, Linear Trend		None
Variables	t-Statistic	Probability	t-Statistic	Probability	t-Statistic	Probability
EURO	1.6497	0.9995	−1.1188	0.9206	3.0123	0.9993
D (EURO)	−8.1244^b	0.0000	−8.5353^b	0.0000	−7.4696^b	0.0000
GOLD	−0.6514	0.8534	−1.5461	0.8076	3.6551	0.9999
D (GOLD)	−9.1455^b	0.0000	− 9.0867^b	0.0000	−8.4213^b	0.0000
USD	1.3179	0.9986	−2.5807	0.2899	2.7812	0.9986
D (USD)	−7.2914^b	0.0000	−7.6634^b	0.0000	−6.7263^b	0.0000
BIST	−3.4182^a	0.0123	−4.3973^b	0.0033	3.1834	0.9996
CAB	−8.3867^b	0.0000	−8.3639^b	0.0000	−0.5608	0.4721
CPI	1.9008	0.9998	−0.9177	0.9496	13.946	1.0000
D (CPI)	−9.0205^b	0.0000	−9.1779^b	0.0000	−0.7444	0.3917
FDI	−3.1539^a	0.0256	−4.5544^b	0.0020	−0.8757	0.3345
D (FDI)	−10.0208^b	0.0000	− 10.2301^b	0.0000	0.0644	0.7012
IPI	−0.9465	0.7698	−4.7263^b	0.0011	3.7500	0.9999
D (IPI)	−10.0992^b	0.0000	− 10.0739^b	0.0000	− 12.6901^b	0.0000
OP	−1.6078	0.4752	−2.4246	0.3650	0.5031	0.8227
D (OP)	−8.9079^b	0.0000	−8.9791^b	0.0000	− 8.9204^b	0.0000
TOT	−1.2494	0.6509	−1.5020	0.8233	0.0238	0.6883
D (TOT)	−9.3223^b	0.0000	−9.2712^b	0.0000	− 9.3620^b	0.0000