Table 10.
Results of Granger causality tests between quarterly LGDP and LSPI: China
Company | Causality | Wald test statistic |
t-statistic | Result | |
---|---|---|---|---|---|
λ1 | β2 | θ | |||
Cyts Tours | 3.86 | — | −1.04 | ||
— | 2.30 | −3.83*** | |||
Huangshan Tourism | 1.14 | — | — | ||
— | 5.69** | — | |||
Jinjiang Hotel | 1.44 | — | 0.05 | ||
— | 3.40 | −4.76*** | |||
Eastern Airlines | 7.22* | — | −1.79* | ||
— | 8.66** | 1.45 | |||
VWTI_SH | 2.72 | — | 0.85 | ||
— | 2.70 | −3.51*** | |||
Century Plaza Hotel | 1.31 | — | −2.10** | ||
— | 1.57 | −1.51 | |||
Dong Feng Hotel | 2.17 | — | 0.77 | ||
— | 2.30 | −2.23** | |||
Huatian Hotel | 0.43 | — | — | ||
— | 0.09 | — | |||
Jingxi Tourism | 3.51* | — | — | ||
— | 0.47 | — | |||
Xian Tourism | 0.91 | — | — | ||
— | 3.07* | — | |||
VWTI_SZ | 1.36 | — | −1.36 | ||
— | 0.15 | −2.67** | |||
VWTI_SHSZ | 8.64** | — | −2.26** | ||
— | 17.93*** | −2.08** |
Note: Same as in Table 7.