. 2006 Feb 2;28(1):188–203. doi: 10.1016/j.tourman.2005.11.012

Table 10.

Results of Granger causality tests between quarterly LGDP and LSPI: China

Company	Causality	Wald test statistic		t-statistic	Result
Company	Causality	λ₁	β₂	θ
Cyts Tours	$Δ LSPI \Rightarrow Δ LGDP$	3.86	—	−1.04	$Δ LGDP \Rightarrow Δ LSPI$
Cyts Tours	$Δ LGDP \Rightarrow Δ LSPI$	—	2.30	−3.83^***
Huangshan Tourism	$Δ LSPI \Rightarrow Δ LGDP$	1.14	—	—	$Δ LGDP \Rightarrow Δ LSPI$
Huangshan Tourism	$Δ LGDP \Rightarrow Δ LSPI$	—	5.69^**	—
Jinjiang Hotel	$Δ LSPI \Rightarrow Δ LGDP$	1.44	—	0.05	$Δ LGDP \Rightarrow Δ LSPI$
Jinjiang Hotel	$Δ LGDP \Rightarrow Δ LSPI$	—	3.40	−4.76^***
Eastern Airlines	$Δ LSPI \Rightarrow Δ LGDP$	7.22^*	—	−1.79^*	$Δ LGDP \Rightarrow Δ LSPI$
Eastern Airlines	$Δ LGDP \Rightarrow Δ LSPI$	—	8.66^**	1.45
VWTI_SH	$Δ LSPI \Rightarrow Δ LGDP$	2.72	—	0.85	$Δ LGDP \Rightarrow Δ LSPI$
VWTI_SH	$Δ LGDP \Rightarrow Δ LSPI$	—	2.70	−3.51^***
Century Plaza Hotel	$Δ LSPI \Rightarrow Δ LGDP$	1.31	—	−2.10^**	$Δ LGDP \Rightarrow Δ LSPI$
Century Plaza Hotel	$Δ LGDP \Rightarrow Δ LSPI$	—	1.57	−1.51
Dong Feng Hotel	$Δ LSPI \Rightarrow Δ LGDP$	2.17	—	0.77	$Δ LGDP \Rightarrow Δ LSPI$
Dong Feng Hotel	$Δ LGDP \Rightarrow Δ LSPI$	—	2.30	−2.23^**
Huatian Hotel	$Δ LSPI \Rightarrow Δ LGDP$	0.43	—	—	$Δ LSPI < \neq > Δ LGDP$
Huatian Hotel	$Δ LGDP \Rightarrow Δ LSPI$	—	0.09	—
Jingxi Tourism	$Δ LSPI \Rightarrow Δ LGDP$	3.51^*	—	—	$Δ LGDP \Rightarrow Δ LSPI$
Jingxi Tourism	$Δ LGDP \Rightarrow Δ LSPI$	—	0.47	—
Xian Tourism	$Δ LSPI \Rightarrow Δ LGDP$	0.91	—	—	$Δ LGDP \Rightarrow Δ LSPI$
Xian Tourism	$Δ LGDP \Rightarrow Δ LSPI$	—	3.07^*	—
VWTI_SZ	$Δ LSPI \Rightarrow Δ LGDP$	1.36	—	−1.36	$Δ LGDP \Rightarrow Δ LSPI$
VWTI_SZ	$Δ LGDP \Rightarrow Δ LSPI$	—	0.15	−2.67^**
VWTI_SHSZ	$Δ LSPI \Rightarrow Δ LIP$	8.64^**	—	−2.26^**	$Δ LGDP \Rightarrow Δ LSPI$
VWTI_SHSZ	$Δ LIP \Rightarrow Δ LSPI$	—	17.93^***	−2.08^**

Note: Same as in Table 7.