Table 5.

Bayer and Hanck result to cointegration

Fitted model	EG-JOH	EG-JOH-BO-BDM	Cointegration remark
LnGDP = f (LnFDI,LnIND,LnCOAL,LNTRN)	68.464**	35.988	Yes
Critical values	29.444	19.878	Yes
ARDL bounds test results to cointegration
f-bounds test	Null hypothesis: no levels relationship
Test statistic	Value	Sig.	I(0)	I(1)
f-statistic	15.131*	10%	3.03	4.06
K	4	5%	3.47	4.57
		2.5%	3.89	5.07
		1%	4.4	5.72
t-bounds Test	Null hypothesis: no levels relationship
Test statistic	Value	Sig.	I(0)	I(1)
t-statistic	− 9.569	10%	− 3.13	− 4.04
		5%	− 3.41	− 4.36
		2.5%	− 3.65	− 4.62
		1%	− 3.96	− 4.96

Source: author computation