Table 4.
Johansen Cointegration test
| Null | Max-Eigen | Null | Max-Eigen | ||||
|---|---|---|---|---|---|---|---|
| T-Stat | CV | T-Stat | CV | ||||
| Bahrain | Pakistan | ||||||
| (GDP_G; Size) | None | 4.620664 | 14.26460 | (GDP_G; Size) | None | 6.564101 | 14.26460 |
| At most one | 3.350087 | 3.841466 | At most one | 2.020704 | 3.841466 | ||
| (GDP_G; ROA) | None | 9.310316 | 14.26460 | (GDP_G; ROA) | None | 5.031541 | 14.26460 |
| At most one | 5.157092 | 3.841466 | At most one | 0.535829 | 3.841466 | ||
| (GDP_G; NPF) | None | 6.267102 | 14.26460 | (GDP_G; NPF) | None | 4.361949 | 14.26460 |
| At most one | 4.067160 | 3.841466 | At most one | 2.840700 | 3.841466 | ||
| (GDP_G; CAR) | None | 8.470178 | 14.26460 | (GDP_G; CAR) | None | 13.10914 | 14.26460 |
| At most one | 3.636547 | 3.841466 | At most one | 2.505658 | 3.841466 | ||
| Brunei | Saudi Arabia | ||||||
| (GDP_G; Size) | None | 9.508701 | 14.26460 | (GDP_G; Size) | None | 10.52006 | 14.26460 |
| At most one | 1.131940 | 3.841466 | At most one | 1.037752 | 3.841466 | ||
| (GDP_G; ROA) | None | 12.35262 | 14.26460 | (GDP_G; ROA) | None | 6.306705 | 14.26460 |
| At most one | 4.705560 | 3.841466 | At most one | 0.172742 | 3.841466 | ||
| (GDP_G; NPF) | None | 12.44470 | 14.26460 | (GDP_G; NPF) | None | 12.18761 | 14.26460 |
| At most one | 3.724500 | 3.841466 | At most one | 3.019540 | 3.841466 | ||
| (GDP_G; CAR) | None | 9.463224 | 14.26460 | (GDP_G; CAR) | None | 12.31692 | 14.26460 |
| At most one | 1.889386 | 3.841466 | At most one | 1.214752 | 3.841466 | ||
| Indonesia | Turkey | ||||||
| (GDP_G; Size) | None | 4.674362 | 14.26460 | (GDP_G; Size) | None | 8.717442 | 14.26460 |
| At most one | 0.254078 | 3.841466 | At most one | 3.867580 | 3.841466 | ||
| (GDP_G; ROA) | None | 13.17362 | 14.26460 | (GDP_G; ROA) | None | 4.942332 | 14.26460 |
| At most one | 1.119751 | 3.841466 | At most one | 2.219052 | 3.841466 | ||
| (GDP_G; NPF) | None | 6.702850 | 14.26460 | (GDP_G; NPF) | None | 4.969006 | 14.26460 |
| At most one | 2.050676 | 3.841466 | At most one | 3.174334 | 3.841466 | ||
| (GDP_G; CAR) | None | 12.12933 | 14.26460 | (GDP_G; CAR) | None | 7.990954 | 15.49471 |
| At most one | 1.162352 | 3.841466 | At most | 0.122574 | 3.841466 | ||
| Kuwait | UAE | ||||||
| (GDP_G; Size) | None | 10.85986 | 14.26460 | (GDP_G; Size) | None | 9.789785 | 14.26460 |
| At most one | 3.524967 | 3.841466 | At most one | 3.759947 | 3.841466 | ||
| (GDP_G; ROA) | None | 8.300541 | 14.26460 | (GDP_G; ROA) | None | 7.212325 | 14.26460 |
| At most one | 1.523654 | 3.841466 | At most one | 1.890740 | 3.841466 | ||
| (GDP_G; NPF) | None | 12.01864 | 14.26460 | (GDP_G; NPF) | None | 7.254887 | 14.26460 |
| At most one | 4.196784 | 3.841466 | At most one | 2.003395 | 3.841466 | ||
| (GDP_G; CAR) | None | 11.22080 | 14.26460 | (GDP_G; CAR) | None | 3.680301 | 14.26460 |
| At most one | 5.315765 | 3.841466 | At most one | 2.043497 | 3.841466 | ||
| Malaysia | |||||||
| (GDP_G; Size) | None | 5.980019 | 14.26460 | ||||
| At most one | 0.206787 | 3.841466 | |||||
| (GDP_G; ROA) | None | 7.372599 | 14.26460 | ||||
| At most one | 1.631805 | 3.841466 | |||||
| (GDP_G; NPF) | None | 9.001586 | 14.26460 | ||||
| At most one | 2.897897 | 3.841466 | |||||
| (GDP_G; CAR) | None | 7.158597 | 14.26460 | ||||
| At most one | 4.429051 | 3.841466 | |||||
Max-Eigenvalue test indicates no cointegration at the 5% level. “None” represents the null hypothesis, assuming that there is no cointegration between the examined series. “At most one” is the alternative hypothesis, assuming that there is at most one cointegration. The hypothesis can be rejected when the t-statistic values (T-stat) is higher than the corresponding critical value (CV)