. 2021 Aug 2;24(4):5426–5450. doi: 10.1007/s10668-021-01665-w

Table 2.

The ARDL result of co-integration

Estimated equations	AIC lags	F-statistics	Results	Coint.eq
$f l n e f (l n e f / l n g d p l n g d p_s q l n u r b l n e n g l n t o p l n h c))$	3	12.50***	Co-integrated	− 0.85***
$f l n g d p (l n g d p / l n e f l n g d p_s q l n u r b l n e n g l n t o p l n h c))$	3	15.35***	Co-integrated	− 0.07***
$f l n g d p_s q (l n g d p_s q / l n e f l n g d p l n u r b l n e n g l n t o p l n h c))$	3	16.37***	Co-integrated	0.04***
$f l n u r b (l n u r b / l n g d p l n g d p_s q l n e f l n e n g l n t o p l n h c))$	3	27.74***	Co-integrated	− 0.12***
$f l n e n g (l n e n g / l n g d p l n g d p_s q l n e f l n u r b l n t o p l n h c))$	3	5.30***	Co-integrated	− 0.81***
$f l n t o p (l n t o p / l n g d p l n g d p_s q l n e f l n u r b l n e n g l n h c))$	3	6.81***	Co-integrated	− 1.51***
$f l n h c (l n h c / l n g d p l n g d p_s q l n e f l n u r b l n e n g l n t o p))$	3	18.36***	Co-integrated	− 0.21***

The critical bound values for F statistic are 2.12, 2.45, 2.75, and 3.15 for lower I(0) and 3.23, 3.61, 3.99, and 4.43 for upper I(1) at 10%, 5%, 2.5%, and 1%, respectively. ***denotes the significance level at 1% levels