Table 7.

D–H panel causality exploration.

Null Hypothesis:	W-Stat.	Zbar-Stat.	p-Value
lntemp does not homogeneously cause lnsoyby	1.27581	0.28890	0.7727
lnsoyby does not homogeneously cause lntemp	2.25402	2.27245	0.0231 **
lnrf does not homogeneously cause lnsoyby	0.69129	−0.89634	0.3701
lnsoyby does not homogeneously cause lnrf	4.06778	5.95028	3 × 10−9 ***
lnferc does not homogeneously cause lnsoyby	4.48484	6.79596	1 × 10−11 ***
lnsoyby does not homogeneously cause lnferc	6.72337	11.3351	0.0000 ***
pestc does not homogeneously cause lnsoyby	3.10588	3.99980	6 × 10−5 ***
lnsoyby does not homogeneously cause pestc	2.50988	2.79127	0.0053 ***
lnfs does not homogeneously cause lnsoyby	0.89766	−0.47788	0.6327
lnsoyby does not homogeneously cause lnfs	0.76569	−0.74549	0.4560
lncredit does not homogeneously cause lnsoyby	2.36589	2.49930	0.0124 **
lnsoyby does not homogeneously cause lncredit	2.51493	2.80151	0.0051 ***
lnpinvet does not homogeneously cause lnsoyby	3.01979	3.82523	0.0001 ***
lnsoyby does not homogeneously cause lnpinvet	3.84148	5.49141	4 × 10−8 ***
lnagrpc does not homogeneously cause lnsoyby	3.98780	5.78810	7 × 10−9 ***
lnsoyby does not homogeneously cause lnagrpc	3.19739	4.18535	3 × 10−5 ***

Note: *** p < 0.01 and ** p < 0.05.