Table 4.

Dynamic connectedness results

TO (i)	COM	REA	UTI	DIS	INF	ESG	IND	STA	FIN	ENE	MAT	HEA	DLT	FROM (i)
COM	18.07	4.35	2.23	10.49	9.73	11.28	7.76	5.69	7.69	4.61	6.83	4.92	6.33	81.93
REA	6.06	21.82	8.56	7.05	5.45	8.74	7.34	8.49	7.66	3.88	6.21	2.84	5.9	78.18
UTI	4.32	12.89	26.82	4.55	4.05	6.85	6	11.64	7.64	3.09	5.14	2.21	4.78	73.18
DIS	8.3	3.82	2.05	14.94	10.86	11.91	9.17	4.55	7.67	4.73	7.99	7.03	6.99	85.06
INF	8.39	3.48	1.89	11.69	15.14	12.82	8.38	4.53	8.56	4.17	7.32	7.54	6.09	84.86
ESG	7.9	4.58	2.53	10.34	10.4	12	9.81	5.48	8.8	5.43	8.51	6.06	8.16	88
IND	6.19	4.45	2.3	8.6	7.65	10.6	14.43	4.71	6.85	7.26	11.05	5.76	10.15	85.57
STA	7.03	7.7	7.2	6.89	6.33	9.9	7.91	17.55	9.28	3.57	7.03	2.85	6.75	82.45
FIN	7.2	5.13	3.53	8.82	8.98	11.53	8.81	6.47	14.71	4.6	7.93	5.3	6.97	85.29
ENE	5.84	3.74	1.47	7.28	6	9.41	11.13	3.28	5.95	19.74	9.86	5.61	10.69	80.26
MAT	5.78	4.15	2.4	8.32	7.45	10.29	12.54	4.61	6.77	6.88	15.09	5.81	9.91	84.91
HEA	5.72	2.21	1.3	10.66	10.65	9.99	8.31	2.83	6.3	4.76	7.63	23.11	6.53	76.89
DLT	5.84	4.36	2.3	8.08	7.26	10.78	12.25	4.36	6.65	7.23	10.28	5.61	15	85
CTO	78.58	60.86	37.76	102.77	94.8	124.11	109.43	66.66	89.84	60.21	95.79	61.54	89.25	1071.59
NET	− 3.35	− 17.32	− 35.41	17.7	9.94	36.11	23.86	− 15.79	4.55	− 20.05	10.87	− 15.34	4.25	TCI = 82.43

*, **, *** indicates significance at the 10, 5, and 1% level significance

Source: author’s calculation