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Table 3 Panel cointegration test results

From: Renewable energy consumption in Africa: the role of economic well-being and economic freedom

1. Pedroni’s cointegration test (deterministic intercept and trend)

Common autoregressive coefficients (within dimension)

Tests

Statistic

p value

Weighted statistic

p value

Panel v statistic

−3.336065

0.9996

−4.537104

1.0000

Panel rho statistic

1.851068

0.9679

1.759351

0.9607

Panel PP statistic

−17.26343

0.0000

−17.92932

0.0000

Panel ADF statistic

−7.347244

0.0000

−7.065955

0.0000

Individual Autoregressive coefficients (between dimension)

Group rho statistic

3.713946

0.9999

  

Group PP statistic

-32.93876

0.0000

  

Group ADF statistic

-8.285983

0.0000

  

2. Kao residual cointegration test (no deterministic trend)

H0, no cointegration; H1, cointegration

Test statistic, p value

−20.13701***, 0.0000

Note: Decision: Reject the null hypothesis and accept the alternative of cointegration

3. Johansen Fisher panel cointegration test (linear deterministic trend)

Null hypothesis

Fisher statistic (trace test)

p value

Fisher statistic

(maximum eigenvalue)

p value

r = 0

47.53

0.3308

47.53

0.3308

r ≤ 1

200.8

0.0000

2651

0.0000

r ≤ 2

996.3

0.0000

4747

0.0000

r ≤ 3

575.2

0.0000

375.0

0.0000

r ≤ 4

291.1

0.0000

176.9

0.0000

r ≤ 5

165.1

0.0000

115.0

0.0000

r ≤ 6

146.0

0.0000

146.0

0.0000

  1. Notes: cointegration test results were generated by Eviews 9
  2. Null hypothesis, no cointegration
  3. Automatic lag length selection based on SIC with lags from 0 to 2
  4. Sample period is 1996-2017