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 | Â | Â |
Group PP statistic | -32.93876 | 0.0000 | Â | Â |
Group ADF statistic | -8.285983 | 0.0000 | Â | Â |
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 |