Research Article
Domestic Investment, Foreign Direct Investment, and Economic Growth Nexus: A Case of Pakistan
Table 4
Results of Toda-Yamamoto causality test results.
| Null hypothesis | Modified Wald statistics (probability) | Conclusion |
| LNDINV does not cause LNFDI | 3.977** | Null hypothesis is rejected | (0.046) |
| LNFDI does not cause LNDINV | 4.803** | Null hypothesis is rejected | (0.028) |
| LNDINV does not cause LNGDP | 4.233** | Null hypothesis is rejected | (0.0396) |
| LNGDP does not cause LNDINV | 0.253 | Null hypothesis is accepted | (0.615) |
| LNGDP does not cause LNFDI | 3.286*** | Null hypothesis is rejected | (0.0699) |
| LNFDI does not cause LNGDP | 1.358 | Null hypothesis is accepted | (0.244) |
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Note: denotes statistically significant at 5 percent and 10 percent, respectively.
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