Exchange Rate Movement and Foreign Direct Investment in Asean Economies

Table 2

ARDL bounds test.

Country	Equation: ARDL(𝑝,𝑞)	𝐹-Statistic	Diagnostic test
Malaysia	ARDL(0, 3): 𝐹(AFDI∣RER)	5.5317**	𝜒^2SC=0.0108
			𝜒^2Het=0.0015
The Philippines	ARDL(0, 0): 𝐹(AFDI∣RER)	4.3418*	𝜒^2SC=1.4191
			𝜒^2Het=0.05672
Thailand	ARDL(0, 0): 𝐹(AFDI∣RER)	0.7247	𝜒^2SC=0.0421
			𝜒^2Het=1.9710
Singapore	ARDL(0, 0): 𝐹(AFDI∣RER)	4.3578*	𝜒^2SC=0.1853
			𝜒^2Het=0.0133

Notes: ***, **, and * denote significant and rejected at the 1%, 5%, and 10% levels, respectively. Figures in ( ) indicate numbers of lag structures selected based on the lowest SIC. The models were estimated using Microfit 4.1. All variables are transformed into logarithms (𝐿).