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)

Note: ∗∗,∗∗∗denotes statistically significant at 5 percent and 10 percent, respectively.