Impacts of Voice and Accountability upon Innovation in Pakistan: Evidence from ARDL and Maki Cointegration Approaches

Table 7

Long- and short-run estimates.

Variable	Coefficient	Standard error	T-statistic
Long-run estimates
Constant	49.374	10.592	4.661
VAA	−5.550	1.312	−4.229
ln TSM	−0.594	0.235	−2.517
ln INF	−8.433	1.597	−5.278
ln SAV	−6.747	1.661	−4.061
Short-run estimates
Δln INN(−1)	0.244	0.084	2.910
Δln INN(−2)	0.211	0.090	2.347
Δln INN(−3)	0.127	0.065	1.953
VAA	−7.293	1.415	−5.151
ΔVAA(−1)	2.772	1.738	1.594
ΔVAA(−2)	2.730	1.746	1.563
ΔVAA(−3)	1.148	1.186	0.967
ΔVAA(−4)	3.355	1.061	3.161
ln TSM	−0.838	0.113	−7.400
Δln TSM(−1)	0.249	0.158	1.578
Δln TSM(−2)	0.231	0.152	1.517
ln INF	−3.023	0.921	−3.281
Δln INF(−1)	1.653	1.033	1.599
Δln INF(−2)	1.630	1.061	1.535
Δln INF(−3)	0.661	0.878	0.752
Δln INF(−4)	2.758	0.846	3.257
ln SAV	−5.149	0.700	−7.352
Δln SAV(−1)	1.900	0.769	2.468
Δln SAV(−2)	1.993	0.809	2.463
Δln SAV(−3)	1.707	0.724	2.355
Δln SAV(−4)	−2.350	0.712	−3.297
ECT(−1)	−0.323	0.032	−9.897

Note. , , and Significant level at 10%, 5%, and 1%.