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

Table 9

Results of Johansen cointegration.

No. of coin. equ (s)	Trace test			Eigenvalue test
	Trace statistic	0.05 CV	Prob.^Y	Max-eigen statistic	0.05 CV	Prob.^Y
None	91.562	69.818	0.000	36.511	33.876	0.023
At most 1	55.050	47.856	0.009	26.658	27.584	0.065
At most 2	28.392	29.797	0.071	15.226	21.131	0.273
At most 3	13.165	15.494	0.108	7.408	14.264	0.442
At most 4	5.756	3.841	0.016	5.756	3.841	0.016

(i) Trace test (2 cointegrating eqns at the 0.05 level), (ii) Max-eigenvalue test (1 cointegrating eqn at the 0.05 level), (iii) X denotes the rejection of the null hypothesis at the 0.05 level, (iv) Y represents MacKinnon–Haug–Michelis (1999) values, and (v) CV represents critical value.