Null hypothesis

An order lag

Second-order lag

Third-order lag

F statistic

P values

F statistic

P values

F statistic

P values

expenditure is not revenue’s granger causes

0.26

0.614

0.44

0.65

0.01439

0.9976

revenue is not expenditure’s granger causes

0.56

0.456

3.45

0.039^*

1.2380

0.3050