Hypothesized

No. of CE(s)

Eigenvalue

Trace Statistic

0.05

Critical Value

Max-Eigen

Statistic

0.05

Critical Value

C = 0

0.662

63.581^*** (0.000)

47.856

35.869^*** (0.003)

27.584

C ≤ 1

0.424

27.711 (0.085)

29.797

18.252 (0.120)

21.131

C ≤ 2

0.189

9.459 (0.324)

15.494

6.928 (0.497)

14.264

C ≤ 3

0.073

2.531 (0.111)

3.841

2.531 0.111)

3.841