| Eigenvalue | Trace Test | Max-Eigen Test | ||||
| Null | λ-trace | 0.05 critical value | Null | λ-max | 0.05 critical value | |
| 0.373 | r = 0 | 324.777** (0.000) | 239.235 | r = 0 | 81.737** (0.001) | 64.505 |
| 0.327 | r ≤ 1 | 243.040** (0.000) | 197.371 | r = 1 | 69.414** (0.003) | 58.434 |
| 0.232 | r ≤ 2 | 173.626** (0.007) | 159.529 | r = 2 | 46.252 (0.185) | 52.363 |
| 0.186 | r ≤ 3 | 127.374** (0.039) | 125.615 |
|
|
|
| 0.158 | r ≤ 4 | 91.320 (0.097) | 95.754 |
|
|
|