Null hypothesis

$W_{N,T}^{Hnc}$

${\overline{Z}}_{N,T}^{Hnc}$

Prob. value

Decision

LNRGDP $\to$ LNROA

27.34753***

5.20426***

0.0000

Unidirectional causality from RGDP to ROA

LNROA $\to$ LNRGDP

1.09986

−0.67004

0.5028

LN INF $\to$ LNROA

33.23001***

12.03100***

0.0000

Unidirectional causality from INF to ROA

LNROA_ $\to$ LN INF

1.71597

−0.48521

0.6275

LNNPL $\to$ LNROA

8.11675*

1.53503*

0.0826

Unidirectional causality from NPL to ROA

LNROA $\to$ LNNPL

5.90173

0.67052

0.6948

LNNI $\to$ LNROA

5.94369

0.78311

0.4336

No causality

LNROA $\to$ LNNI

4.25826

0.27748

0.7814

LNBS $\to$ LNROA

15.84145*

3.75244*

0.0518

Unidirectional causality from BS to ROA

LNROA $\to$ LNBS

5.77474

0.73242

0.4639

LNRTL $\to$ LNROA

77.6768***

22.3030***

0.0000

Bidirectional causality between RTL and ROA

LNROA $\to$ LNRTL

20.9000***

5.27000***

0.0000

LNINF $\to$ LNRGDP

44.7872***

12.4362***

0.0000

Unidirectional causality from INF to RGDP

LNRGDP $\to$ LN INF

1.67605

−0.49719

0.6191

LNNPL $\to$ LNRGDP

2.21130

−0.33661

0.7364

No causality

LNRGDP $\to$ LNNPL

5.04306

0.51292

0.6080

LNNI $\to$ LNRGDP

5.39770

0.61931

0.5357

No causality

LNRGDP $\to$ LNNI

5.25524

0.57657

0.5642

LNBS $\to$ LNRGDP

6.41069

0.92321

0.3559

No causality

LNRGDP $\to$ LNBS

3.09129

−0.07261

0.9421

LNRTL $\to$ LNRGDP

1.40673

−0.57798

0.5633

No causality

LNRGDP $\to$ LNRTL

2.89063

−0.13281

0.8943