| Model null hypothesis | Lag phase | F statistics | Probability | Conclusion | |
| 1 | LNOFDI is not the Granger causality of GSR | 2 | 4.139493 | 0.1062 | Accepted |
| GSR is not the Granger causality of LNOFDI | 2 | 47.26614 | 0.0000 | Rejected | |
| 2 | LNOFDI is not the Granger causality of LNHOF | 2 | 0.115503 | 0.9439 | Accepted |
| LNHOF is not the Granger causality of LNOFDI | 2 | 2.156317 | 0.3402 | Accepted | |