Page 71 - rohana_journal_No_12-2020-final

Research Journal of the University of Ruhuna, Sri Lanka- Rohana 12, 2020

Variable Coefficient Std.Error t - Statistic P - Value
LGRO(-2) 1.850 0.241 7.661 0.000
LINF 1.502 0.274 5.481 0.002
LINF(-1) 1.353 0.212 6.370 0.001
LINFRA 2.081 0.463 4.491 0.004
LINFRA(-1) -2.137 0.446 -4.789 0.003
LINFRA(-2) -1.904 0.484 -3.933 0.008
LOPEN 5.418 1.060 5.111 0.002
LOPEN(-1) -8.818 1.451 -6.075 0.001
LWAGI -1.266 0.865 -1.463 0.194
LWAGI(-1) 4.367 1.027 4.251 0.005
LWAGI(-2) 3.488 0.807 4.324 0.005
C -18.841 8.544 -2.205 0.070
̅
2
= 0.97404 AIC = -0.4575
Standard error of regression = 0.19147 Schwarz criterion = 0.62687
F – Statistics = 48.74981 D.W. Statistics = 2.2868

Source: Author (2020)

Long run model for FDI inflows

After cointegration is established the conditional ARDL Long-run model can be

estimated based on the following equation form.

= + + + + + +
1
2
3
5
0
4
4
+ +
6
7
+ (02)
Table 04: Estimated Long-run Coefficients from ARDL Model
Variable Coefficient Std. Error t-Statistic P- value
LCTR - 2.496 0.546 - 4.574 0.004
LEXR 0.216 0.398 0.543 0.607
LFD 0.894 0.395 2.263 0.032
LGROT 0.405 0.185 2.190 0.038
LINF - 1.623 0.291 -5.578 0.001
LINFRA 1.114 0.271 4.1142 0.006
LOPEN 1.932 0.627 3.084 0.002
LWAGI - 3.746 0.461 8.118 0.000
C -10.709 4.420 -2.422 0,052
Source: Author (2020)

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