How Energy Sector Reacted to COVID-19 Pandemic? Empirical Evidence from an Emerging Market Economy

Table 8

The results of the ARDL bounds test for the model environment and COVID-19.

Test statistic: F-statistic
BET-NG	40.32473
SNG	33.30209
EL	39.27895
TGN	52.79222
TEL	40.24938
EEX-B	25.06441
EEX-P	25.75187
APX	23.92644
LNGI	38.06681
Critical value bounds
Significance	I0 bound	I1 bound
10%	3.17	4.14
5%	3.79	4.85
2.50%	4.41	5.52
1%	5.15	6.36

Source: author’s own work. Notes: null hypothesis: no long-run relationships exist. For the definition of variables, please see Table 2.