Table 13 Juodis et al. (2021) causality test.

From: The non-linear relationship between ESG performance and bank stability in the digital era: new evidence from a regime-switching approach

HPJ Wald test: 3.6 e + 04

Variables

Coefficient

Standard Error

Z-statistic

p-value

Decision

IUI

0.283

0.093

3.03

0.002

Causality

MCS

0.307

0.069

4.45

0.000

Causality

ATM

0.030

0.107

0.28

0.777

No causality

NIM

−7.636

4.570

−1.67

0.095

Causality

ESG

0.504

0.099

5.09

0.000

Causality

ROA

−0.202

0.049

−4.60

0.000

Causality

CIR

0.095

0.001

56.83

0.00

Causality

GDPG

−0.875

1.48

−0.76

0.446

No causality

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