Table 8 Robustness Test for Granger Causality.

From: Exploring the herding behavior of investors in the Non-fungible Tokens (NFTs) and cryptocurrency markets

Dependent variable

Independent variable

Chi-sq

p-value

 

D(LN_SALES)

D(LN_SELLER_)

26.20759

0.0005

***

D(LN_ETH_)

8.517729

0.2892

 

D(LN_BTC_)

9.106763

0.2451

 

D(LN_ETH_)

D(LN_SELLER_)

13.54378

0.0599

*

D(LN_BTC_)

15.173

0.0338

**

D(LN_SALES)

18.02885

0.0118

**

D(LN_SELLER_)

D(LN_ETH_)

9.927205

0.1927

 

D(LN_BTC_)

10.30719

0.1718

 

D(LN_SALES)

13.01633

0.0717

*

D(LN_BTC_)

D(LN_SELLER_)

5.096253

0.6482

 

D(LN_ETH_)

16.80795

0.0187

**

D(LN_SALES)

8.567585

0.2852

 
  1. P-values of the Granger causality test / Wald test for short-term relationships.
  2. ***p < 0.01; **p < 0.5; *p < 0.1.
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