The critical values provided by Pesaran et al. are not suitable for small sample sizes such as 35 observations, which is what we have in the current study. Hence, we use the small sample critical values provided by Narayan. If the computed F-statistics exceeds the respective upper critical bounds value, we are able to conclude that the variables are cointegrated. If the F-statistics fall below the respective lower critical bounds, we fail to reject the null hypothesis of no cointegration. If the F-statistics fall between its upper and lower critical bounds values, the inference is inconclusive and it is necessary to know the order of integration of the variable to reach a conclusion.