Can Spearman’s coefficient of rank correlation showing in-association (roh|t|=0.1680. It reveals that there were significant changes in the efficiency rankings of sub-sectors between the two panel periods. Because if there were no structural changes in terms in the industry the sectoral efficiency rankings should have been unchnaged or minor changes.
However, changing value of Spearman’s coefficient of correlation reveals structural changes but does not necessarily show productivity improvements at all sectors.
Please, advise if I am thinking in right way?
Correlation can be incidental. To establish causal relationship, regression is the method.
It depends on how you want to use the information. The Spearman's Rank coefficient can give you the intensity of dependency, but it can not give you a direct dependency measure.
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