Table 4.

Unit root test results

Variable	CADF		CIPS
	Level	First-difference	Level	First-difference
LHW	− 1.480	− 3.006*	− 1.404	− 4.408*
LNR	− 1.994	− 4.391*	− 2.143**	− 5.622*
LFR	− 3.331*	− 4.637*	− 3.528*	− 5.833*
LGI	− 3.619*	− 5.475*	− 4.792*	− 6.059*
LEG	− 2.473*	− 3.529*	− 2.476*	− 4.760*

Note: The symbols * and ** represent the significance levels at 1% and 5%, respectively