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Panel cointegration test results
| Value | P-value | |
|---|---|---|
| Pedroni cointegration test | ||
| Modified Phillips-Perron | 5.393* | 0.000 |
| Phillips-Perron | 5.180* | 0.000 |
| Augmented Dickey-Fuller | 5.088* | 0.000 |
| Westerlund (2008) panel cointegration test | ||
| − 2.045** | 0.020 | |
| − 1.593*** | 0.056 | |
Note: The symbols *, **, and *** represent the significance levels at 1%, 5%, and 10%, respectively
