Table 4.
Panel-unit root test.
| Panel A: Levin, Lin & Chu Unit Root Test |
Decision | ||||
|---|---|---|---|---|---|
| Variables | Level |
First difference |
|||
| Test statistics | P-value | Test statistic | P-value | ||
| EGR | 6.101 | 1.000 | −3.071*** | 0.001 | I (1) |
| EIN | 1.034 | 0.849 | −4.598*** | 0.000 | I (1) |
| ES | −1.255 | 0.104 | −4.690*** | 0.000 | I (1) |
| PDN | −1.262 | 0.100 | −3.366*** | 0.000 | I (1) |
| RDN | −0.727 | 0.233 | −8.908*** | 0.000 | I (1) |
| RIN | −0.363 | 0.358 | −8.983*** | 0.000 | I (1) |
|
RTEC |
3.982 |
1.000 |
−2.780*** |
0.002 |
I (1) |
| Panel A: Im, Pesaran and Shin Unit Root Test | Decision | ||||
| Variables |
Level | First difference | |||
|
Test statistic |
P-value |
Test statistic |
P-value |
||
| EGR | 7.385 | 1.000 | −2.264*** | 0.011 | I (1) |
| EIN | 3.300 | 0.999 | −5.421*** | 0.000 | I (1) |
| ES | −0.098 | 0.460 | −4.890*** | 0.000 | I (1) |
| PDN | −0.904 | 0.182 | −2.643*** | 0.004 | I (1) |
| RDN | 1.251 | 0.894 | −9.334*** | 0.000 | I (1) |
| RIN | −0.464 | 0.321 | −9.355*** | 0.000 | I (1) |
| RTEC | 5.193 | 1.000 | −2.974*** | 0.001 | I (1) |
“*** significant at 0.01”.