Table 4.

Stationarity test results.

Variables	LLC test	Fisher-PP test	Fisher- ADF test	Result
DIG	−42.975***	7.004***	60.069***	stable
AI	−290.416***	10.268***	32.814***	stable
TYC	−1.544*	124.319***	1.292 *	stable

Note: Note: DIG means Digitization, AI means Artificial Intelligence, and TYC means Sports Industry; *, * *, and * * indicate significance at the confidence level of 10%, 5%, and 1% respectively, the same as below; the figures in the table represent the corresponding statistics in LLC test, IPS test and Fisher- ADF test, respectively.