Table 3.

Unit root test results.

Variable(s)	ADF		P–P
	I(0)	I(1)	I(0)	I(1)
lnC	−1.433	−5.483***	−0.840	−5.726***
lnc-effect	−1.074	−3.345**	−2.866**	−10.322***
e-effect	−4.321***	−6.697***	−5.484***	−8.702***
s-effect	−3.708***	−5.930***	−5.162***	−8.868***
lnw-effect	−1.048	−2.894**	−2.606*	−8.923***
lny-effect	−1.046	−3.745***	−2.784*	−12.756***

Note: I(0) and I(1) denote levels and first difference, respectively. *, **, *** denote the significant level at 10%, 5%, and 1%, respectively.