Table 3.

Levin–Lin–Chu (LLC) unit root test.

Variables	Intercept in test equation
	Statistic	P-value	Statistic	P-value
$\Delta$ EG	0.234	0.162	14.027	0.000
$\Delta$ TO	1.278	0.196	10.012	0.000
$\Delta$ SDG	0.837	0.172	1.902	0.000
$\Delta$ FD	−1.038	0.128	−3.417	0.000
$\Delta$ INF	−4.927	0.281	−3.073	0.000
$\Delta$ Tech	1.063	0.140	1.573	0.000
$\Delta$ LBR	0.821	0.216	0.114	0.000
$\Delta$ FOP	0.163	0.086	−2.731	0.000
	Level		First Difference I (1)

Variables	Trend and Intercept in test equation
	Level		First Difference I (1)
	Statistic	P-value	Statistic	P-value
$\Delta$ EG	3.204	0.131	3.178	0.000
$\Delta$ TO	1.362	0.102	5.032	0.000
$\Delta$ SDG	0.025	0.129	2.018	0.000
$\Delta$ FD	−1.038	0.164	−3.002	0.000
$\Delta$ INF	−2.476	0.134	−2.183	0.000
$\Delta$ Tech	1.748	0.217	1.038	0.000
$\Delta$ LBR	2.831	0.194	2.025	0.000
$\Delta$ FOP	0.341	0.157	−0.021	0.000