Table 2.

Results of panel unit root tests.

	Test of Im, Pesaran and Shin [p-value]	Breitung test [p-value]
Panel A: The null hypothesis: The variable under consideration has a unit root
ΔGDP	−8.0112 [0.0000]∗∗∗	−4.5598 [0.0000]∗∗∗
ΔTA	−14.3713 [0.0000]∗∗∗	−15.8123 [0.0000]∗∗∗
Panel B: The null hypothesis: The variable under consideration has a unit root
OPR	−3.8590 [0.0001]∗∗∗	−4.2204 [0.0000]∗∗∗
ROA	−5.6864 [0.0000]∗∗∗	−5.6865 [0.0000]∗∗∗
ROE	−5.7290 [0.0000]∗∗∗	−5.2141 [0.0000]∗∗∗
SR	−5.4577 [0.0000]∗∗∗	−5.4479 [0.0000]∗∗∗
SCORE	−1.8307 [0.0336]∗∗	−3.5273 [0.0002]∗∗∗
SIZE	−1.6824 [0.0508]∗∗	−2.0438 [0.0205]∗∗

Note: Both test equations include an individual intercept and time trend. ∗, ∗∗, and ∗∗∗ indicate that the null hypothesis can be rejected at the 10%, 5% and 1% level, respectively.