Table 3.

Results of panel unit root tests.

Panel A: The null hypothesis: The variable under consideration has a unit root	Test of Im, Pesaran and Shin [p-value]	Breitung test [p-value]
ROA	−8.069 [0.000]**	−9.233 [0.000]**
ROE	−8.324 [0.000]**	−6.073 [0.000]**
SR	−13.116 [0.000]**	−10.273 [0.000]**
Tobin's Q	−9.757 [0.000]**	−6.942 [0.000]**
IMS	−12.283 [0.000]**	−4.212 [0.000]**
DIRS	−11.071 [0.000]**	−5.368 [0.000]**
MAS	−1.977 [0.024]*	−1.986 [0.024]*

Note: Both test equations include an individual intercept and time trend.

^*Indicate that the null hypothesis can be rejected at the 5% level.

^**Indicate that the null hypothesis can be rejected at the 1% level.