. 2018 Nov 23;75:204–214. doi: 10.1016/j.jairtraman.2018.10.002

Table 5.

HEGY seasonal unit root tests for monthly visitor arrivals by air transport to New Zealand (January 1993‒December 2013).

	Australia	Canada	China	Germany	Japan	South Korea	United Kingdom	United States
t-statistics
$π_{1}$	1.212	1.311	2.893	−0.388	0.129	2.523	2.137	1.677
$π_{2}$	−1.641	3.142	−2.817***	0.845	1.103	2.583	2.485	0.778
$π_{3}$	−0.871	2.271	2.458	1.449	2.404	−5.770****	4.604	2.952
$π_{4}$	−1.470	0.949	−0.850	−0.311	−0.546	−0.076	−0.307	−0.610
$π_{5}$	−0.570	−2.202**	0.131	−2.792***	−6.220***	−4.752***	−2.676***	−3.280***
$π_{6}$	−8.196***	−3.108***	−2.944***	−3.240***	−4.673***	−2.044**	−5.730***	−4.531***
$π_{7}$	−4.708***	−4.410***	−3.826***	−3.937***	−3.252***	−0.060	−3.210***	−0.126
$π_{8}$	1.786	−0.026	1.280	1.119	3.107	5.822	−0.943	−0.332
$π_{9}$	0.681	−1.273	0.333	−1.977**	0.804	−3.058***	−1.981**	−2.164**
$π_{10}$	3.098	−1.838*	−1.836*	0.457	−3.301***	−2.137**	−2.406**	−1.580
$π_{11}$	1.652	1.031	0.539	2.831	1.557	4.381	1.960	3.343
$π_{12}$	−0.550	2.649	4.956	3.465	6.366	4.668	2.957	2.312
F-statistics
$π_{3}, π_{4}$	13.366***	6.767**	22.875***	9.853***	15.343***	22.392***	16.632***	7.322**
$π_{5}, π_{6}$	22.966***	12.419**	18.064***	16.282***	9.067***	22.246***	19.633***	10.504**
$π_{7}, π_{8}$	25.121***	5.449*	10.874***	4.937	19.585***	31.937***	10.122***	6.076*
$π_{9}, π_{10}$	14.838***	12.500***	13.319***	7.868***	14.288***	15.571***	15.091***	7.571**
$π_{11}, π_{12}$	11.438***	10.642***	10.827***	2.398	16.193***	21.129***	16.112***	10.098***
$π_{2}, \dots π_{12}$	28.321***	11.085***	29.372***	10.573***	28.784***	179.358***	22.669***	11.553***

Remarks: All of the time series above are stated in natural logarithm. The regression contains the constant, trend and seasonal dummies for the HEGY seasonal unit root tests. *, ** and *** indicate that the explanatory variable is significant at the 0.10, 0.05 and 0.01 significance level, respectively. $π_{i}$ is the coefficient of the monthly seasonal time series.