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. 2021 Jan 4;23(8):12192–12216. doi: 10.1007/s10668-020-01164-4

Table 5.

Cointegration estimation analysis

Variables Panel A Panel B Panel C
Model 1 Model 2 Model 1 Model 2 Model 1 Model 2
EPI 1.2389*** 1.2229*** 0.7811*** 0.9325*** 1.1417*** 1.1565***
SIZE 0.0003  − 0.0022 0.0058 0.0178 0.0118 0.0000
LEV  − 0.0035  − 0.0008  − 0.0011  − 0.0079  − 0.0055  − 0.0001
ROE  − 0.0010  − 0.0006  − 0.0030  − 0.0013  − 0.0015  − 0.0009
EADI 0.9673*** 1.0066*** 0.9738***
EPI  − 1.1800***  − 0.8244***  − 1.0972***
SIZE 0.0049 0.0028 0.0050
LEV  − 0.0081  − 0.0005  − 0.0164
ROE  − 0.0002 0.0069 0.0007
Prob > chi2 0.0001 0.0000 0.0000 0.0000 0.0000 0.0000

***,**,*denote 1%, 5% and 10% significant level respectively