Table 5.

Pesaran (2007) CIPS unit root test.

Variables	Level		First differences
	Constant	Constant + Trend	Constant	Constant + Trend
CO	−1.173	−1.215	−7.662 *	−8.035 *
EPS	−1.564	−1.739	−9.716 *	−9.994 *
HDI	−1.209	−1.296	−8.270 *	−8.619 *

Source: own processing. Note: * it is significant at 1% significance level.