Table 3 Result of CIPS panel unit root...

Table 3

Result of CIPS panel unit root test

Variables	Level		1st difference		Remarks
Variables	t-stat	p-value	t-stat	p-value	Remarks
lnCF	−0.83546	≥0.10	−2.34745***	<0.10	I(1)
lnAIi	−3.18031*	<0.01	−4.39508*	<0.01	I(0), I(1)
lnET	−0.43396	≥0.10	−2.57454**	<0.05	I(1)
lnEG	−3.48218*	<0.01	−1.80060	≥0.10	I(0)
lnVAag	−0.97012	≥0.10	−2.69352**	<0.05	I(1)
lnVAi	−2.19949**	<0.01	−3.91162	<0.01	I(0), I(1)

Variables	Level		1st difference		Remarks
Variables	t-stat	p-value	t-stat	p-value	Remarks
lnCF	−0.83546	≥0.10	−2.34745***	<0.10	I(1)
lnAIi	−3.18031*	<0.01	−4.39508*	<0.01	I(0), I(1)
lnET	−0.43396	≥0.10	−2.57454**	<0.05	I(1)
lnEG	−3.48218*	<0.01	−1.80060	≥0.10	I(0)
lnVAag	−0.97012	≥0.10	−2.69352**	<0.05	I(1)
lnVAi	−2.19949**	<0.01	−3.91162	<0.01	I(0), I(1)

Note(s): *, **, and *** denote statistically significant at the 1, 5, and 10% level respectively. The critical values of CIPS test at 10, 5 and 1% significance levels are: −2.31, −2.52 and −2.97 for no intercept or trend, respectively

Source(s): Authors’ computation

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