Table 7 Unit root test: Levin–Lin Chu...

Table 7

Unit root test: Levin–Lin Chu and Breitung

Variables	LLC unit-root test		Breitung unit-root
Variables	At level	1st difference	At level	1st difference
Liquidity	−3.128***	−9.813***	0.184	−4.217***
(BSCR)BEE score	−10.694***	−19.357***	−4.883***	−8.349***
Total asset	−7.155***	−6.968***	1.878	−4.975***
Debt/equity ratio	−1.10 E+02***	−64.195***	1.958	−5.497***
Unemployment	−4.127	−8.037***	0.659	−4.671***
Consumer price index	−6.729	−2.852***	2.865***	−3.846***
Interest rate	−7.062	0.975***	−7.935***	−8.134***
Repo rate	−8.889***	−9.075***	−2.359***	−3.730***
Treasury bill	−11.002***	−8.703***	−2.552***	−2.125**

Variables	LLC unit-root test		Breitung unit-root
Variables	At level	1st difference	At level	1st difference
Liquidity	−3.128***	−9.813***	0.184	−4.217***
(BSCR)BEE score	−10.694***	−19.357***	−4.883***	−8.349***
Total asset	−7.155***	−6.968***	1.878	−4.975***
Debt/equity ratio	−1.10 E+02***	−64.195***	1.958	−5.497***
Unemployment	−4.127	−8.037***	0.659	−4.671***
Consumer price index	−6.729	−2.852***	2.865***	−3.846***
Interest rate	−7.062	0.975***	−7.935***	−8.134***
Repo rate	−8.889***	−9.075***	−2.359***	−3.730***
Treasury bill	−11.002***	−8.703***	−2.552***	−2.125**

Note(s): The test statistics of the Levin–Lin–Chu (LLC) unit-root test are shown as Adjusted t* and are reported. The trend was included. *, **, *** implies series stationary significant levels at 10%, 5% and 1%, respectively. The test statistics of the Breitung unit-root test are shown. The trend was included. LLC and Breitung unit-root tests apply to unbalanced panel data

Source(s): Authors’ own work

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