Table 4. CSD and unit root results LLC... | Emerald Publishing

Table 4.

CSD and unit root results

		LLC		IPS		Breitung	PESCADF	CIPS
Variables	CD-test	Level	Level	First difference	Level	First difference	Level	Level
logf1	39.749***	–6.0872***	–1.9512**		–1.7946**		–3.927***	–4.531***
financial_outreach	26.953***	–1.4114*	–2.8348***		–1.5099*		–3.664***	–4.642***
financial_usage	15.282***	–4.1553***	–2.3032**		–2.7132***		–3.390***	–4.433***
financial_inclusion	19.477***	–1.8225**	–2.1755**		–1.6922**		–3.625***	–4.589***
loggdp	17.645***	–3.0285***	1.6176	–3.7990***	0.6247	–2.7429***	–4.126***	–5.111***
agri_area	60.179***	–3.7238***	3.9638	–1.2301***	2.2042	–2.1923**	–3.507***	–6.382***
frent	18.12***	–7.7216***	–3.0981***		–2.4029***		–3.411***	–3.819***
trade	7.737***	–5.2325***	–2.2415**		–2.1771**		–3.222***	–4.812***
pop_growth	4.243***	–8.4578***	–3.7500**		–0.64	–2.5346***	–3.479***	–4.946***

		LLC		IPS		Breitung	PESCADF	CIPS
Variables	CD-test	Level	Level	First difference	Level	First difference	Level	Level
logf1	39.749***	–6.0872***	–1.9512**		–1.7946**		–3.927***	–4.531***
financial_outreach	26.953***	–1.4114*	–2.8348***		–1.5099*		–3.664***	–4.642***
financial_usage	15.282***	–4.1553***	–2.3032**		–2.7132***		–3.390***	–4.433***
financial_inclusion	19.477***	–1.8225**	–2.1755**		–1.6922**		–3.625***	–4.589***
loggdp	17.645***	–3.0285***	1.6176	–3.7990***	0.6247	–2.7429***	–4.126***	–5.111***
agri_area	60.179***	–3.7238***	3.9638	–1.2301***	2.2042	–2.1923**	–3.507***	–6.382***
frent	18.12***	–7.7216***	–3.0981***		–2.4029***		–3.411***	–3.819***
trade	7.737***	–5.2325***	–2.2415**		–2.1771**		–3.222***	–4.812***
pop_growth	4.243***	–8.4578***	–3.7500**		–0.64	–2.5346***	–3.479***	–4.946***

Note(s):

$* * * p < 0.01$ ⁠, $* * p < 0.05$ ⁠, $* p < 0.1$