Table 4 Results of panel unit root tests...

Table 4

Results of panel unit root tests

Variable	$Level$	First difference	$Decision$
$HC$	2.715***	4.126***	I(0)
$DFII$	2.010	3.407***	I(1)
$IS$	1.611	3.868***	I(1)
$PS$	2.118	4.514***	I(1)
$PR$	2.293*	2.556***	I(0)
$DCPS$	2.610***	2.610***	I(0)

Note(s):

*and

***indicate statistical significance at 10 and 1%, respectively

Source(s): Authors’ own work

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