Table 2 Results of the ADF and PP tests... | Emerald Publishing

Table 2

Results of the ADF and PP tests

Banks name	Augmented Dickey-Fuller test	Phillips Perron test
	t-statistic	Adj. t-stat
State Bank of India	−59.08593*	−59.05334*
Punjab National Bank	60.67446*	−60.86909*
Bank of Baroda	−61.95868*	−61.95185*
Canara Bank	−60.4608*	−60.508*
Central Bank of India	−54.93914*	−55.48078*
Indian Overseas Bank	−58.31814*	−58.37298
Indian Bank	−57.92858*	−58.06392*
Uco Bank	−57.97231*	−57.92409*
Union Bank	−60.3755*	−60.39638*
Bank of Maharashtra	−58.38349*	−58.25278*
HDFC Bank	46.65654*	−60.34253*
ICICI Bank	−59.70805*	−59.63601*
AXIS Bank	−61.04492*	−61.04529*
City Bank	−61.62912*	−61.63952*
Federal Bank	−59.92253*	−59.95199*
IndusInd Bank	−59.64693*	−59.753*
Kotak Mahindra Bank	−60.43972*	−60.39113*

Banks name	Augmented Dickey-Fuller test	Phillips Perron test
	t-statistic	Adj. t-stat
State Bank of India	−59.08593*	−59.05334*
Punjab National Bank	60.67446*	−60.86909*
Bank of Baroda	−61.95868*	−61.95185*
Canara Bank	−60.4608*	−60.508*
Central Bank of India	−54.93914*	−55.48078*
Indian Overseas Bank	−58.31814*	−58.37298
Indian Bank	−57.92858*	−58.06392*
Uco Bank	−57.97231*	−57.92409*
Union Bank	−60.3755*	−60.39638*
Bank of Maharashtra	−58.38349*	−58.25278*
HDFC Bank	46.65654*	−60.34253*
ICICI Bank	−59.70805*	−59.63601*
AXIS Bank	−61.04492*	−61.04529*
City Bank	−61.62912*	−61.63952*
Federal Bank	−59.92253*	−59.95199*
IndusInd Bank	−59.64693*	−59.753*
Kotak Mahindra Bank	−60.43972*	−60.39113*

Note(s): *, ** and *** represents p-value <1%, 5% and 10% respectively

Source(s): Compiled by authors