Table 5. Cointegration test Kao test... | Emerald Publishing

Table 5.

Cointegration test

	Kao test	Pedroni test
Model: f(CP and circularity)	Dickey−Fuller test	Phillips−Perron test
CP
CE_MW	−2.33***	−23.52***
CE_PA	−3.28***	−18.88***
CE_MA	−4.52***	−11.86***
CE_RW	−4.38***	−22.95***
CE_RB	−4.23***	−17.95***
CE_RE	−3.47***	−18.93***

	Kao test	Pedroni test
Model: f(CP and circularity)	Dickey−Fuller test	Phillips−Perron test
CP
CE_MW	−2.33***	−23.52***
CE_PA	−3.28***	−18.88***
CE_MA	−4.52***	−11.86***
CE_RW	−4.38***	−22.95***
CE_RB	−4.23***	−17.95***
CE_RE	−3.47***	−18.93***

Note(s): ***, **, and * represent 1, 5, and 10% significance level, respectively

Source(s): Authors’ own creation