Table 4. Results of panel unit root... | Emerald Publishing

Table 4.

Results of panel unit root tests

	Level		First difference
Variables	Constant	Constant and trend	Constant	Constant and trend	Order of integration
Cross-sectionally augmented IPS (CIPS)
CI	−2.290*	−2.387	−3.782***	−3.988 ***	I (1)
OFDI	−2.564**	−3.606 ***	−4.874***	−4.948***	I (0)
IS	−1.053	−1.884	−4.096***	−4.652***	I (1)
EL	−2.008	−1.713	−2.622***	−2.954**	I (1)
OPEN	−1.361	−2.456	−3.602***	−3.712***	I (1)
UR	−2.258*	−1.439	−2.286 *	−2.881**	I (1)
EC	−2.178	−2.737	−4.032***	−4.217***	I (1)

	Level		First difference
Variables	Constant	Constant and trend	Constant	Constant and trend	Order of integration
Cross-sectionally augmented IPS (CIPS)
CI	−2.290*	−2.387	−3.782***	−3.988 ***	I (1)
OFDI	−2.564**	−3.606 ***	−4.874***	−4.948***	I (0)
IS	−1.053	−1.884	−4.096***	−4.652***	I (1)
EL	−2.008	−1.713	−2.622***	−2.954**	I (1)
OPEN	−1.361	−2.456	−3.602***	−3.712***	I (1)
UR	−2.258*	−1.439	−2.286 *	−2.881**	I (1)
EC	−2.178	−2.737	−4.032***	−4.217***	I (1)

Source: Authors’ own work