Table 1 Panel unit root tests Levin, Lin... | Emerald Publishing

Table 1

Panel unit root tests

	Levin, Lin & Chu t*	ADF – Fisher Chi-square	Decision rule
	I(0)	I(0)	Decision rule
ROA	−15.4650^***	589.282^***	I(0)
TOBINQ	−23.3339^**	578.027^**	I(0)
CO	−58.713^***	−434.847^***	I(0)
IND	−8.391^***	−232.844^***	I(0)
CS	−8.652^***	362.790^**	I(0)
RAW	−10.984^***	−395.501^***	I(0)
PCR	−5.215^***	−483.9936^***	I(0)
EVA	−7.929^***	−501.110^***	I(0)
MAS	−3.505^***	443.733^**	I(0)
GTAX	−14.574^***	−577.863^***	I(0)

	Levin, Lin & Chu t*	ADF – Fisher Chi-square	Decision rule
	I(0)	I(0)	Decision rule
ROA	−15.4650^***	589.282^***	I(0)
TOBINQ	−23.3339^**	578.027^**	I(0)
CO	−58.713^***	−434.847^***	I(0)
IND	−8.391^***	−232.844^***	I(0)
CS	−8.652^***	362.790^**	I(0)
RAW	−10.984^***	−395.501^***	I(0)
PCR	−5.215^***	−483.9936^***	I(0)
EVA	−7.929^***	−501.110^***	I(0)
MAS	−3.505^***	443.733^**	I(0)
GTAX	−14.574^***	−577.863^***	I(0)

Note(s): I(0) is the unit root test at levels, I(1) is the unit root test stationary at first difference. ^***p < 0.01, ^**p < 0.05 and ^*p < 0.1

Source(s): Authors’ own work