Table 5 Unit root analysis Variables... | Emerald Publishing

Table 5

Unit root analysis

Variables	Phillips–Perron (PP)	Augmented Dickey-fuller (ADF)	Z. Andrews Structural break	Breaking year
Level	Test Stats value
EW	3.839	0.377	−2.774	2005
NRE	0.868	0.930	−3.908	2003
GI	−5.517***	−5.485***	−5.734***	1996
INS	−1.668	−1.689	−3.078	2013
INF	−1.038	−0.991	−3.214	2007
FDI	−2.175	−2.203	−3.271	2007
First difference
ΔEW	−3.915**	−3.870**	−5.519***	2016
ΔNRE	−5.216***	−5.147***	−5.262***	2008
ΔGI	−10.371***	−8.194***	−6.942***	1999
ΔINS	−4.405***	−4.385***	−5.448***	2009
ΔINF	−5.355***	−5.352***	−6.782***	2000
ΔFDI	−5.072***	−5.060***	−4.487**	2006

Variables	Phillips–Perron(PP)	Augmented Dickey-fuller(ADF)	Z. AndrewsStructural break	Breaking year
Level	Test Stats value
EW	3.839	0.377	−2.774	2005
NRE	0.868	0.930	−3.908	2003
GI	−5.517***	−5.485***	−5.734***	1996
INS	−1.668	−1.689	−3.078	2013
INF	−1.038	−0.991	−3.214	2007
FDI	−2.175	−2.203	−3.271	2007
First difference
ΔEW	−3.915**	−3.870**	−5.519***	2016
ΔNRE	−5.216***	−5.147***	−5.262***	2008
ΔGI	−10.371***	−8.194***	−6.942***	1999
ΔINS	−4.405***	−4.385***	−5.448***	2009
ΔINF	−5.355***	−5.352***	−6.782***	2000
ΔFDI	−5.072***	−5.060***	−4.487**	2006

Note(s): ***p < 0.01, **p < 0.05, *p < 0.1 indicate significance at 1%, 5 and 10% respectively

Source(s): Authors’ computation