Table 2 Results of unit root tests ADF... | Emerald Publishing

Table 2

Results of unit root tests ADF and PP

Series	ADF: Intercept t-statistic	p-value	ADF: Intercept and trend t-statistic	p-value	PP: Intercept t-statistic	p-value	PP: Intercept and trend t-statistic	p-value	Order of integration
Level
CO₂ emissions per capita, $y_{t}$	−2.10	0.2400	−1.62	0.7700	−1.61	0.4700	1.24	1.0000	NS
Economic diversification, $d i v_{t}$	−1.75	0.4000	−1.68	0.7500	−2.10	0.2400	−2.12	0.5200	NS
Bank-based financial development, $f d_{t}$	−0.66	0.8400	−2.93	0.1500	−0.34	0.9100	−2.04	0.5700	NS
GDP per capita, $g d p_{t}$	−1.62	0.4600	−1.13	0.9100	−1.17	0.6800	−1.04	0.9300	NS
Industrial activity, $i n d_{t}$	−1.20	0.6600	−1.18	0.9000	−0.99	0.7500	−1.00	0.9300	NS
Trade openness, $o p e n_{t}$	−1.21	0.6600	−0.47	0.9800	−0.46	0.8900	−0.03	0.9900	NS
Electricity consumption, $p o w e r_{t}$	−1.99	0.2800	−1.77	0.7000	−1.57	0.4900	0.48	0.9900	NS
Urbanization, $u r b_{t}$	−0.46	0.8900	−3.56**	0.0380	−9.62***	0.0000	−9.41***	0.0000	Stationary at level, I(0)
First difference
$Δ y_{t}$	−2.87*	0.0510	−3.25*	0.0880	−2.99**	0.0380	−3.38*	0.0500	I(1)
$Δ d i v_{t}$	−4.22***	0.0010	−4.21***	0.0060	−4.25***	0.0009	−4.24***	0.0050	I(1)
$Δ f d_{t}$	−3.50***	0.0090	−3.48**	0.0460	−3.57***	0.0070	−3.56**	0.0380	I(1)
$Δ g d p_{t}$	−3.60***	0.0070	−3.66**	0.0290	−3.72***	0.0050	−3.78**	0.0210	I(1)
$Δ i n d_{t}$	−9.55***	0.0080	−3.74**	0.0230	−3.65***	0.0060	−3.85**	0.0170	I(1)
$Δ o p e n_{t}$	−2.95**	0.0400	−3.20*	0.0900	−2.92**	0.0450	−3.34*	0.0650	I(1)
$Δ p o w e r_{t}$	−2.99**	0.0380	−3.40*	0.0560	−3.12**	0.0270	−3.47**	0.0470	I(1)
$Δ u r b_{t}$	−3.28**	0.0180	−1.57	0.7950	−4.93***	0.0001	−0.79	0.9600	I(0) based on level-test results

Series	ADF: Intercept t-statistic	p-value	ADF: Intercept and trend t-statistic	p-value	PP: Intercept t-statistic	p-value	PP: Intercept and trend t-statistic	p-value	Order of integration
Level
CO₂ emissions per capita, $y_{t}$	−2.10	0.2400	−1.62	0.7700	−1.61	0.4700	1.24	1.0000	NS
Economic diversification, $d i v_{t}$	−1.75	0.4000	−1.68	0.7500	−2.10	0.2400	−2.12	0.5200	NS
Bank-based financial development, $f d_{t}$	−0.66	0.8400	−2.93	0.1500	−0.34	0.9100	−2.04	0.5700	NS
GDP per capita, $g d p_{t}$	−1.62	0.4600	−1.13	0.9100	−1.17	0.6800	−1.04	0.9300	NS
Industrial activity, $i n d_{t}$	−1.20	0.6600	−1.18	0.9000	−0.99	0.7500	−1.00	0.9300	NS
Trade openness, $o p e n_{t}$	−1.21	0.6600	−0.47	0.9800	−0.46	0.8900	−0.03	0.9900	NS
Electricity consumption, $p o w e r_{t}$	−1.99	0.2800	−1.77	0.7000	−1.57	0.4900	0.48	0.9900	NS
Urbanization, $u r b_{t}$	−0.46	0.8900	−3.56**	0.0380	−9.62***	0.0000	−9.41***	0.0000	Stationary at level, I(0)
First difference
$Δ y_{t}$	−2.87*	0.0510	−3.25*	0.0880	−2.99**	0.0380	−3.38*	0.0500	I(1)
$Δ d i v_{t}$	−4.22***	0.0010	−4.21***	0.0060	−4.25***	0.0009	−4.24***	0.0050	I(1)
$Δ f d_{t}$	−3.50***	0.0090	−3.48**	0.0460	−3.57***	0.0070	−3.56**	0.0380	I(1)
$Δ g d p_{t}$	−3.60***	0.0070	−3.66**	0.0290	−3.72***	0.0050	−3.78**	0.0210	I(1)
$Δ i n d_{t}$	−9.55***	0.0080	−3.74**	0.0230	−3.65***	0.0060	−3.85**	0.0170	I(1)
$Δ o p e n_{t}$	−2.95**	0.0400	−3.20*	0.0900	−2.92**	0.0450	−3.34*	0.0650	I(1)
$Δ p o w e r_{t}$	−2.99**	0.0380	−3.40*	0.0560	−3.12**	0.0270	−3.47**	0.0470	I(1)
$Δ u r b_{t}$	−3.28**	0.0180	−1.57	0.7950	−4.93***	0.0001	−0.79	0.9600	I(0) based on level-test results

Note(s): *,** and *** denote statistical significance at the 10%, 5%, and 1% levels, respectively. “NS” denotes statistical non-significance