Table 3 Results of LM unit root test... | Emerald Publishing

Table 3

Results of LM unit root test with structural breaks

Series	$τ$ statistic	Significance	Break date(s)	Lag length	Integration order
Level
CO₂ emissions per capita, $y_{t}$	−3.25	*	2017Q1	8	$I (0)$
Economic diversification, $d i v_{t}$	−3.57	**	2010Q1; 2012Q4	8	$I (0)$
Bank-based financial development, $f d_{t}$	−3.56	**	2003Q2; 2004Q3	8	$I (0)$
GDP per capita, $g d p_{t}$	−5.50	NS	2003Q4; 2010Q2	8	$I (1)$
Industrial activity, $i n d_{t}$	−4.66	**	2008Q1	8	$I (0)$
Trade openness, $o p e n_{t}$	−2.20	NS	1999Q4; 2009Q1	8	$I (1)$
Electricity consumption, $p o w e r_{t}$	−5.03	***	2013Q1	8	$I (0)$
Urbanization, $u r b_{t}$	−3.56	**	1998Q1	8	$I (0)$
First difference
$Δ y_{t}$	−4.13	*	2013Q4	8	–
$Δ d i v_{t}$	−3.19	*	2006Q4	8	–
$Δ f d_{t}$	−3.30	*	2007Q4; 2014Q4	5	–
$Δ g d p_{t}$	−3.30	*	2001Q4	5	–
$Δ i n d_{t}$	−3.48	**	2016Q4	8	–
$Δ o p e n_{t}$	−3.51	**	1997Q2	8	–
$Δ p o w e r_{t}$	−5.95	*	2006Q1; 2014Q3	5	–
$Δ u r b_{t}$	−5.83	*	2003Q3; 2008Q1	8	–

Series	$τ$ statistic	Significance	Break date(s)	Lag length	Integration order
Level
CO₂ emissions per capita, $y_{t}$	−3.25	*	2017Q1	8	$I (0)$
Economic diversification, $d i v_{t}$	−3.57	**	2010Q1; 2012Q4	8	$I (0)$
Bank-based financial development, $f d_{t}$	−3.56	**	2003Q2; 2004Q3	8	$I (0)$
GDP per capita, $g d p_{t}$	−5.50	NS	2003Q4; 2010Q2	8	$I (1)$
Industrial activity, $i n d_{t}$	−4.66	**	2008Q1	8	$I (0)$
Trade openness, $o p e n_{t}$	−2.20	NS	1999Q4; 2009Q1	8	$I (1)$
Electricity consumption, $p o w e r_{t}$	−5.03	***	2013Q1	8	$I (0)$
Urbanization, $u r b_{t}$	−3.56	**	1998Q1	8	$I (0)$
First difference
$Δ y_{t}$	−4.13	*	2013Q4	8	–
$Δ d i v_{t}$	−3.19	*	2006Q4	8	–
$Δ f d_{t}$	−3.30	*	2007Q4; 2014Q4	5	–
$Δ g d p_{t}$	−3.30	*	2001Q4	5	–
$Δ i n d_{t}$	−3.48	**	2016Q4	8	–
$Δ o p e n_{t}$	−3.51	**	1997Q2	8	–
$Δ p o w e r_{t}$	−5.95	*	2006Q1; 2014Q3	5	–
$Δ u r b_{t}$	−5.83	*	2003Q3; 2008Q1	8	–