Table 5. Unit root test Variable... | Emerald Publishing

Table 5.

Unit root test

Variable	Stationary tests AL level
Variable	Im, Pesaran and Shin W-stat	ADF – Fisher Chi-square	PP – Fisher Chi-square	Result
FSIZE	0.0000	0.0000	0.0000	Reject null hypothesis
ROA	0.0250	0.0016	0.0000	Reject null hypothesis
LIQ	0.0000	0.0000	0.0002	Reject null hypothesis
ROCE	0.0000	0.0000	0.0000	Reject null hypothesis
LEV	0.4590	0.0393	0.0001	Reject null hypothesis
ROE	0.0000	0.0000	0.0000	Reject null hypothesis
MVA	0.0000	0.0000	0.0000	Reject null hypothesis
TQ	0.0000	0.0000	0.0724	Reject null hypothesis

Variable	Stationary tests AL level
Variable	Im, Pesaran andShin W-stat	ADF – Fisher Chi-square	PP – FisherChi-square	Result
FSIZE	0.0000	0.0000	0.0000	Reject null hypothesis
ROA	0.0250	0.0016	0.0000	Reject null hypothesis
LIQ	0.0000	0.0000	0.0002	Reject null hypothesis
ROCE	0.0000	0.0000	0.0000	Reject null hypothesis
LEV	0.4590	0.0393	0.0001	Reject null hypothesis
ROE	0.0000	0.0000	0.0000	Reject null hypothesis
MVA	0.0000	0.0000	0.0000	Reject null hypothesis
TQ	0.0000	0.0000	0.0724	Reject null hypothesis

Notes:

1- LEV is leverage, ROE is return on equity, TQ is Tobin-Q, LIQ is liquidity, ROCE is return on capital employed, ROA is return on assets, FSIZE is firm size and MVA is market value added