Table 2. Result of unit root test ADF... | Emerald Publishing

Table 2.

Result of unit root test

		ADF test statistic		PP test statistic		KPSS test statistic
Variables	Tests	Intercept	Intercept and trend	Intercept	Intercept and trend	Intercept	Intercept and trend
LNFTP	Level	−1.7353	−0.9081	−1.642	−0.9713	0.9335	0.1143
	Ist diff	−4.4113	−4.6188	−6.9031	−7.2934	0.2978	0.0973
LNALF	Level	3.5953	−0.2425	3.6792	−0.2508	0.9066	0.229
	Ist diff	−3.4034	−8.4779	−7.0534	−8.4096	0.611	0.0645
LNCO2	Level	−0.6564	−3.5274	0.2897	−4.836	0.8898	0.0891
	Ist diff	−5.7118	−5.4895	−6.4558	−6.0459	0.2227	0.1071
LNEC	Level	−1.758	−1.4063	−1.7677	−1.3918	0.7466	0.2003
	Ist diff	−7.5657	−7.7181	−7.5657	−7.7338	0.2373	0.0649
LNFHA	Level	0.1749	−0.8955	−2.5209	−0.6262	0.88	0.2516
	Ist diff	−5.4102	−5.9704	−5.3995	−5.9938	0.5301	0.0516
LNFTY	Level	0.382	−1.8534	0.7396	−1.6874	0.8446	0.2076
	Ist diff	−8.9334	−9.076	−8.9334	−9.2609	0.3204	0.08
LNRP	Level	−2.1066	−2.6098	−1.4212	0.3019	0.2509	0.2407
	Ist diff	−0.1775	−2.6137	−0.3097	−5.5931	0.8423	0.0581

		ADF test statistic		PP test statistic		KPSS test statistic
Variables	Tests	Intercept	Interceptand trend	Intercept	Interceptand trend	Intercept	Interceptand trend
LNFTP	Level	−1.7353	−0.9081	−1.642	−0.9713	0.9335	0.1143
	Ist diff	−4.4113	−4.6188	−6.9031	−7.2934	0.2978	0.0973
LNALF	Level	3.5953	−0.2425	3.6792	−0.2508	0.9066	0.229
	Ist diff	−3.4034	−8.4779	−7.0534	−8.4096	0.611	0.0645
LNCO2	Level	−0.6564	−3.5274	0.2897	−4.836	0.8898	0.0891
	Ist diff	−5.7118	−5.4895	−6.4558	−6.0459	0.2227	0.1071
LNEC	Level	−1.758	−1.4063	−1.7677	−1.3918	0.7466	0.2003
	Ist diff	−7.5657	−7.7181	−7.5657	−7.7338	0.2373	0.0649
LNFHA	Level	0.1749	−0.8955	−2.5209	−0.6262	0.88	0.2516
	Ist diff	−5.4102	−5.9704	−5.3995	−5.9938	0.5301	0.0516
LNFTY	Level	0.382	−1.8534	0.7396	−1.6874	0.8446	0.2076
	Ist diff	−8.9334	−9.076	−8.9334	−9.2609	0.3204	0.08
LNRP	Level	−2.1066	−2.6098	−1.4212	0.3019	0.2509	0.2407
	Ist diff	−0.1775	−2.6137	−0.3097	−5.5931	0.8423	0.0581