Table 2 Results of panel unit root test...

Table 2

Results of panel unit root test

Financial performance measures	Levin, Lin and Chu	Im, Pesaran and Shin W-stat	Augmented Dickey Fuller–Fisher chi- square	Results
PAT	−26.252 (0.000)^**	−20.657 (0.0000)^**	2341.900 (0.0000)^**	Stationary
EPS	−21.383 (0.000)^**	−21.780 (0.000)^**	2414.310 (0.000)^**	Stationary
ROA	−27.589 (0.000)^**	−26.487 (0.000)^**	2747.380 (0.000)^**	Stationary
ROE	−25.662 (0.000)^**	−23.065 (0.000)^**	2474.920 (0.000)^**	Stationary
ROI	−25.208 (0.000)^**	−24.860 (0.000)^**	2613.390 (0.000)^**	Stationary
EVA	−21.818 (0.000)^**	−19.127 (0.000)^**	2265.680 (0.000)^**	Stationary

Financial performance measures	Levin, Lin and Chu	Im, Pesaran and Shin W-stat	Augmented Dickey Fuller–Fisher chi- square	Results
PAT	−26.252 (0.000)^**	−20.657 (0.0000)^**	2341.900 (0.0000)^**	Stationary
EPS	−21.383 (0.000)^**	−21.780 (0.000)^**	2414.310 (0.000)^**	Stationary
ROA	−27.589 (0.000)^**	−26.487 (0.000)^**	2747.380 (0.000)^**	Stationary
ROE	−25.662 (0.000)^**	−23.065 (0.000)^**	2474.920 (0.000)^**	Stationary
ROI	−25.208 (0.000)^**	−24.860 (0.000)^**	2613.390 (0.000)^**	Stationary
EVA	−21.818 (0.000)^**	−19.127 (0.000)^**	2265.680 (0.000)^**	Stationary

Note(s): **Significant level at 0.05; PAT: profit after tax; EPS: earnings per share; ROA: return on assets; ROE: return on equity; ROI: return on investment and EVA: economic value added

Values in parentheses are p-values

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