Table 1 Unit root test Null hypothesis:... | Emerald Publishing

Table 1

Unit root test

Null hypothesis: the variable has a unit root
	At level
		LNTO	LNGDP	LNIN	LNFD
With constant	t-statistic	−1.6678	−0.5589	−4.3550	−2.2133
	Prob	0.4388	0.8677	0.0014	0.2051
		n0	n0	***	n0
With constant and trend	t-statistic	−1.6657	−2.8985	−4.1234	−2.1779
	Prob	0.7463	0.1746	0.0129	0.4873
		n0	n0	**	n0
Without constant and trend	t-statistic	−0.7894	0.2260	1.7932	−3.0040
	Prob	0.3673	0.7463	0.9805	0.0037
		n0	n0	n0	***

Null hypothesis: the variable has a unit root
	At level
		LNTO	LNGDP	LNIN	LNFD
With constant	t-statistic	−1.6678	−0.5589	−4.3550	−2.2133
	Prob	0.4388	0.8677	0.0014	0.2051
		n0	n0	***	n0
With constant and trend	t-statistic	−1.6657	−2.8985	−4.1234	−2.1779
	Prob	0.7463	0.1746	0.0129	0.4873
		n0	n0	**	n0
Without constant and trend	t-statistic	−0.7894	0.2260	1.7932	−3.0040
	Prob	0.3673	0.7463	0.9805	0.0037
		n0	n0	n0	***

	At first difference
		d(LNTO)	d(LNGDP)	d(LNIN)	d(LNFD)
With constant	t-statistic	−4.6038	−3.8549	−4.4191	−5.6640
	Prob	0.0007	0.0056	0.0012	0.0000
		***	***	***	***
With constant and trend	t-statistic	−4.5432	−4.3576	−3.1339	−6.0704
	Prob	0.0046	0.0074	0.0154	0.0001
		***	***	**	***
Without constant and trend	t-statistic	−4.6038	−3.9084	−4.1995	−5.0525
	Prob	0.0000	0.0003	0.0001	0.0000
		***	***	***	***

	At first difference
		d(LNTO)	d(LNGDP)	d(LNIN)	d(LNFD)
With constant	t-statistic	−4.6038	−3.8549	−4.4191	−5.6640
	Prob	0.0007	0.0056	0.0012	0.0000
		***	***	***	***
With constant and trend	t-statistic	−4.5432	−4.3576	−3.1339	−6.0704
	Prob	0.0046	0.0074	0.0154	0.0001
		***	***	**	***
Without constant and trend	t-statistic	−4.6038	−3.9084	−4.1995	−5.0525
	Prob	0.0000	0.0003	0.0001	0.0000
		***	***	***	***

Note(s): a: * significant at the 10%; ** significant at the 5% and *** significant at the 1%