Table 4 Findings of panel cointegration... | Emerald Publishing

Table 4

Findings of panel cointegration tests

	Test	Statistics
Pedroni (1999)	Panel v	2.408*
	Panel rho	−2.135**
	Panel PP	−6.482*
	Panel ADF	−3.760*
	Group rho	2.562*
	Group pp	−1.702**
	Group ADF	−7.922*
Kao (1999)	t-stat	−2.636*
Westerlund (2007)	Group t	−2.876*
	Group a	−6.574
	Panel t	−13.240*
	Panel a	−11.156**

	Test	Statistics
Pedroni (1999)	Panel v	2.408*
	Panel rho	−2.135**
	Panel PP	−6.482*
	Panel ADF	−3.760*
	Group rho	2.562*
	Group pp	−1.702**
	Group ADF	−7.922*
Kao (1999)	t-stat	−2.636*
Westerlund (2007)	Group t	−2.876*
	Group a	−6.574
	Panel t	−13.240*
	Panel a	−11.156**

Note(s): ** and * indicate significant at the 5 and 1% level, respectively