The test of stationary by Phillips and Perron (1988)
| Variables | t-statistics | Stationary or not |
|---|---|---|
| ENT | −11.963*** | Stationary |
| NB | −9.448*** | Stationary |
| ENTVN | −2.289 | Non-stationary |
| D.ENTVN | −15.640*** | Stationary |
| SU | −7.442*** | Stationary |
| PERNUM | −12.264*** | Stationary |
| PERCAP | −13.464*** | Stationary |
| Variables | Stationary or not | |
|---|---|---|
| ENT | −11.963*** | Stationary |
| NB | −9.448*** | Stationary |
| ENTVN | −2.289 | Non-stationary |
| D.ENTVN | −15.640*** | Stationary |
| SU | −7.442*** | Stationary |
| PERNUM | −12.264*** | Stationary |
| PERCAP | −13.464*** | Stationary |
Notes:
*, ** and *** significant at 10%, 5% and 1% levels, respectively; because of ENTVN being non-stationary in significance level 1%, we use a further process for this variable by taking the first difference of ENTVN, which is considered as one typical way to deal with stochastic trends (unit root); D denotes “first-difference” for original time series
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