Unit root test: stationary analysis
| Variables | Augmented Dickey–Fuller test | DF-GLS test | |||
|---|---|---|---|---|---|
| Optimum | Test | Results | DF-GLS | Results | |
| Lag order | Statistic | Test stats | |||
| Macrounc | 1 | −4.58*** | I(0) | −4.99*** | I(0) |
| Influnc | 1 | −9.13*** | I(0) | −7.06*** | I(0) |
| Recprob | 1 | −8.07*** | I(0) | −7.60*** | I(0) |
| Inflexp | 1 | −5.12*** | I(0) | −4.84*** | I(0) |
| Infl | 1 | −7.82*** | I(0) | −7.16*** | I(0) |
| Roa | 1 | −2.50*** | I(1) | −2.07*** | I(I) |
| Roe | 1 | −3.04*** | I(0) | −2.52*** | I(I) |
| Nim | 1 | −0.75*** | I(1) | −1.30*** | I(I) |
| Variables | Augmented Dickey–Fuller test | DF-GLS test | |||
|---|---|---|---|---|---|
| Optimum | Test | Results | DF-GLS | Results | |
| Lag order | Statistic | Test stats | |||
| Macrounc | 1 | −4.58*** | I(0) | −4.99*** | I(0) |
| Influnc | 1 | −9.13*** | I(0) | −7.06*** | I(0) |
| Recprob | 1 | −8.07*** | I(0) | −7.60*** | I(0) |
| Inflexp | 1 | −5.12*** | I(0) | −4.84*** | I(0) |
| Infl | 1 | −7.82*** | I(0) | −7.16*** | I(0) |
| Roa | 1 | −2.50*** | I(1) | −2.07*** | I(I) |
| Roe | 1 | −3.04*** | I(0) | −2.52*** | I(I) |
| Nim | 1 | −0.75*** | I(1) | −1.30*** | I(I) |
Note(s): *p < 0.05, **p < 0.01, ***p < 0.001 (asterisks denotes levels of significance at various alpha levels)
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