Table 5

Results of Fisher-type ADF and the Hausman tests

Panel A: The results of the Fisher-type Augmented-Dickey Fuller (ADF) units root test
(1)(2)(3)
VariablesStatisticsP-VProcess
MPEG135.25150.0006ST
PEG141.65510.0003ST
GP90.38560.0103ST
GPR143.40610.0000ST
SIZE99.94710.0027ST
TOBIN_Q92.58820.0005ST
DEBT135.23280.0000ST
ROA1.02e+040.0000ST
AGE132.21280.0000ST
REST142.56850.0000ST
DAC111.98710.0000ST
CSRR141.20370.0000ST
SOE110.07870.0003ST
TOP10111.93020.0002ST
IOWN125.96000.0000ST
BSIZE135.40620.0000ST
BIND162.22400.0000ST
DUAL65.61950.0320ST
Panel B: Hausman (1978) test
PEGMPEG
(1)(2)(3)(4)(5)(6)(7)(8)
VariablesFeReDiffS.E.FeReDiffS.E.
GP*−0.0049−0.0010−0.00390.0012−0.0054−0.0011−0.00430.0012
SIZE−0.0145−0.0005−0.01400.0014−0.0147−0.0006−0.01400.0014
TOBIN_Q−0.0043−0.0032−0.00110.0004−0.0044−0.0029−0.00150.0004
DEBT0.05120.04350.00770.00490.05190.04290.00900.0049
ROA−0.1010−0.0928−0.00810.0075−0.1033−0.0979−0.00540.0075
AGE0.01530.00890.00640.00270.01530.00910.00620.0027
REST−0.00090.0002−0.00110.0007−0.00090.0001−0.00100.0007
DAC0.00190.00160.00030.00150.00180.00170.00010.0015
CSRR0.00000.00000.00000.00000.00000.00000.00000.0000
SOE−0.0137−0.0060−0.00760.0042−0.0127−0.0057−0.00710.0043
TOP10−0.01580.0081−0.02400.0081−0.01500.0086−0.02360.0082
IOWN−0.0184−0.0154−0.00300.0027−0.0184−0.0156−0.00280.0027
BSIZE−0.00420.0011−0.00530.0050−0.00360.0015−0.00510.0050
BIND0.02600.01740.00850.01340.02350.01710.00640.0135
DUAL−0.0006−0.00070.00010.0016−0.0003−0.00060.00030.0016
χ2(15) = 234.729 (p < 0.001)χ2(15) = 235.786 (p < 0.001)

Note(s): *The corresponding χ2 values are 232.401 (p < 0.001) for PEG model and 233.071 (p < 0.001) for MPEG model when GPR variant is considered as the proxy for green innovation (result untabulated)

This table presents the stationarity test (Panel A) and Hausman (1978) test (Panel B). All variables are defined in Table 2. This table is prepared by the authors

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