Table 5 Results of Fisher-type ADF and...

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)
Variables	Statistics	P-V	Process
MPEG	135.2515	0.0006	ST
PEG	141.6551	0.0003	ST
GP	90.3856	0.0103	ST
GPR	143.4061	0.0000	ST
SIZE	99.9471	0.0027	ST
TOBIN_Q	92.5882	0.0005	ST
DEBT	135.2328	0.0000	ST
ROA	1.02e+04	0.0000	ST
AGE	132.2128	0.0000	ST
REST	142.5685	0.0000	ST
DAC	111.9871	0.0000	ST
CSRR	141.2037	0.0000	ST
SOE	110.0787	0.0003	ST
TOP10	111.9302	0.0002	ST
IOWN	125.9600	0.0000	ST
BSIZE	135.4062	0.0000	ST
BIND	162.2240	0.0000	ST
DUAL	65.6195	0.0320	ST

Panel A: The results of the Fisher-type Augmented-Dickey Fuller (ADF) units root test
	(1)	(2)	(3)
Variables	Statistics	P-V	Process
MPEG	135.2515	0.0006	ST
PEG	141.6551	0.0003	ST
GP	90.3856	0.0103	ST
GPR	143.4061	0.0000	ST
SIZE	99.9471	0.0027	ST
TOBIN_Q	92.5882	0.0005	ST
DEBT	135.2328	0.0000	ST
ROA	1.02e+04	0.0000	ST
AGE	132.2128	0.0000	ST
REST	142.5685	0.0000	ST
DAC	111.9871	0.0000	ST
CSRR	141.2037	0.0000	ST
SOE	110.0787	0.0003	ST
TOP10	111.9302	0.0002	ST
IOWN	125.9600	0.0000	ST
BSIZE	135.4062	0.0000	ST
BIND	162.2240	0.0000	ST
DUAL	65.6195	0.0320	ST

Panel B: Hausman (1978) test
	PEG				MPEG
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
Variables	Fe	Re	Diff	S.E.	Fe	Re	Diff	S.E.
GP*	−0.0049	−0.0010	−0.0039	0.0012	−0.0054	−0.0011	−0.0043	0.0012
SIZE	−0.0145	−0.0005	−0.0140	0.0014	−0.0147	−0.0006	−0.0140	0.0014
TOBIN_Q	−0.0043	−0.0032	−0.0011	0.0004	−0.0044	−0.0029	−0.0015	0.0004
DEBT	0.0512	0.0435	0.0077	0.0049	0.0519	0.0429	0.0090	0.0049
ROA	−0.1010	−0.0928	−0.0081	0.0075	−0.1033	−0.0979	−0.0054	0.0075
AGE	0.0153	0.0089	0.0064	0.0027	0.0153	0.0091	0.0062	0.0027
REST	−0.0009	0.0002	−0.0011	0.0007	−0.0009	0.0001	−0.0010	0.0007
DAC	0.0019	0.0016	0.0003	0.0015	0.0018	0.0017	0.0001	0.0015
CSRR	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
SOE	−0.0137	−0.0060	−0.0076	0.0042	−0.0127	−0.0057	−0.0071	0.0043
TOP10	−0.0158	0.0081	−0.0240	0.0081	−0.0150	0.0086	−0.0236	0.0082
IOWN	−0.0184	−0.0154	−0.0030	0.0027	−0.0184	−0.0156	−0.0028	0.0027
BSIZE	−0.0042	0.0011	−0.0053	0.0050	−0.0036	0.0015	−0.0051	0.0050
BIND	0.0260	0.0174	0.0085	0.0134	0.0235	0.0171	0.0064	0.0135
DUAL	−0.0006	−0.0007	0.0001	0.0016	−0.0003	−0.0006	0.0003	0.0016
χ²(15) = 234.729 (p < 0.001)					χ²(15) = 235.786 (p < 0.001)

Panel B: Hausman (1978) test
	PEG				MPEG
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
Variables	Fe	Re	Diff	S.E.	Fe	Re	Diff	S.E.
GP*	−0.0049	−0.0010	−0.0039	0.0012	−0.0054	−0.0011	−0.0043	0.0012
SIZE	−0.0145	−0.0005	−0.0140	0.0014	−0.0147	−0.0006	−0.0140	0.0014
TOBIN_Q	−0.0043	−0.0032	−0.0011	0.0004	−0.0044	−0.0029	−0.0015	0.0004
DEBT	0.0512	0.0435	0.0077	0.0049	0.0519	0.0429	0.0090	0.0049
ROA	−0.1010	−0.0928	−0.0081	0.0075	−0.1033	−0.0979	−0.0054	0.0075
AGE	0.0153	0.0089	0.0064	0.0027	0.0153	0.0091	0.0062	0.0027
REST	−0.0009	0.0002	−0.0011	0.0007	−0.0009	0.0001	−0.0010	0.0007
DAC	0.0019	0.0016	0.0003	0.0015	0.0018	0.0017	0.0001	0.0015
CSRR	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
SOE	−0.0137	−0.0060	−0.0076	0.0042	−0.0127	−0.0057	−0.0071	0.0043
TOP10	−0.0158	0.0081	−0.0240	0.0081	−0.0150	0.0086	−0.0236	0.0082
IOWN	−0.0184	−0.0154	−0.0030	0.0027	−0.0184	−0.0156	−0.0028	0.0027
BSIZE	−0.0042	0.0011	−0.0053	0.0050	−0.0036	0.0015	−0.0051	0.0050
BIND	0.0260	0.0174	0.0085	0.0134	0.0235	0.0171	0.0064	0.0135
DUAL	−0.0006	−0.0007	0.0001	0.0016	−0.0003	−0.0006	0.0003	0.0016
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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