Table II Results of unit root tests ADF... | Emerald Publishing

Table II

Results of unit root tests

	ADF test (at level)		ADF test (at first difference)		P–P test (at level )		P–P test (at first difference)
Variables	Intercept	Intercept and trend	Intercept	Intercept and trend	Intercept	Intercept and trend	Intercept	Intercept and trend
lnWP	−2.463375	−4.017828***	−8.251481***	−8.870495***	−2.248176	−3.967858***	−11.71264***	−22.57660***
lnAR	−1.332634	−2.270279	−8.912218***	−9.043208***	−1.332634	−2.270279	−8.912218***	−9.043208***
lnSP	−0.438368	−2.584670	−5.905473***	−5.833560***	−0.395604	−2.604481	−6.370506***	−6.196696***
lnFER	−3.798497***	−2.204039	−6.350330***	−6.238104***	−11.09454***	−2.499489	−6.350913***	−7.963166***

	ADF test (at level)		ADF test (at first difference)		P–P test (at level )		P–P test (at first difference)
Variables	Intercept	Intercept and trend	Intercept	Intercept and trend	Intercept	Intercept and trend	Intercept	Intercept and trend
lnWP	−2.463375	−4.017828***	−8.251481***	−8.870495***	−2.248176	−3.967858***	−11.71264***	−22.57660***
lnAR	−1.332634	−2.270279	−8.912218***	−9.043208***	−1.332634	−2.270279	−8.912218***	−9.043208***
lnSP	−0.438368	−2.584670	−5.905473***	−5.833560***	−0.395604	−2.604481	−6.370506***	−6.196696***
lnFER	−3.798497***	−2.204039	−6.350330***	−6.238104***	−11.09454***	−2.499489	−6.350913***	−7.963166***

Notes: **,***Mean the rejection of null hypothesis at 5 and 1 percent levels of significance, respectively