Table 7 Unit root test results Variables...

Table 7

Unit root test results

Variables	Fisher-type	Im-Pesaran-Shin
$∆$ CTV_i,t	−6.3023***	−5.7139***
$∆$ MS_i,t	−3.8969***	−3.3971***
$∆$ RPR_i,t	−4.0879***	−3.7462***
$∆$ TPR_i,t	−8.5950***	−7.7658***
$∆$ CPI_t	–	–
$∆$ CCSI_t	–	–
$∆$ GDP_t	–	–
$∆$ BADLR_i,t	−5.1466***	−4.6840***
$∆$ OE_i,t	−8.0212***	−7.3610***
$∆$ PCS_i,t	−6.1830***	−5.5700***
$∆$ CCR_i,t	−4.2495***	−3.8568***

Variables	Fisher-type	Im-Pesaran-Shin
$∆$ CTV_i,t	−6.3023***	−5.7139***
$∆$ MS_i,t	−3.8969***	−3.3971***
$∆$ RPR_i,t	−4.0879***	−3.7462***
$∆$ TPR_i,t	−8.5950***	−7.7658***
$∆$ CPI_t	–	–
$∆$ CCSI_t	–	–
$∆$ GDP_t	–	–
$∆$ BADLR_i,t	−5.1466***	−4.6840***
$∆$ OE_i,t	−8.0212***	−7.3610***
$∆$ PCS_i,t	−6.1830***	−5.5700***
$∆$ CCR_i,t	−4.2495***	−3.8568***

Note(s): This table presents the panel unit root test results. The Fisher-type and Im-Pesaran-Shin methods were adopted for this analysis. The Fisher-type null hypothesis states that “all panels contain a unit root,” while the alternative hypothesis states that “at least one panel is stationary.” Thus, inverse normal static values were used for the Fisher-type model. The Im-Pesaran-Shin null hypothesis states that “all panels contain a unit root,” while the alternative hypothesis states that “some panels are stationary.” $∆$ CPi,t, $∆$ CCSi,t and $∆$ GDPt were excluded from the unit root test since they are exogenous variables and do not differ by individuals. ***, ** and * indicate significance at the 1%, 5% and 10% levels, respectively

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