Table 1 Unit root test Variables ADF PP...

Table 1

Unit root test

Variables	ADF	PP	KPSS	Order
Cor	−4.5993*** (0.0010)	−4.5420*** (0.0012)	0.118574¹	I(1)
REM	−5.810684*** (0.0000)	−5.936264*** (0.0000)	0.170465¹	I(1)
KO	−4.87625*** (0.0005)	−4.867900*** (0.0005)	0.164640¹	I(1)
UN	−5.130509*** (0.0003)	−5.12468*** (0.0003)	0.146372¹	I(1)
Tax	−5.600466*** (0.0001)	−5.596009*** (0.0001)	0.146409¹	I(1)
Law	−3.321** (0.0241)	−3.25292** (0.0269)	0.11657¹	I(1)
MIP	−3.388123** (0.0198)	−3.385935** (0.0199)	0.539082¹	I(1)

Variables	ADF	PP	KPSS	Order
Cor	−4.5993*** (0.0010)	−4.5420*** (0.0012)	0.118574¹	I(1)
REM	−5.810684*** (0.0000)	−5.936264*** (0.0000)	0.170465¹	I(1)
KO	−4.87625*** (0.0005)	−4.867900*** (0.0005)	0.164640¹	I(1)
UN	−5.130509*** (0.0003)	−5.12468*** (0.0003)	0.146372¹	I(1)
Tax	−5.600466*** (0.0001)	−5.596009*** (0.0001)	0.146409¹	I(1)
Law	−3.321** (0.0241)	−3.25292** (0.0269)	0.11657¹	I(1)
MIP	−3.388123** (0.0198)	−3.385935** (0.0199)	0.539082¹	I(1)

Source(s): Authors’ computation *, **, *** means significant at 10%, 5%, 1% for ADF and PP, while figures in ( ) are P-values. In addition, ¹means significance at 1% level for KPSS, and KPSS ‘s asymptotic critical values are 0.73900 for 1%, 0.46300 for 5% and 0.34700 for 10% level

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