Table 2 Unit root test results Variable... | Emerald Publishing

Table 2

Unit root test results

Variable	Variables in levels		Variables in first difference
Variable	Without trend	With trend	Without trend	With trend
Augmented Dickey–Fuller (DLS) test
LE	−1.678	−1.183	−4.386^***	−3.999^***
HCX	−1.830	−1.931	−6.264^***	−4.297^***
ELEC	−1.501	−2.275	−5.832^***	−4.636^***
EDU	−0.747	−2.111	−5.340^***	−5.235^***
INF	−1.282	−3.578^**	−6.890^***	–
TOP	−2.019	−2.240	−4.876^***	−4.767^***
Phillip–Perron (PP) test
LE	−1.119	−2.909	−5.645^***	−7.660^***
HCX	−2.139	−2.404	−8.127^***	6.166^***
ELEC	−0.944	−3.732	−7.454^***	–
EDU	−0.651	−2.186	−5.354^***	−5.235^***
INF	−2.034	−2.315	−7.827^***	−6.876^***
TOP	−2.267	−2.236	−7.594^***	−6.822^***

Variable	Variables in levels		Variables in first difference
Variable	Without trend	With trend	Without trend	With trend
Augmented Dickey–Fuller (DLS) test
LE	−1.678	−1.183	−4.386^***	−3.999^***
HCX	−1.830	−1.931	−6.264^***	−4.297^***
ELEC	−1.501	−2.275	−5.832^***	−4.636^***
EDU	−0.747	−2.111	−5.340^***	−5.235^***
INF	−1.282	−3.578^**	−6.890^***	–
TOP	−2.019	−2.240	−4.876^***	−4.767^***
Phillip–Perron (PP) test
LE	−1.119	−2.909	−5.645^***	−7.660^***
HCX	−2.139	−2.404	−8.127^***	6.166^***
ELEC	−0.944	−3.732	−7.454^***	–
EDU	−0.651	−2.186	−5.354^***	−5.235^***
INF	−2.034	−2.315	−7.827^***	−6.876^***
TOP	−2.267	−2.236	−7.594^***	−6.822^***

Note(s): *, ** and *** denote stationarity at 10, 5 and 1% significance levels, respectively

Source(s): Table by the author