Panel unit root test results
| Variable | Unit-root test statistic (p-value) | |||
|---|---|---|---|---|
| LLC | IPS | ADF | PP | |
| RoA | −75.20 (0.000) | −15.23 (0.000) | 1604 (0.000) | 1989 (0.000) |
| CSR (lag) | −189.69 (0.000) | −54.31 (0.000) | 1831 (0.000) | 2163 (0.000) |
| lnSize | −133.28 (0.000) | −32.45 (0.000) | 1704 (0.000) | 2298 (0.000) |
| Tobin’s Q | −670.18 (0.000) | −34.54 (0.000) | 1424 (0.000) | 1735 (0.000) |
| Promoter | −1072.27 (0.000) | −2750.44 (0.000) | 1630 (0.000) | 1865 (0.000) |
| Liquidity | −50.10 (0.000) | −12.16 (0.000) | 1480 (0.000) | 1802 (0.000) |
| Tangibility | −78.59 (0.000) | −24.08 (0.000) | 1812 (0.000) | 2306 (0.000) |
| lnCFO | −154.38 (0.000) | −49.91 (0.000) | 2353 (0.000) | 2913 (0.000) |
| Leverage | −385.91 (0.000) | −67.42 (0.000) | 2047 (0.000) | 2537 (0.000) |
| Variable | Unit-root test statistic ( | |||
|---|---|---|---|---|
| LLC | IPS | ADF | PP | |
| RoA | −75.20 (0.000) | −15.23 (0.000) | 1604 (0.000) | 1989 (0.000) |
| CSR (lag) | −189.69 (0.000) | −54.31 (0.000) | 1831 (0.000) | 2163 (0.000) |
| lnSize | −133.28 (0.000) | −32.45 (0.000) | 1704 (0.000) | 2298 (0.000) |
| Tobin’s Q | −670.18 (0.000) | −34.54 (0.000) | 1424 (0.000) | 1735 (0.000) |
| Promoter | −1072.27 (0.000) | −2750.44 (0.000) | 1630 (0.000) | 1865 (0.000) |
| Liquidity | −50.10 (0.000) | −12.16 (0.000) | 1480 (0.000) | 1802 (0.000) |
| Tangibility | −78.59 (0.000) | −24.08 (0.000) | 1812 (0.000) | 2306 (0.000) |
| lnCFO | −154.38 (0.000) | −49.91 (0.000) | 2353 (0.000) | 2913 (0.000) |
| Leverage | −385.91 (0.000) | −67.42 (0.000) | 2047 (0.000) | 2537 (0.000) |
Source(s): Authors’ analysis
Sharing content requires targeting cookies to be enabled. Please update your cookie preferences to use this feature.