Phillips–Perron unit root tests
| Variables | DPO | DA | SIZE | DEBT | GROW | CFO | RSQ | ACEXP | ACIND | NUMB |
|---|---|---|---|---|---|---|---|---|---|---|
| Statistic | Statistic | Statistic | Statistic | Statistic | Statistic | Statistic | Statistic | Statistic | Statistic | |
| PP – Fisher Chi-square | 610.638*** | 1367.59*** | 1253.93*** | 836.284*** | 1427.72*** | 1218.65*** | 119.29*** | 276.892*** | 139.450*** | 318.36*** |
| Variables | DPO | DA | SIZE | DEBT | GROW | CFO | RSQ | ACEXP | ACIND | NUMB |
|---|---|---|---|---|---|---|---|---|---|---|
| Statistic | Statistic | Statistic | Statistic | Statistic | Statistic | Statistic | Statistic | Statistic | Statistic | |
| PP – Fisher Chi-square | 610.638*** | 1367.59*** | 1253.93*** | 836.284*** | 1427.72*** | 1218.65*** | 119.29*** | 276.892*** | 139.450*** | 318.36*** |
Note(s): ***Significance at 1% level; H0: the series contains a unit root
Source(s): Own elaboration
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