Table 3 Results of ADF test and PP test... | Emerald Publishing

Table 3

Results of ADF test and PP test

Model with constant term [level Form]			Model with constant and trend terms [level Form]
Variables	ADF (p-value)	PP (p-value)	Variables	ADF (p-value)	PP (p-value)
B_GDP	0.3771	0.4421	B_GDP	0.1273	0.0029**
B_REN	0.9684	0.9999	B_REN	0.0900*	0.0782*
B_UNE	0.6052	0.8118	B_UNE	0.2064	0.2091
I_GDP	0.0018**	0.0025**	I_GDP	0.0060**	0.0074**
I_REN	0.6697	0.6697	I_REN	0.9342	0.9089
I_UNE	0.3517	0.2779	I_UNE	0.9974	0.1705
P_GDP	0.0088**	0.0088**	P_GDP	0.0423**	0.0422**
P_REN	0.5606	0.5600	P_REN	0.3644	0.3471
P_UNE	0.9788	0.9875	P_UNE	0.9996	0.9871
S_GDP	0.0117**	0.0117**	S_GDP	0.0569*	0.0569*
S_REN	0.6300	0.6315	S_REN	0.5221	0.5502
S_UNE	0.0665*	0.0733	S_UNE	0.9870	0.9852

Model with constant term [level Form]			Model with constant and trend terms [level Form]
Variables	ADF (p-value)	PP (p-value)	Variables	ADF (p-value)	PP (p-value)
B_GDP	0.3771	0.4421	B_GDP	0.1273	0.0029**
B_REN	0.9684	0.9999	B_REN	0.0900*	0.0782*
B_UNE	0.6052	0.8118	B_UNE	0.2064	0.2091
I_GDP	0.0018**	0.0025**	I_GDP	0.0060**	0.0074**
I_REN	0.6697	0.6697	I_REN	0.9342	0.9089
I_UNE	0.3517	0.2779	I_UNE	0.9974	0.1705
P_GDP	0.0088**	0.0088**	P_GDP	0.0423**	0.0422**
P_REN	0.5606	0.5600	P_REN	0.3644	0.3471
P_UNE	0.9788	0.9875	P_UNE	0.9996	0.9871
S_GDP	0.0117**	0.0117**	S_GDP	0.0569*	0.0569*
S_REN	0.6300	0.6315	S_REN	0.5221	0.5502
S_UNE	0.0665*	0.0733	S_UNE	0.9870	0.9852

Model with constant term [Difference Form]			Model with constant and trend terms [Difference Form]
Variables	ADF (p-value)	PP (p-value)	Variables	ADF (p-value)	PP (p-value)
∆B_GDP	0.0000***	0.0001***	∆B_GDP	0.0000***	0.0000***
∆B_REN	0.0014***	0.0000***	∆B_REN	0.0083***	0.0000***
∆B_UNE	0.0002***	0.0000***	∆B_UNE	0.0013***	0.0000***
∆I_GDP	0.0002***	0.0000***	∆I_GDP	0.0009***	0.0000***
∆I_REN	0.0003***	0.0003***	∆I_REN	0.0015***	0.0015***
∆I_UNE	0.0141**	0.0000***	∆I_UNE	0.0000***	0.0000***
∆P_GDP	0.0000***	0.0000***	∆P_GDP	0.0000***	0.0000***
∆P_REN	0.0004***	0.0004***	∆P_REN	0.0016***	0.0016***
∆P_UNE	0.0354**	0.0003***	∆P_UNE	0.0000***	0.0000***
∆S_GDP	0.0000***	0.0000***	∆S_GDP	0.0000***	0.0000***
∆S_REN	0.0000***	0.0000***	∆S_REN	0.0002***	0.0002***
∆S_UNE	0.0057***	0.0049***	∆S_UNE	0.0017***	0.0018***

Model with constant term [Difference Form]			Model with constant and trend terms [Difference Form]
Variables	ADF (p-value)	PP (p-value)	Variables	ADF (p-value)	PP (p-value)
∆B_GDP	0.0000***	0.0001***	∆B_GDP	0.0000***	0.0000***
∆B_REN	0.0014***	0.0000***	∆B_REN	0.0083***	0.0000***
∆B_UNE	0.0002***	0.0000***	∆B_UNE	0.0013***	0.0000***
∆I_GDP	0.0002***	0.0000***	∆I_GDP	0.0009***	0.0000***
∆I_REN	0.0003***	0.0003***	∆I_REN	0.0015***	0.0015***
∆I_UNE	0.0141**	0.0000***	∆I_UNE	0.0000***	0.0000***
∆P_GDP	0.0000***	0.0000***	∆P_GDP	0.0000***	0.0000***
∆P_REN	0.0004***	0.0004***	∆P_REN	0.0016***	0.0016***
∆P_UNE	0.0354**	0.0003***	∆P_UNE	0.0000***	0.0000***
∆S_GDP	0.0000***	0.0000***	∆S_GDP	0.0000***	0.0000***
∆S_REN	0.0000***	0.0000***	∆S_REN	0.0002***	0.0002***
∆S_UNE	0.0057***	0.0049***	∆S_UNE	0.0017***	0.0018***

Note(s): *Significant at 10% level; **significant at 5% level; and *** significant at 1% level

Source(s): Findings by authors