Table 2. Augmented Dickey Fuller test... | Emerald Publishing

Table 2.

Augmented Dickey Fuller test results

Variables	Stationary at Level I(0)		Stationary at first difference I(1)
Variables	Constant	Constant and trend	Constant	Constant and trend
ln FDI	0.9622	−1.8033	−3.7525**	−3.5958**
ln Market size	−1.8344	−1.5531	−4.1706*	−4.6552*
ln Inflation	−4.8671*	−5.0830	−2.4801	−2.3851
ln Infrastructure (railways)	0.0464**	0.9945	0.2084	0.6196
ln Infrastructure (tele-density)	0.2882	0.5803	0.0696***	0.2170
ln Investment	−2.0024	−0.8396	−1.9996	−3.7059**
ln Openness	−2.6462***	−1.7258	−2.0926	−2.9750

Variables	Stationary at Level I(0)		Stationary at first difference I(1)
Variables	Constant	Constant and trend	Constant	Constant and trend
ln FDI	0.9622	−1.8033	−3.7525**	−3.5958**
ln Market size	−1.8344	−1.5531	−4.1706*	−4.6552*
ln Inflation	−4.8671*	−5.0830	−2.4801	−2.3851
ln Infrastructure (railways)	0.0464**	0.9945	0.2084	0.6196
ln Infrastructure (tele-density)	0.2882	0.5803	0.0696***	0.2170
ln Investment	−2.0024	−0.8396	−1.9996	−3.7059**
ln Openness	−2.6462***	−1.7258	−2.0926	−2.9750

Note:

*, ** and *** denote acceptance of the alternate hypothesis for absence of unit root at 1, 5 and 10% level, respectively

Source: Authors’ calculation