Table 3. Phillip–Perron test results... | Emerald Publishing

Table 3.

Phillip–Perron 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	1.9857	−3.7525	−3.6535**
ln Market size	−2.7096***	−1.3184	−4.1700*	−5.9942*
ln Inflation	−1.6397	−1.5037	−4.3099*	−4.2920**
ln Infrastructure (railways)	0.0693***	0.9961	0.2086	0.0891***
ln Infrastructure (tele-density)	0.0165**	0.9843	0.0615***	0.0239**
ln Investment	−2.3495	−0.6153	−2.2615	−2.3886
ln Openness	−2.0190	−1.0816	−3.6459**	−4.9518*

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	1.9857	−3.7525	−3.6535**
ln Market size	−2.7096***	−1.3184	−4.1700*	−5.9942*
ln Inflation	−1.6397	−1.5037	−4.3099*	−4.2920**
ln Infrastructure (railways)	0.0693***	0.9961	0.2086	0.0891***
ln Infrastructure (tele-density)	0.0165**	0.9843	0.0615***	0.0239**
ln Investment	−2.3495	−0.6153	−2.2615	−2.3886
ln Openness	−2.0190	−1.0816	−3.6459**	−4.9518*

Note:

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

Source: Author’s calculation