Table 1 Panel unit root and... | Emerald Publishing

Table 1

Panel unit root and cross-sectional dependence test

Panel unit root test
	IPS		LLC		CADF	CIPS
Variables	Stats	p-v	Stats	p-v	CV(−2.49 −2.540 −2.630)		Status
HDEV	8.235	1.00	−3.292***	0.00	−2.300	−2.521
D(HDEV)	−3.992***	0.00	–		−3.390***	−4.569***	I(1)
HEDEV	0.245	0.59	−8.272***	0.00	−2.060	−1.982
D(HEDEV)	−10.214***	0.00	–	–	−3.127***	−4.203***	I(1)
HIDEV	3.456	0.99	−0.719	0.24	−2.321	−2.252
D(HIDEV)	−13.387***	0.00	−9.667***	0.00	−3.651***	−4.444***	I(1)
HLDEV	13.583	1.00	–	0.00	−2.465	−2.038
D(HLDEV)	−2.341**	0.01	23.898***	–	−2.561**	−3.099***	I(1)
DINV	2.734	0.99	−0.955	0.17	−2.246	−2.090
D(DINV)	−14.144***	0.00	–	0.00	−3.772***	−4.569***	I(1)
XDBT	1.289	0.90	14.470* −1.870	0.03	−2.482	−2.610**
D(XDBT)	−13.161***	0.00	–	–	−3.566***	−4.508***	I(1)
FDI	−3.259***	0.00	−2.029**	0.02	−2.571**	−3.355***	I(0)
OPEN	6.553	1.00	−0.283	0.389	−2.173	−2.069
D(OPEN)	−13.506***	0.00	–	0.00	−3.522***	−4.353***	I(1)
FINDEV	3.217	0.99	11.377*** −1.718	0.04	−2.679***	−2.570**	I(0)
D(FINDEV)	−14.271***	0.00	–	–	–	–

Panel unit root test
	IPS		LLC		CADF	CIPS
Variables	Stats	p-v	Stats	p-v	CV(−2.49 −2.540 −2.630)		Status
HDEV	8.235	1.00	−3.292***	0.00	−2.300	−2.521
D(HDEV)	−3.992***	0.00	–		−3.390***	−4.569***	I(1)
HEDEV	0.245	0.59	−8.272***	0.00	−2.060	−1.982
D(HEDEV)	−10.214***	0.00	–	–	−3.127***	−4.203***	I(1)
HIDEV	3.456	0.99	−0.719	0.24	−2.321	−2.252
D(HIDEV)	−13.387***	0.00	−9.667***	0.00	−3.651***	−4.444***	I(1)
HLDEV	13.583	1.00	–	0.00	−2.465	−2.038
D(HLDEV)	−2.341**	0.01	23.898***	–	−2.561**	−3.099***	I(1)
DINV	2.734	0.99	−0.955	0.17	−2.246	−2.090
D(DINV)	−14.144***	0.00	–	0.00	−3.772***	−4.569***	I(1)
XDBT	1.289	0.90	14.470* −1.870	0.03	−2.482	−2.610**
D(XDBT)	−13.161***	0.00	–	–	−3.566***	−4.508***	I(1)
FDI	−3.259***	0.00	−2.029**	0.02	−2.571**	−3.355***	I(0)
OPEN	6.553	1.00	−0.283	0.389	−2.173	−2.069
D(OPEN)	−13.506***	0.00	–	0.00	−3.522***	−4.353***	I(1)
FINDEV	3.217	0.99	11.377*** −1.718	0.04	−2.679***	−2.570**	I(0)
D(FINDEV)	−14.271***	0.00	–	–	–	–

Panel cross-sectional dependence test
	HDEV CD-test		HEDEV CD-test		HIDEV CD-test		HLDEV CD-test
Test	CD-stat	p-value	CD-stat	p-value	CD-stat	p-value	CD-stat	p-value
Pesaran (2015)	14.34***	0.00	12.51***	0.00	14.65***	0.00	38.92***	0.00
Pesaran (2004)	90.866***	0.00	101.60***	0.00	52.546***	0.00	84.351***	0.00

Panel cross-sectional dependence test
	HDEV CD-test		HEDEV CD-test		HIDEV CD-test		HLDEV CD-test
Test	CD-stat	p-value	CD-stat	p-value	CD-stat	p-value	CD-stat	p-value
Pesaran (2015)	14.34***	0.00	12.51***	0.00	14.65***	0.00	38.92***	0.00
Pesaran (2004)	90.866***	0.00	101.60***	0.00	52.546***	0.00	84.351***	0.00

Note(s): ***, ** and * are the respective significant level at 1, 5 and 10%. CADF denote cross-sectional augmented Dickey–Fuller and CIPS denote cross-sectional augmented Im-Pesaran-Shin

Source(s): Authors' computation from STATA 17

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