Table 6

Panel unit root tests for control variables

At levelAt first difference
VariableLLC testIPS testADF testPP testLLC testIPS testADF testPP test
CAR−9.42−5.23217.62223.61    
(0.00)(0.00)(0.00)(0.00)    
CDR−30.95−10.88309.36345.33    
(0.00)(0.00)(0.00)(0.00)    
GDPGR−31.3018.20545.18510.12    
(0.00)(0.00)(0.00)(0.00)    
INFL−1.92−1.30113.63113.63    
(0.03)(0.09)(0.85)(0.85)    
NITA−13.87−7.94285.91308.06    
(0.00)(0.00)(0.00)(0.00)    
OICTA−13.98−7.60275.15352.41    
(0.00)(0.00)(0.00)(0.00)    
OPPTA−14.40−8.05268.40291.04    
(0.00)(0.00)(0.00)(0.00)    
PPE−6.01−1.89169.88171.62    
(0.00)(0.02)(0.01)(0.01)    
PSR−8.14−4.44209.28194.12    
(0.00)(0.00)(0.00)(0.00)    
RD−7.92−6.99266.56283.02    
(0.00)(0.00)(0.00)(0.00)    
TBR−20.38−8.43282.39145.19    
(0.00)(0.00)(0.00)(0.17)    

Note(s): This table reports the test statistic, followed by the probability values in parentheses, for the four tests performed in ascertaining the stationarity of the variables. The first panel reports the test results in level form, and the second panel reports the results in the first difference

LLC test: The Levin, Lin and Chu test; IPS test: The Im, Pesaran and Shin (IPS) test; ADF test: The Augmented Dickey–Fuller (ADF) test; PPS test: The Augmented Dickey–Fuller (ADF) test

Source(s): Authors’ own calculations

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