Table 3 Panel co-integration tests... | Emerald Publishing

Table 3

Panel co-integration tests

Pedroni test	With intercept	With intercept and trend	No intercept or trend
Panel v-Statistic	−4.5540	12.7802***	−9.6722
Panel rho-Statistic	7.4332	8.5160	4.5990
Panel PP-Statistic	2.1923**	−6.4917***	−0.7501**
Panel ADF-Statistic	0.0009**	−7.4274***	−2.7185***
Group rho-Statistic	10.7087	12.4075	8.4691
Group PP-Statistic	0.3829**	−6.5222***	−2.2489**
Group ADF-Statistic	−2.6939***	−6.0539***	−5.3643***
Kao test	ADF t-stat	−2.2123***

Pedroni test	With intercept	With intercept and trend	No intercept or trend
Panel v-Statistic	−4.5540	12.7802***	−9.6722
Panel rho-Statistic	7.4332	8.5160	4.5990
Panel PP-Statistic	2.1923**	−6.4917***	−0.7501**
Panel ADF-Statistic	0.0009**	−7.4274***	−2.7185***
Group rho-Statistic	10.7087	12.4075	8.4691
Group PP-Statistic	0.3829**	−6.5222***	−2.2489**
Group ADF-Statistic	−2.6939***	−6.0539***	−5.3643***
Kao test	ADF t-stat	−2.2123***

Note(s): NIT, no trend and intercept; IT, both trend and intercept; I, only intercept; CE, co-integrating equation. ***, ** denotes significance at 1 and 5% levels, respectively

Source(s): Own elaboration