Table 4 Cointegration test . Pedroni... | Emerald Publishing

Table 4

Cointegration test

. Pedroni Cointegration Test
Common AR coefs. Within dimension
	Statistic	Prob	Statistic	Prob
Panel v-Statistic	−2.067055	0.9806	−1.873720	0.9695
Panel rho-Statistic	−0.467686	0.3200	0.763228	0.7773
Panel PP-Statistic	−7.388488***	0.0000	−4.473403	0.0000***
Panel ADF-Statistic	−1.401773*	0.0805	−2.225251	0.0130**

. Pedroni Cointegration Test
Common AR coefs. Within dimension
	Statistic	Prob	Statistic	Prob
Panel v-Statistic	−2.067055	0.9806	−1.873720	0.9695
Panel rho-Statistic	−0.467686	0.3200	0.763228	0.7773
Panel PP-Statistic	−7.388488***	0.0000	−4.473403	0.0000***
Panel ADF-Statistic	−1.401773*	0.0805	−2.225251	0.0130**

Individual AR coefs. Between-dimension
	Statistic	Prob
Group rho-Statistic	2.140657	0.9838
Group PP-Statistic	−8.466576***	0.0000
Group ADF-Statistic	−4.358105***	0.0000

Kao's cointegration test
	t-Statistic	Prob
ADF	−3.522243	0.0002

Note(s): *p < 0.10, **p < 0.05, ***p < 0.01

Source(s): Authors calculation