Pesaran (2007)’ panel unit root test
| Variables | Level | First difference | Order |
|---|---|---|---|
| FII | −12.505*** | – | I(0) |
| Hdi | −15.945*** | – | I(0) |
| Dens | −17.341*** | – | I(0) |
| Depend | −15.375*** | – | I(0) |
| Internet | −15.582*** | – | I(0) |
| Mobile | −16.576*** | – | I(0) |
| Fh | −15.497*** | – | I(0) |
| Polity2 | −17.319*** | – | I(0) |
| Glob | −15.758*** | – | I(0) |
| Globeco | −15.748*** | – | I(0) |
| Globsoc | −15.724*** | – | I(0) |
| Globpo | −17.587*** | – | I(0) |
| Variables | Level | First difference | Order |
|---|---|---|---|
| FII | −12.505*** | – | I(0) |
| Hdi | −15.945*** | – | I(0) |
| Dens | −17.341*** | – | I(0) |
| Depend | −15.375*** | – | I(0) |
| Internet | −15.582*** | – | I(0) |
| Mobile | −16.576*** | – | I(0) |
| Fh | −15.497*** | – | I(0) |
| Polity2 | −17.319*** | – | I(0) |
| Glob | −15.758*** | – | I(0) |
| Globeco | −15.748*** | – | I(0) |
| Globsoc | −15.724*** | – | I(0) |
| Globpo | −17.587*** | – | I(0) |
Note(s): *** is the statistical significance at 1%
Source(s): Authors’ own calculation
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