Table 2 ADF test results Variable ADF... | Emerald Publishing

Table 2

ADF test results

Variable	ADF statistics	Level		p-value	Lag length	ADF statistics	First difference		p-value
		1%	5%				1%	5%
lnEXM	−1.555	−4.380	−3.600	0.8094	1	−0.243	−2.567	−1.740	0.4055
lnLP	−1.993	−4.380	−3.600	0.6052	1	−0.881	−2.567	−1.740	0.1954
lnREP	−2.073	−4.380	−3.600	0.5612	1	0.214	−2.567	−1.333	0.5836
lnER	−2.955	−4.380	−3.600	0.145	1	−1.100	−2.567	−1.740	0.1433
lnTEC	−2.170	−4.380	−3.600	0.507	1	−0.928	−2.567	−1.740	0.1832
lnDM	−2.390	−4.380	−3.600	0.385	1	0.450	−2.567	−1.740	0.6708

Variable	ADF statistics	Level		p-value	Lag length	ADF statistics	First difference		p-value
		1%	5%				1%	5%
lnEXM	−1.555	−4.380	−3.600	0.8094	1	−0.243	−2.567	−1.740	0.4055
lnLP	−1.993	−4.380	−3.600	0.6052	1	−0.881	−2.567	−1.740	0.1954
lnREP	−2.073	−4.380	−3.600	0.5612	1	0.214	−2.567	−1.333	0.5836
lnER	−2.955	−4.380	−3.600	0.145	1	−1.100	−2.567	−1.740	0.1433
lnTEC	−2.170	−4.380	−3.600	0.507	1	−0.928	−2.567	−1.740	0.1832
lnDM	−2.390	−4.380	−3.600	0.385	1	0.450	−2.567	−1.740	0.6708

Note(s): *Indicates significance at the 1% level

Source(s): Authors’ computation