Statistic

Prob.

Result

Panel v-Statistic

−4.348163

0.0000

Decline

Panel rho-Statistic

0.117010

0.3962

Accept

Panel PP-Statistic

−0.665977

0.3196

Accept

Panel ADF-Statistic

−2.383523

0.0233

Decline

Group rho-Statistic

2.455585

0.0196

Decline

Group PP-Statistic

0.479105

0.3557

Accept

Group ADF-Statistic

−2.119792

0.0422

Decline