Variables

Test

LLC

IPS

PP

Order of integration

DO

In level

0.95024

(0.8290)

0.44093

(0.6704)

13.2578

(0.5063)

I(1)

In difference

−15.1515*

(0.0000)

−13.9436*

(0.0000)

154.274*

(0.0000)

Debt

In level

0.58223

(0.7198)

0.89229

(0.8139)

8.52095

(0.8605)

I(1)

In difference

−13.1280*

(0.0000)

−12.8841*

(0.0000)

151.062*

(0.0000)

FCF

In level

−3.12685*

(0.0009)

−3.36214*

(0.0004)

48.3958*

(0.0000)

I(0)

POP

In level

−4.56051*

(0.0000)

−1.23358*

(0.1087)

19.2046*

(0.1573)

I(0)

GDP

In level

−11.7474*

(0.0000)

−12.8229*

(0.0000)

151.698*

(0.0000)

I(0)