Variable

LLC

ADF Test

Test Form (c,t)

Results

ROE

−5.84217 (0.0000)

26.0732 (0.0530)

(c, 0)

Stationary

PCS

−190.145 (0.0000)

42.4526 (0.0003)

(c, 0)

Stationary

LNFEE

−545.588 (0.0000)

64.9645 (0.0000)

(c, 0)

Stationary

LNLFEE

−6.83299 (0.0000)

34.9503 (0.0015)

(c, 0)

Stationary