LLC test

Fisher-ADF test

Statistics

p-value

Statistics

p-value

Growth

−251.926

0.0000

522.352

0.0000

PB

−19.9687

0.0000

366.341

0.0000

ETR

−70.3577

0.0000

402.649

0.0000

Debt

−9.66832

0.0000

225.642

0.0001