Method

Statistic

Prob.**

Cross-sections

Obs

Null: Unit root (assumes common unit root process)

Levin, Lin & Chu t*

−1.16456

0.1221

5

125

Null: Unit root (assumes individual unit root process)

Im, Pesaran and Shin W-stat

1.80485

0.9645

5

125

ADF-Fisher Chi-square

4.33450

0.9310

5

125

PP-Fisher Chi-square

2.18608

0.9947

5

130

Panel unit root test: Summary first difference

Method

Statistic

Prob.**

Cross-sections

Obs

Null: Unit root (assumes common unit root process)

Levin, Lin & Chu t*

−2.11003

0.0174

5

120

Null: Unit root (assumes individual unit root process)

Im, Pesaran and Shin W-stat

−2.67515

0.0037

5

120

ADF-Fisher Chi-square

23.9785

0.0077

5

120

PP-Fisher Chi-square

29.3166

0.0011

5

125