|
| Z-statistic | p-value | Level of significance | Trend |
| smr | 12.724 | 0.000 | 1% | Not included |
| rgdp | 2.538 | 0.006 | 1% | Included |
| infl | 24.346 | 0.000 | 1% | Included |
| itbl | 3.638 | 0.000 | 1% | Included |
| hhi_as | 20.542 | 0.000 | 1% | Included |