Model Variables

Variable in levels

Variable in first difference

Order of integration

W-t bar Statistic

p-value

W-t-bar Statistic

p-value

return on assets

−1.0368

0.1499

−6.6057 ***

0.0000

I (1)

lending interest rate

−2.2813**

0.0113

-

-

I (0)

treasury bill rate

−7.5633***

0.0000

-

-

I (0)

core inflation

−11.1917***

0.0000

-

-

I (0)

logarithm of money supply

−1.0459

0.1478

−5.3316***

0.0000

I (1)

logarithm of total assets

0.4135

0.1225

−0.012***

0.0000

I (1)

capital ratio

−1.689**

0.035

I (0)