Variable | Test | Statistic |
| Prob** | Cross- sections | Obs |
LPTF |
| Ho: Unit root (common unit root) | ||||
Levin, Lin & Chu t* | −2.34285 |
| 0.0096 | 16 | 859 | |
Breitung t-stat | 0.1383 |
| 0.555 | 16 | 843 | |
| Ho: Unit root (individual unit root) | |||||
Im, Pesaran and Shin W-stat | −0.95658 |
| 0.1694 | 16 | 859 | |
ADF—Fisher Chi-square | 34.631 |
| 0.3434 | 16 | 859 | |
PP—Fisher Chi-square | 35.5284 |
| 0.3055 | 16 | 864 | |
LG |
| Ho: Unit root (common unit root) | ||||
Levin, Lin & Chu t* | 1.35975 |
| 0.913 | 16 | 854 | |
Breitung t-stat | 1.33092 |
| 0.9084 | 16 | 838 | |
| Ho: Unit root (individual unit root) |