Variable

Chi-square

P-value

Order of Integration

Decision

ROA

−3.73787

0.0001

1(1)

Stationary

IRSK

−7.87482

0.0000

1(0)

Stationary

FXRSK

−4.54812

0.0000

1(0)

Stationary

EQRSK

−2.44602

0.0073

1(0)

Stationary

CARSK

−5.14320

0.0000

1(0)

Stationary