| Method | Statistic | Prob |
| Perpdroni | Panel v-Statistic | 4.130149 (0.0000) |
| Panel rho-Statistic | −1.849579 (0.0322) | |
| Panel PP-Statistic | −4.642120 (0.0000) | |
| Panel ADF-Statistic | −3.373187 (0.0000) | |
| Group rho-Statistic | 1.515126 (0.9351) | |
| Group PP-Statistic | −3.034731 (0.0012) | |
| Group ADF-Statistic | −5.520373 (0.0000) | |
| Kao | ADF | −3.594079 (0.0002) |
| Hypothesized No. of CE(s) | Fisher Stat. * from trace test) | Fisher Stat. * (frommax − eigen test) |
| None | 489.7 (0.0000) | 444.8 (0.0000) |
| At most 1 | 179.6 (0.0000) | 179.6 (0.0000) |