Levin, Lin & Chu t*

Im, Pesaran and Shin W-stat

ADF-Fisher Chi-square

PP-Fisher Chi-square

DD

−7.57128

(0.0000)

−2.43380

(0.0075)

45.2371

(0.0025)

51.2509

(0.0004)

stationary

EBT

−2.68087

(0.0963)

3.46953

(0.9997)

28.3329

(0.0861)

32.0415

(0.0067)

stationary

NPR

−8.87730

(0.0000)

−0.33641

(0.3683)

29.1829

(0.0397)

70.2809

(0.0000)

stationary

ROA

−13.6601

(0.0000)

−8.29982

(0.0000)

94.5663

(0.0000)

60.0029

(0.0000)

stationary

LEV

−2.97085

(0.0985)

2.13420

(0.9836)

24.0144

(0.3465)

43.7556

(0.0038)

stationary

LDR

−2.1.27263

(0.0000)

−1.68263

(0.0462)

42.7552

(0.0051)

43.6046

(0.0040)

stationary

TOP1

−7.07001

(0.0000)

−13.2912

(0.0000)

93.8512

(0.0000)

52.2781

(0.0001)

stationary

CAR

−6.52819

(0.0000)

−0.52791

(0.2988)

29.6745

(0.0266)

43.2869

(0.0043)

stationary