Stationarity test results of each variable
| Sequence . | ADF-Statistic . | PP-Statistic . | Conclusion . |
|---|---|---|---|
| TWZRUNOFF | −1.0897 | −2.4480 | Unstable |
| D(TWZRUNOFF) | −11.8958*** | −12.4808*** | Stable |
| TWZP | −5.8189*** | −8.6698*** | Stable |
| TWZTF | −1.3152 | −1.0223 | Unstable |
| D(TWZTF) | −4.7846*** | −4.7846*** | Stable |
| TWZFL | −1.1503 | −0.4036 | Unstable |
| D(TWZFL) | −1.7828 | −3.0063 | Unstable |
| D2(TWZFL) | −9.2414*** | −11.0902*** | Stable |
| TWZGL | −0.8425 | −0.5970 | Unstable |
| D(TWZGL) | −4.5551*** | −4.5855*** | Stable |
| TWZDF | −0.1292 | 0.3123 | Unstable |
| D(TWZDF) | −4.5069*** | −4.4346*** | Stable |
| TWZPL | 0.0828 | 0.7408 | Unstable |
| D(TWZPL) | −2.1207 | −7.9633*** | Unstable |
| D2(TWZPL) | −18.0037*** | −23.8568*** | Stable |
| Sequence . | ADF-Statistic . | PP-Statistic . | Conclusion . |
|---|---|---|---|
| TWZRUNOFF | −1.0897 | −2.4480 | Unstable |
| D(TWZRUNOFF) | −11.8958*** | −12.4808*** | Stable |
| TWZP | −5.8189*** | −8.6698*** | Stable |
| TWZTF | −1.3152 | −1.0223 | Unstable |
| D(TWZTF) | −4.7846*** | −4.7846*** | Stable |
| TWZFL | −1.1503 | −0.4036 | Unstable |
| D(TWZFL) | −1.7828 | −3.0063 | Unstable |
| D2(TWZFL) | −9.2414*** | −11.0902*** | Stable |
| TWZGL | −0.8425 | −0.5970 | Unstable |
| D(TWZGL) | −4.5551*** | −4.5855*** | Stable |
| TWZDF | −0.1292 | 0.3123 | Unstable |
| D(TWZDF) | −4.5069*** | −4.4346*** | Stable |
| TWZPL | 0.0828 | 0.7408 | Unstable |
| D(TWZPL) | −2.1207 | −7.9633*** | Unstable |
| D2(TWZPL) | −18.0037*** | −23.8568*** | Stable |
Note: D refers to the first order difference; D2 refers to the second order difference. The asterisks ***, **, and * represent the statistical significance at 1%, 5%, and 10% levels, respectively.