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Table 1

Stationarity test results of each variable

SequenceADF-StatisticPP-StatisticConclusion
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 
SequenceADF-StatisticPP-StatisticConclusion
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.

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