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Table 3 Panel unit root tests

From: The dynamic linkage between renewable energy, tourism, CO2 emissions, economic growth, foreign direct investment, and trade

Variable Pesaran Pesaran Smith et al. t test Smith et al. LM-test Smith et al. max-test Smith et al. min-test
CIPS CIPS*
co2 − 1.25 − 1.31 − 1.42 3.02 − 1.25 1.35
Δco2 − 5.52a − 5.23a − 5.32a 17.93a − 6.62a 6.43a
re − 1.28 − 1.26 − 1.25 3.15 − 1.29 1.28
Δre − 5.59a − 5.21a − 6.24a 19.51a − 7.75a 7.21a
y 1.14 − 1.22 − 1.28 2.36 − 1.33 1.25
Δy − 6.34a − 6.48a − 5.63a 18.74a − 8.64a 6.46a
trs − 1.52 − 1.42 − 1.24 1.23 − 1.29 1.18
Δtrs − 7.84a − 7.59a − 6.11a 21.88a − 7.94a 8.83a
tr − 1.41 − 1.29 − 1.38 1.74 − 1.37 1.14
Δtr − 7.39a − 6.32a − 5.53a 17.98a − 7.71a 6.65a
fdi − 1.36 − 1.31 − 1.27 1.26 − 1.28 1.22
Δfdi − 6.97a − 6.58a − 6.24a 18.75a − 6.86a 6.42a
  1. Δ denotes first differences. A constant is included in the Pesaran (2007) tests. Rejection of the null hypothesis indicates stationary in at least one country. CIPS* = truncated CIPS test. Critical values for the Pesaran (2007) test are − 2.40 at 1%, − 2.22 at 5%, and −2.14 at 10%
  2. “a” denotes rejection of the null hypothesis. Both a constant and a time trend are included in the Smith et al. (2004) tests. Rejection of the null hypothesis indicates stationary in at least one country. For both tests, the results are reported at lag = 4. The null hypothesis is that of a unit root