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Table 3 Augmented Dickey–Fuller and PhillipsPerron tests are a unit root test.

From: The stock market capitalisation and financial growth nexus: an empirical study of western European countries

Variable Individual intercept Individual intercept and trend Individual intercept Individual intercept and trend
ADF—Fisher Chi-square (sig) Order ADF—Fisher Chi-square (sig) Order PP—Fisher Chi-square
(sig)
Order PP—Fisher Chi-square
(sig)
Order
DCF 34.41* 1(0) 82.05*** 1(1) 201.9*** 1(1) 35.24* 1(0)
SMC 35.26* 1(0) 145.38*** 1(1) 43.29*** 1(0) 33.54* 1(0)
GDPPG 96.66*** 1(0) 76.14*** 1(0) 113.5*** 1(0) 92.06*** 1(0)
CPI 88.58*** 1(0) 60.66*** 1(0) 89.99*** 1(0) 63.77*** 1(0)
FDINI 53.41*** 1(0) 39.19** 1(0) 110.6*** 1(0) 86.84*** 1(0)
STTR 73.38*** 1(0) 54.77*** 1(0) 90.43*** 1(0) 71.01 1(0)
Im, Pesaran, and Shin is a unit root test
  Individual intercept Individual intercept and trend
Variable Im, Pesaran, and Shin W-stat (sig) Order Im, Pesaran, and Shin W-stat (sig) Order
DCF  − 1.404* 1(0)  − 6.23*** 1(1)
SMC  − 2.298** 1(0)  − 11.0*** 1(1)
GDPPG  − 6.958*** 1(0)  − 5.62*** 1(0)
CPI  − 6.554*** 1(0)  − 4.46*** 1(0)
FDINI  − 3.745*** 1(0)  − 2.03** 1(0)
STTR  − 5.057*** 1(0)  − 3.35*** 1(0)