Does COVID-19 shock endanger the flows of FDI in OECD? Empirical evidence based on AMG panel estimator

Future Business Journal

Table 3 Unit root test

Variables	Full sample	Sub-sample		Full sample	Sub-sample
Variables	Full sample	Eurozone	Non-Eurozone	Full sample	Eurozone	Non-Eurozone
	CIPS			CADF
FDII	− 5.098***^a	− 4.947***^a	− 5.398***^a	− 2.636***^b	− 2.931***^a	− 2.276***^a
FDIO	− 4.887***^a	− 4.951***^a	− 4.701***^a	− 2.458***^b	− 2.894***^a	− 3.102***^a
RGDP	− 4.956***^b	− 4.713***^b	− 4.668***^b	− 2.716***^b	− 2.759***^b	− 2.779***^b
INF	− 4.683***^b	− 4.854***^a	− 5.239***^a	− 2.031***^b	− 3.823***^a	− 2.693***^a
INR	− 2.711***^a	− 6.190***^a	− 2.706***^a	− 2.068***^b	− 6.190***^a	− 2.526***^b
REER	− 5.084***^b	− 5.532***^b	− 4.712***^b	− 2.187***^b	− 4.640***^b	− 2.790***^b
GCFC	− 5.977***^b	− 5.586***^a	− 5.354***^a	− 2.654***^b	− 4.919***^b	− 3.831***^a

^***, **, and * represent the significance of the unit root model at 1, 5, and 10% level. a and b denote the level and first difference stationarities of the series, respectively