Table 3 First-generation unit root tests.

From: The non-linear relationship between ESG performance and bank stability in the digital era: new evidence from a regime-switching approach

 

In level

In first difference

Variables

LLC

IPS

LM

Decision

LLC

IPS

LM

Decision

BZ_Score

−7.600 (0.000)

−13.239 (0.000)

26.680 (0.000)

NS

−11.038 (0.000)

−15.146 (0.000)

−6.03 (1.000)

S

IUI

−13.414 (0.000)

−2.834 (0.000)

133.786 (0.000)

NS

13.070 (1.000)

−0.047 (0.481)

−3.569 (1.000)

S

MCS

−15.063 (0.000)

−21.867 (0.000)

94.612 (0.000)

NS

3.048 (0.999)

−0.262 (0.397)

−5.951 (1.000)

S

ATM

0.236 (0.593)

15.144 (1.000)

106.950 (0.000)

NS

1.886 (0.97)

−7.059 (0.000)

−11.671 (1.000)

S

ESG

−4.302 (0.000)

10.933 (1.000)

104.555 (0.000)

NS

−17.199 (0.000)

−20.649 (0.000)

−2.274 (0.988)

S

NIM

−4.815 (0.000)

−3.453 (0.000)

76.070 (0.000)

NS

−1.991 (0.023)

−11.382 (0.000)

−0.331 (0.63)

S

ROA

−13.576 (0.000)

−9.884 (0.000)

26.095 (0.000)

NS

−8.807 (0.000)

−14.994 (0.000)

−6.009 (1.000)

S

CIR

−3.5e+03 (0.000)

−6.766 (0.000)

34.627 (0.000)

NS

−65.288 (0.000)

−18.356 (0.000)

−3.822 (0.000)

S

GDPG

−22.032 (0.000)

−24.885 (0.000)

11.671 (0.000)

NS

−23.946 (0.000)

−19.759 (0.000)

−5.088 (1.000)

S

  1. Notes: “NS” refers to Non-Stationary; “S” refers to Stationary.
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