Table 4: Unit root test with ADF, LLC, and IPS ( values).

ADFLLSIPSIntegrated of order

Prodc0.2340.0250.0120
Conc0.1390.0010.0000
Sub0.9961
VAT0.6071
Stock1.0001.0001.0001
Change stock0.0180.0000.0000
T rate0.2241
Lerner0.9400
Inccap0.4810.0010.060

All variables have been transformed to natural logarithm form. Lag is equal to one. ADF has been estimated in one region (Stockholm).