The Long-Term Impact of Human Capital Investment on GDP: A Panel Cointegrated Regression Analysis
Table 2
The results of Pedroni cointegration tests.
Pedroni cointegration tests
Developing countries
Developed countries
Constant
Constant and trend
Constant
Constant and trend
Panel v-stat
2.15391**
1.45106*
2.27641**
0.85554
Panel rho-stat
−0.84610
−0.69233
−1.04253
−0.25242
Panel pp-stat
−1.47257*
−2.24762**
−2.18951**
−2.15791**
Panel adf-stat
−1.54850*
−2.76468***
−1.51014*
−1.86789**
Group rho-stat
0.00147
0.27134
−0.15512
0.66472
Group pp-stat
−1.26503*
−1.75129**
−2.03574**
−1.69854**
Group adf-stat
−1.34975*
−2.45622***
−1.23116
−1.38851*
The null hypotheses of all unit root tests state that the series include unit root while the alternative hypotheses state the absence of unit root. , and indicate stationarity at 1%, 5%, and 10% significance levels, respectively.
