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Table 1 ADF unit root test results

From: Decision making on financial investment in Turkey by using ARDL long-term coefficients and AHP

Variables Constant Constant, Linear Trend None
t-Statistic Probability t-Statistic Probability t-Statistic Probability
EURO 1.6497 0.9995 −1.1188 0.9206 3.0123 0.9993
D (EURO) −8.1244b 0.0000 −8.5353b 0.0000 −7.4696b 0.0000
GOLD −0.6514 0.8534 −1.5461 0.8076 3.6551 0.9999
D (GOLD) −9.1455b 0.0000 − 9.0867b 0.0000 −8.4213b 0.0000
USD 1.3179 0.9986 −2.5807 0.2899 2.7812 0.9986
D (USD) −7.2914b 0.0000 −7.6634b 0.0000 −6.7263b 0.0000
BIST −3.4182a 0.0123 −4.3973b 0.0033 3.1834 0.9996
CAB −8.3867b 0.0000 −8.3639b 0.0000 −0.5608 0.4721
CPI 1.9008 0.9998 −0.9177 0.9496 13.946 1.0000
D (CPI) −9.0205b 0.0000 −9.1779b 0.0000 −0.7444 0.3917
FDI −3.1539a 0.0256 −4.5544b 0.0020 −0.8757 0.3345
D (FDI) −10.0208b 0.0000 − 10.2301b 0.0000 0.0644 0.7012
IPI −0.9465 0.7698 −4.7263b 0.0011 3.7500 0.9999
D (IPI) −10.0992b 0.0000 − 10.0739b 0.0000 − 12.6901b 0.0000
OP −1.6078 0.4752 −2.4246 0.3650 0.5031 0.8227
D (OP) −8.9079b 0.0000 −8.9791b 0.0000 − 8.9204b 0.0000
TOT −1.2494 0.6509 −1.5020 0.8233 0.0238 0.6883
D (TOT) −9.3223b 0.0000 −9.2712b 0.0000 − 9.3620b 0.0000
  1. a, b indicates significance at %5 and %1 level, respectively