Effects of financial development and capital accumulation on labor productivity in sub-Saharan Africa: new insight from cross sectional autoregressive lag approach

Financial Innovation

Table 6 Pesaran CADF panel unit root test (2nd generation unit root test)

Variables	LEVELS		FIRST DIFFERENCES		Conclusion
Variables	t-bar	Z(t-bar)	t-bar	Z(t-bar)	Conclusion
LNPROD	− 3.086	− 5.531	− 4.666	− 16.807^c	I(1)
LNCAPTA	− 3.357	− 7.466	− 4.828	− 17.962^c	I(1)
FI	− 3.613	− 9.297	− 4.874	− 18.291^c	I(1)
FD	− 3.644	− 9.517	− 4.900	− 18.473^c	I(1)
FM	− 2.544	− 1.730	− 3.671	− 9.706^c	I(1)

“c, b, and a denotes statistically significant at 0.01%, 0.05%, and 0.10%. Correspondingly. Z(t-bar) is the average of the individual t-ratios of the OLS estimate of” ∝ i