How Energy Sector Reacted to COVID-19 Pandemic? Empirical Evidence from an Emerging Market Economy

Table 5

The outcomes of the Kwiatkowski–Phillips–Schmidt–Shin unit root test.

Variables	Level	1st difference
	LM-stat.	LM-stat.
BET-NG	0.12317	0.10802
SNG	0.05132	0.27447
EL	0.07358	0.22224
TGN	0.33589	0.09240
TEL	0.09570	0.03197
EEX-B	0.26477	0.10671
EEX-P	0.25460	0.10521
APX	0.30014	0.14376
LNGI	0.06838	0.33024
D (CNW)	0.11972	0.09233
CNE	1.17286	0.13543

Source: author’s own work. Notes: null hypothesis: each series is stationary. Intercept included in test equation. Asymptotic critical values: 1% level: 0.739000; 5% level: 0.463000; 10% level: 0.347000. For the definition of variables, please see Table 2.