Results of cross-sectional dependence and homogeneity test
| Variable↓ Test → | Breusch-Pagan LM | Pesaran scaled LM | Bias-corrected scaled LM | Pesaran CD |
|---|---|---|---|---|
| Cross-sectional dependence | ||||
| lnCF | 52.33295* (0.0000) | 9.465936* (0.0000) | 9.215936* (0.0000) | −0.980675 (0.3268) |
| lnAIi | 40.67576* (0.0000) | 6.859309* (0.0000) | 6.609309* (0.0000) | 6.049576* (0.0000) |
| lnET | 52.98315* (0.0000) | 9.611325* (0.0000) | 9.361325* (0.0000) | 6.937604* (0.0000) |
| lnEG | 42.68823* (0.0000) | 7.309312 * (0.0000) | 7.059312* (0.0000) | 0.508268 (0.6113) |
| lnVAag | 20.14855** (0.0279) | 2.269284** (0.0233) | 2.019284** (0.0435) | 1.456414 (0.1453) |
| lnVAi | 29.31616* (0.0011) | 4.319225* (0.0000) | 4.069225* (0.0000) | 0.933371 (0.3506) |
| Slope homogeneity | ||||
| Delta P-value | 3.164 (0.0000) | Adjusted delta P-value | 4.217 (0.0000) | |
| Variable↓ | Breusch-Pagan LM | Pesaran scaled LM | Bias-corrected scaled LM | Pesaran CD |
|---|---|---|---|---|
| lnCF | 52.33295* (0.0000) | 9.465936* (0.0000) | 9.215936* (0.0000) | −0.980675 (0.3268) |
| lnAIi | 40.67576* (0.0000) | 6.859309* (0.0000) | 6.609309* (0.0000) | 6.049576* (0.0000) |
| lnET | 52.98315* (0.0000) | 9.611325* (0.0000) | 9.361325* (0.0000) | 6.937604* (0.0000) |
| lnEG | 42.68823* (0.0000) | 7.309312 * (0.0000) | 7.059312* (0.0000) | 0.508268 (0.6113) |
| lnVAag | 20.14855** (0.0279) | 2.269284** (0.0233) | 2.019284** (0.0435) | 1.456414 (0.1453) |
| lnVAi | 29.31616* (0.0011) | 4.319225* (0.0000) | 4.069225* (0.0000) | 0.933371 (0.3506) |
| Delta | 3.164 (0.0000) | Adjusted delta | 4.217 (0.0000) | |
Note(s): *, and ** denote significance at 1%, 5% level