Table 3 Results of cross-sectional...

Table 3

Results of cross-sectional dependence test

Variable	Alpha	CD	${CD}_{W}$	${CD}_{W} +$	$CD$ *
HC	1.011	20.42***	−2.85***	133.63***	0.12
DFII	1.011	26.00***	−3.05***	171.39***	−1.14
IS	0.694	8.83***	−1.88*	60.89***	−0.76
PS	0.506	−1.11	−1.60*	68.32***	1.89*
PR	0.708	1.56*	−2.80***	103.18***	2.06**
DCPS	1.011	30.00***	−3.33***	197.91***	.

Variable	Alpha	CD	${CD}_{W}$	${CD}_{W} +$	$CD$ *
HC	1.011	20.42***	−2.85***	133.63***	0.12
DFII	1.011	26.00***	−3.05***	171.39***	−1.14
IS	0.694	8.83***	−1.88*	60.89***	−0.76
PS	0.506	−1.11	−1.60*	68.32***	1.89*
PR	0.708	1.56*	−2.80***	103.18***	2.06**
DCPS	1.011	30.00***	−3.33***	197.91***	.

Note(s):

0.5 ≤ Alpha < 1, implies strong CSD, CD = cross-sectional dependence by Pesaran (2021), CD_W = by Juodis and Reese (2022), CD_W+ = by Fan et al. (2015) and CD* = by Pesaran and Xie (2021). *, ** and *** indicate statistical significance at 10, 5 and 1%, respectively

Source(s): Authors’ own work

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