Table 5

Diagnostic test results of the research models

Test nameModel 1Model 2
Chi2 or Fp-valueChi2 or Fp-value
Pooled Data test4.200.0004.240.000
Hausman test5.240.5146.980.431
Breusch-Pagan170.780.000184.180.000
Wooldridge test3.2760.0723.3080.071
Ramsey RESET0.740.5260.320.814

Note(s): The null hypotheses of the tests, respectively, assume pooled data, homoscedasticity, absence of serial correlation and no omitted variables

Source(s): Authors’ own work

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