Table 2 Results of panel data tests...

Table 2

Results of panel data tests

	Model	Chi2	p-value	Durbin–Watson
Random effect	(1)	22.23	0.00***
	(1)	11.73	0.01***
	(2)	23.82	0.00***
	(2)	10.11	0.12
	(3)	37.05	0.00***
	(3)	12.01	0.10*
Fixed effect	(1)	11.79	0.00***
	(1)	3.17	0.02**
	(2)	7.07	0.00***
	(2)	2.06	0.07*
	(3)	5.87	0.00***
	(3)	1.72	0.10*
Hausman test	(1)	27.00	0.00***
	(1)	8.91	0.03**
	(2)	15.40	0.00***
	(2)	13.00	0.03**
	(3)	23.34	0.00***
	(3)	11.34	0.07*
Breusch–Pagan test	(1)	1569.73	0.00***
	(1)	532.56	0.00***
	(2)	1332.45	0.00***
	(2)	486.37	0.00***
	(3)	2397.20	0.00***
	(3)	540.76	0.00***
Durbin–Watson test	(1)			0.993
	(1)			1.555
	(2)			0.993
	(2)			1.552
	(3)			1.001
	(3)			1.577

	Model	Chi2	p-value	Durbin–Watson
Random effect	(1)	22.23	0.00***
	(1)	11.73	0.01***
	(2)	23.82	0.00***
	(2)	10.11	0.12
	(3)	37.05	0.00***
	(3)	12.01	0.10*
Fixed effect	(1)	11.79	0.00***
	(1)	3.17	0.02**
	(2)	7.07	0.00***
	(2)	2.06	0.07*
	(3)	5.87	0.00***
	(3)	1.72	0.10*
Hausman test	(1)	27.00	0.00***
	(1)	8.91	0.03**
	(2)	15.40	0.00***
	(2)	13.00	0.03**
	(3)	23.34	0.00***
	(3)	11.34	0.07*
Breusch–Pagan test	(1)	1569.73	0.00***
	(1)	532.56	0.00***
	(2)	1332.45	0.00***
	(2)	486.37	0.00***
	(3)	2397.20	0.00***
	(3)	540.76	0.00***
Durbin–Watson test	(1)			0.993
	(1)			1.555
	(2)			0.993
	(2)			1.552
	(3)			1.001
	(3)			1.577

Note(s): ***, ** and *, indicate significant at 1%, 5% and 10% levels, respectively