Table 1. Tests for cross-sectional...

Table 1.

Tests for cross-sectional dependence and homogeneity tests

Test	Statistic	Prob.
Cross-sectional dependence tests
Breusch-Pagan LM	4831,67	0,00^***
Pesaran scaled LM	284,72	0,00^***
Pesaran CD	69,49	0,00^***
Homogeneity tests
$\hat{Δ}$	4273,10	0,00^***
${\hat{Δ}}_{adj}$	10,32	0,00^***

Test	Statistic	Prob.
Cross-sectional dependence tests
Breusch-Pagan LM	4831,67	0,00^***
Pesaran scaled LM	284,72	0,00^***
Pesaran CD	69,49	0,00^***
Homogeneity tests
$\hat{Δ}$	4273,10	0,00^***
${\hat{Δ}}_{adj}$	10,32	0,00^***

Note:

The asterisks

***

denote rejection of the null hypothesis of no CD, as well as the rejection of the null hypothesis of slope homogeneity at the 1% significance level

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