Table 5 Results of F -test/Wald test, LM... | Emerald Publishing

Table 5

Results of F-test/Wald test, LM test and Hausman test

Models	Tests	Test statistics	Decision
Fixed vs OLS	F-test	3.53*	H₀ is rejected
	p-value	0.0089	H₀ is rejected
	Wald test	11.09*	H₀ is rejected
	p-value	0.000	H₀ is rejected
Random vs OLS	LM test	0.00	H₀ is accepted
Random vs OLS	p-value	1.000	H₀ is accepted
Fixed vs random	Hausman test	13.19*	H₀ is rejected
Fixed vs random	p-value	0.010	H₀ is rejected

Models	Tests	Test statistics	Decision
Fixed vs OLS	F-test	3.53*	H₀ is rejected
	p-value	0.0089	H₀ is rejected
	Wald test	11.09*	H₀ is rejected
	p-value	0.000	H₀ is rejected
Random vs OLS	LM test	0.00	H₀ is accepted
Random vs OLS	p-value	1.000	H₀ is accepted
Fixed vs random	Hausman test	13.19*	H₀ is rejected
Fixed vs random	p-value	0.010	H₀ is rejected

Note(s): *Significant at 1% level