Table 1 Cross-section dependence and... | Emerald Publishing

Table 1

Cross-section dependence and slope homogeneity tests results

Tests	Cross-section dependence				Slope homogeneity
Models	BP_LM	CD_LM	LM_BC	LM_adj	$\tilde{Δ}$	${\tilde{Δ}}_{adj}$
Model 1	138.09*	22.30*	22.30*	5.54*	16.57*	17.98*
Model 2	164.23*	27.24*	27.08*	11.64*	7.93*	8.60*
Model 3	136.81*	22.23*	22.07*	2.70*	14.08*	15.27*
Model 4	179.53*	30.04*	29.87*	4.07*	9.14*	9.92*
Model 5	93.45*	14.32*	14.15*	2.04*	9.69*	10.51*
Model 6	203.98*	34.50*	34.33*	4.93*	12.15*	13.18*

Tests	Cross-section dependence				Slope homogeneity
Models	BP_LM	CD_LM	LM_BC	LM_adj	$\tilde{Δ}$	${\tilde{Δ}}_{adj}$
Model 1	138.09*	22.30*	22.30*	5.54*	16.57*	17.98*
Model 2	164.23*	27.24*	27.08*	11.64*	7.93*	8.60*
Model 3	136.81*	22.23*	22.07*	2.70*	14.08*	15.27*
Model 4	179.53*	30.04*	29.87*	4.07*	9.14*	9.92*
Model 5	93.45*	14.32*	14.15*	2.04*	9.69*	10.51*
Model 6	203.98*	34.50*	34.33*	4.93*	12.15*	13.18*

Note(s): * signifies the cross-section dependence and heterogeneity by a 5% statistical significance level

Source(s): Own elaboration