Table 2 Results of the test of the null...

Table 2

Results of the test of the null hypothesis of independence (Pesaran, 2004)

Variable	CD-test	p-value	corr	abs(corr)
CO2	44.96	0.000	0.327	0.573
REC	64.10	0.000	0.466	0.685
Internet	123.55	0.000	0.898	0.898
Mobile	124.17	0.000	0.903	0.903
gdp	55.38	0.000	0.403	0.662
Inst	2.07	0.038	0.015	0.420

Note(s): Under the null hypothesis of cross-sectional independence CD ∼ N(0.1) and a p-value close to zero indicate data that are correlated between panel individuals, CD signifies the cross-sectional dependence statistic

Source(s): Authors

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