Cross-section dependence test results
| Variable | Breusch and Pagan LM | p- value |
|---|---|---|
| CON_RET | 15090.2*** | 0.0000 |
| ISLAMIC_RET | 27143.19*** | 0.0000 |
| CDS_ret | 8585.213*** | 0.0000 |
| BONDY_ret | 9246.676*** | 0.0000 |
| ER_ret | 13563.74*** | 0.0000 |
| Variable | Breusch and Pagan LM | |
|---|---|---|
| CON_RET | 15090.2*** | 0.0000 |
| ISLAMIC_RET | 27143.19*** | 0.0000 |
| CDS_ret | 8585.213*** | 0.0000 |
| BONDY_ret | 9246.676*** | 0.0000 |
| ER_ret | 13563.74*** | 0.0000 |
Note(s): ***p < 0.01
Source(s): Created by the authors
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