Table 5

Cross dependency and homogeneity test

VariablesPesaran (2021) CD test results
Statisticsp-value
FDI6.139*0.000
GDP4.466*0.000
FS15.161*0.000
PS11.876*0.000
TOP22.877*0.000
Pesaran and Yamagata (2008) test results
∆∼−0.9400.347
∆∼-adjusted−1.0240.306

Note(s): *, **, *** denotes the rejection of null hypothesis at 1, 5 and 10% significance level, respectively

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