Cross dependency and homogeneity test
| Variables | Pesaran (2021) CD test results | |
|---|---|---|
| Statistics | p-value | |
| FDI | 6.139* | 0.000 |
| GDP | 4.466* | 0.000 |
| FS | 15.161* | 0.000 |
| PS | 11.876* | 0.000 |
| TOP | 22.877* | 0.000 |
| Variables | ||
|---|---|---|
| Statistics | ||
| FDI | 6.139* | 0.000 |
| GDP | 4.466* | 0.000 |
| FS | 15.161* | 0.000 |
| PS | 11.876* | 0.000 |
| TOP | 22.877* | 0.000 |
| Pesaran and Yamagata (2008) test results | ||
|---|---|---|
| −0.940 | 0.347 | |
| -adjusted | −1.024 | 0.306 |
| −0.940 | 0.347 | |
| −1.024 | 0.306 | |
Note(s): *, **, *** denotes the rejection of null hypothesis at 1, 5 and 10% significance level, respectively
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