Table 3.

Cross-sectional dependency (CSD) and slope heterogeneity (SHTG) tests.

CSD Test Results
Variables	Breush-Pagan LM		Pesaran CD		Decision
	Test statistics	P-value	Test statistic	P-value
EGR	238.353***	0.000	15.437***	0.000	Cross-sectional dependence
EIN	220.300***	0.000	14.838***	0.000	Cross-sectional dependence
ES	77.231***	0.000	3.0423***	0.002	Cross-sectional dependence
PDN	244.494***	0.000	15.635***	0.000	Cross-sectional dependence
RDN	143.536***	0.000	−2.816***	0.000	Cross-sectional dependence
RIN	112.746***	0.000	13.875***	0.000	Cross-sectional dependence
RTEC	181.734***	0.000	13.357***	0.000	Cross-sectional dependence
Pesaran and Yamagata (2008) SHTG Test Results
Test Statistics	Model 1	Model 2	Model 3	Model 4	Model 5
${\Delta }^{\sim }$	15.274***	18.349***	16.061***	19.964***	17.652***
${\Delta }_{\text{Adjusted}}^{\sim }$	15.679***	18.788***	16.459***	20.037***	18.037***

“*** significant at 1%.”