Table 2.

Results of the slope of heterogeneity and Cross-sectional dependency test.

	${LM}_{BP}$	${LM}_{PS}$	${LM}_{adj}$	${CD}_{PS}$	Δ	Adj.Δ
TI	315.302***	17.833***	127.934***	12.582***	29.87***	103.109***
PS	235.733***	18.356***	224.55***	42.186***	70.144***	138.655***
EDU	179.885***	37.878***	138.041***	54.954***	57.97***	126.852***
ICT	244.548***	27.477***	109.788***	21.012***	49.767***	122.94***
FDI	406.663***	26.557***	123.517***	53.829***	59.177***	55.843***
TR	169.386***	31.385***	213.025***	30.683***	33.853***	87.594***
FD	444.674***	15.213***	108.573***	9.997***	93.043***	94.492***

Note: the superscript of ***/**/* denotes the level of significant at a 1 %, 5 %, and 10 %.