Table 2.

Results cross sectional tests.

Values	TEST Cd	P(value)	P-Mean	Abs (p) Mean
lancer	1.234	2.564	7	0.56
linkup	234.765	4	1	2
InGDPPC	234.542	1	0.67	0.77
lnCO2	17.078	0	0.06	0.51
FDI	24.178	0	0.08	0.28
Trade	70.819	0	0.23	0.5
lnIVA	17.838	0	0.06	0.44
Institution	11.796	0	0.04	0.15
Urbanization	177.341	0	0.58	0.91
Return on asset	10.47	0	0.03	0.3
RE Market capitalization	4.501	0	0.01	0.37
Asset quality	19.87	0	0.06	0.39
Managerial inefficiency	9.176	0	0.03	0.35
Z-score	2.654	7.543	5	0.35

Source: Author calculations