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Hausman specification test (fixed effects vs. random effects).
| Test | χ2 statistic | Degrees of freedom | p-value | Preferred model |
|---|---|---|---|---|
| Hausman test | 19.46 | 5 | 0.0016 | Fixed effects |
The null hypothesis that the random-effects estimator is consistent is rejected at the 1% significance level, supporting the use of the fixed-effects model. This confirms that the fixed-effects model is the most appropriate estimator for the study.
