Table 6.

The results of slope homogeneity test.

Variable	$\overline{\mathit{\Delta }}$	${\overline{\mathit{\Delta }}}_{adj}$
$\mathit{ln}GDP$	75.702∗∗∗	98.56∗∗∗
$\mathit{ln}GCF$	49.788∗∗∗	106.01∗∗∗
$\mathit{ln}NRE$	52.328∗∗∗	103.26∗∗∗
$\mathit{ln}RE$	265.575∗∗∗	288.34∗∗∗
$\mathit{ln}GC$	107.073∗∗∗	216.66∗∗∗
$\mathit{ln}TO$	84.972∗∗∗	138.66∗∗∗

Notes: ∗∗∗ indicates that p-value is smaller than 1%.