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Cross-sectional dependency and slope heterogeneity test results
| Model (1) | Model (2) | Model (3) | ||||
|---|---|---|---|---|---|---|
| Statistic | P value | Statistic | P value | Statistic | P value | |
| CD tests | ||||||
| Breusch-Pagan LM | 133.345*** | 0.000 | 107.05*** | 0.000 | 121.02*** | 0.000 |
| Pesaran CD | 3.112*** | 0.002 | 1.851** | 0.045 | 1.911** | 0.039 |
| Slope heterogeneity test | ||||||
| 15.041*** | 0.000 | 14.021*** | 0.000 | 15.449*** | 0.000 | |
| 15.019*** | 0.000 | 14.392*** | 0.000 | 16.012*** | 0.000 | |
***, **Statistical significance at 1% and 5% levels, respectively
