Table 5.

Summary of the test for multicollinearity, heteroscedasticity and autocorrelation.

Equation	Mean variance inflation factor	Test for group wise heteroscedasticitya		Test for autocorrelationb
		Test statistics	p-value	Test statistics	p-value
2.1	2.10	2516.05*	0.0000	120.15*	0.0000
2.2	1.76	1916.21*	0.0000	118.94*	0.0000
2.3	1.72	3835.75*	0.0000	118.48*	0.0000

*, ** and *** denote statistically significant at 1%, 5% and 10%, respectively.

^aModified Wald test for group wise heteroscedasticity.

^bWooldridge test for autocorrelation in panel data.