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Cross section dependence.
| Variable | Breusch-Pagan LM | Pesaran scaled LM | Pesaran CD |
|---|---|---|---|
| BIOCAPit | 44.4334∗∗∗ | 7.6995∗∗∗ | -0.3707 |
| EFPCit | 153.1578∗∗∗ | 32.0110∗∗∗ | 11.3534∗∗∗ |
| EUSEit | 203.4115∗∗∗ | 43.2481∗∗∗ | 14.1363∗∗∗ |
| FDIit | 63.0458∗∗∗ | 11.8614∗∗∗ | 6.9509∗∗∗ |
| GDP_PCit | 19.9659∗∗ | 2.2285∗∗ | 3.1768∗∗∗ |
| GINIit | 34.2522∗∗∗ | 5.4229∗∗∗ | 2.4187∗∗ |
| HDIit | 275.9857∗∗∗ | 59.4762∗∗∗ | 16.6127∗∗∗ |
| TOit | 80.0797∗∗∗ | 15.6703∗∗∗ | 0.7724 |
Note: ‘∗’, ‘∗∗’, ‘∗∗∗’ signify 90%, 95% and 99% level of statistical significance, respectively.
