Table 3.
Cross-sectional dependence test results.
| Variables | Breusch-Pagan LM | Pesaran scaled LM | Bias-corrected scaled LM | Pesaran CD |
|---|---|---|---|---|
| LNGDP | 5351.382∗∗∗ (0.000) | 264.773∗∗∗ (0.000) | 264.510∗∗∗ (0.000) | 66.206∗∗∗ (0.000) |
| LNENG | 3057.362∗∗∗ (0.000) | 147.093∗∗∗ (0.000) | 146.829∗∗∗ (0.000) | 24.488∗∗∗ (0.000) |
| LNTRA | 5221.507∗∗∗ (0.000) | 258.111∗∗∗ (0.000) | 257.848∗∗∗ (0.000) | 66.828∗∗∗ (0.000) |
| LNCAP | 2814.773∗∗∗ (0.000) | 134.648∗∗∗ (0.000) | 134.385∗∗∗ (0.000) | 34.430∗∗∗ (0.000) |
| LNLAB | 5553.235∗∗∗ (0.000) | 275.128∗∗∗ (0.000) | 274.865∗∗∗ (0.000) | 69.878∗∗∗ (0.000) |
| LNFDI | 2976.667∗∗∗ (0.000) | 142.953∗∗∗ (0.000) | 142.690∗∗∗ (0.000) | 50.169∗∗∗ (0.000) |
| LNHCI | 6938.897∗∗∗ (0.000) | 346.211∗∗∗ (0.000) | 345.948∗∗∗ (0.000) | 83.144∗∗∗ (0.000) |
Note: ∗∗∗ denotes 1% significance level. Figures in the parentheses are probabilities.