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Outputs of the cross-sectional independence tests.
| Dependent variable | Breusch-Pagan LM test | Pesaran scaled LM test | Pesaran CD test | Bias-corrected LM test |
|---|---|---|---|---|
| 61.161∗∗∗ (0.000) | 11.440∗∗∗ | 0.845 (0.398) | 11.340∗∗∗ (0.000) |
The probability values are presented in the parenthesis. LM is Lagrange Multiplier. CD is cross-sectional dependence. ∗∗∗ imply significance level at 1%.
