Table 5. Regression test results.

Variables	Fixed effects model		Random effects model
	Coefficients	Driscoll-Kraay standard errors	Coefficients	Driscoll-Kraay standard errors
LnTM	0.6186***	0.0341	0.4525	0.3299
LnTP	0.2341***	0.0308	0.5849***	0.0370
LnTH	0.3276***	0.0526	0.4335***	0.0625
LnTA	0.5250***	0.0197	0.0102	0.0230
_cons	–9.3119***	0.1385	–3.0771**	1.2723
R-squared	0.9441		0.9234
F-score	6982.81***		Wald test	5040.52***
F-test	25.25***		Hausman Test	26.68***
Wooldridge test	5.692**		Wald test	19391.36***
Sargan–Hansen test	14.32***		BP Lagrange multiplier test	433.09***

Note

***, **, * indicate significance at the 1%, 5%, and 10% levels, respectively.