Table 2 The results of Breusch–Pagan/Cook–Weisberg test for heteroskedasticity*

Amer Group Holding

0.00025

(0.98722)

0.00264

(0.959)

0.00155

(0.9685)

Arab Cotton Ginning

0.02056

(0.88598)

2.1491

(0.14265)

0.2511

(0.61624)

Arab Polvara Shipping & Weaving

1.9419

(0.16346)

0.3401

(0.55974)

2.5597

(0.10962)

Arab Real Estate Investment Co.,

0.0943

(0.75867)

0.2904

(0.58993)

0.08308

(0.77316)

Arabia Investments, Development

2.6266

(0.10508)

1.8885

(0.16937)

2.7309

(0.09842)

Commercial International Bank

0.0608

(0.80514)

2.393

(0.12186)

0.03262

(0.85667)

Eastern Tobacco

0.00023

(0.98785)

0.1667

(0.68298)

0.07208

(0.78832)

Egyptian Financial Group Hermes

5.31577

(0.02113)**

1.2162

(0.27010)

4.6264

(0.03148)**

Egyptian Kuwaiti Holding

1.60601

(0.20505)

1.3536

(0.24464)

2.2127

(0.13687)

Egyptians For Investment & Urban Development

0.6956

(0.40426)

0.1636

(0.68579)

0.4675

(0.49414)

El Kahera Housing

0.6860

(0.40751)

0.34157

(0.55892)

0.71366

(0.39823)

El Wadi Co. For Touristic Investment

0.47102

(0.49252)

0.45638

(0.49932)

1.8411

(0.17481)

ELSWEDY ELECTRIC

0.79233

(0.37340)

0.0316

(0.85886)

1.4974

(0.22107)

Ezz Steel

2.0889

(0.14837)

5.8646

(0.01545)**

0.11047

(0.73961)

Global Telecom Holding

0.4824

(0.48733)

0.0637

(0.80059)

0.48630

(0.48558)

Juhayna Food Industries

0.18003

(0.67134)

1.288

(0.25631)

0.0203

(0.88660)

Maridive & oil services

0.1294

(0.71897)

3.1283

(0.07694)*

0.16158

(0.68770)

Medical Packaging Company

1.675

(0.19559)

1.6658

(0.19682)

1.6658

(0.19682)

Medinet Nasr Housing

0.4659

(0.49485)

1.4851

(0.22297)

0.3567

(0.55029)

Orascom Telecom Media & Technology

0.32243

(0.57015)

0.05421

(0.81588)

0.32223

(0.57027)

Palm Hills Development Company

1.07342

(0.30017)

0.19793

(0.65640)

0.81953

(0.36532)

Pioneers Holding

0.87696

(0.34904)

0.12875

(0.71973)

0.53783

(0.46333)

Remco For Touristic Villages Co

0.2958

(0.58651)

0.40416

(0.52495)

0.13709

(0.71119)

Sidi Kerir Petrochemicals

0.0994

(0.75251)

1.9876

(0.15859)

0.000055

(0.99391)

SODIC

1.41245

(0.23465)

0.58155

(0.44570)

0.45482

(0.50005)

South Valley Cement

1.07988

(0.29872)

0.38037

(0.53740)

0.9926

(0.31910)

T M G Holding

0.7597

(0.38342)

3.3807 (0.06596)*

0.00304

(0.95596)

Telecom Egypt

7.2092

(0.00725)***

7.4418

(0.00637)***

4.5192

(0.03352)

United Housing & Development

2.3038

(0.12905)

0.0388

(0.84377)

2.3415

(0.12596)

Upper Egypt Contracting

0.46878

(0.49355)

0.100463

(0.75127)

0.5596

(0.45439)