Table 3 Diagnostics test for ROA model

Heteroscedasticity

MWBP/CW χ2-value

6.38**/ 5.484**

9.13**/ 4.279**

4.39**/ 4.02**

autocorrelation

Wooldridge F-statistic:

7.48*

6.93*

5.574*

CD dependence

Pesaran Test statistic:

3.38*

2.028*

2.388*

Multidisciplinary

Mean VIF

1.93

2.19

2.94