Future Business Journal

Table 2 Cross-sectional dependence tests results

From: Business confidence as a strong tracker of future growth: is it driven by economic policy uncertainty and oil price shocks in the OECD countries?

	Full sample			Sub-sample
	Full sample			Eurozone			Non-Eurozone
	\(bci\)	\(int\)	\(unm\)	\(bci\)	\(int\)	\(unm\)	\(bci\)	\(int\)	\(unm\)
LM_BP	35,171.23^#	62,258.10^#	18,104.35^#	15,543.15^#	24,427.71^#	6894.06^#	4038.21^#	8243.77^#	2712.09^#
LM_PS	1313.19^#	2335.51^#	669.04^#	994.53^#	1568.02^#	436.23^#	378.73^#	779.72^#	252.30^#
LM_ADJ	1313.13^#	2335.46^#	668.98^#	994.49^#	1567.99^#	436.20^#	378.71^#	779.69^#	252.27^#
CD_PES	178.90^#	246.57^#	76.26^#	122.66^#	155.16^#	45.13^#	58.20^#	89.81^#	28.10^#

The cross-sectional dependence tests are not conducted for the global series (oil prices and economic policy uncertainty) because they are cross-section invariant. # indicates significance at 1% critical level

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