Does COVID-19 shock endanger the flows of FDI in OECD? Empirical evidence based on AMG panel estimator

Future Business Journal

Table 2 Cross-sectional dependence test results

Variables	BP-LM	PS-LM	Adj-LM	P-CD
Full sample
FDII	338.7***	3.8113***	3.4628***	1.1428
FDIO	288.8*	1.5945	1.2460	2.9705**
RGDP	6074.8***	258.81***	258.46***	76.226***
INF	2080.58***	81.243***	80.895***	35.709***
INR	4950.30***	208.82***	208.47***	45.975***
REER	2717.5***	109.56***	109.21***	24.133***
GCFC	1531.71***	56.845***	56.497***	28.6110***
Eurozone
FDII	127.00***	3.9233***	3.7267***	1.4301
FDIO	77.245	− 0.0603	− 0.2573	2.5566**
RGDP	1851.03***	141.95***	141.79***	41.810***
INF	803.40***	58.078***	57.881***	57.881***
INR	2638.69***	205.019***	204.823***	51.3673***
REER	1179.55***	88.195***	87.1925***	29.2984***
GCFC	493.275***	33.2488***	33.051***	16.3106***
Non-Eurozone
FDII	34.7650	− 1.0788	− 1.2303	− 0.8739
FDIO	47.653	0.2797	0.1281	1.1097
RGDP	1065.20***	109.647***	109.495***	32.4822***
INF	287.46***	25.4557***	25.406***	11.8891***
INR	480.667***	45.923***	45.7719***	7.1724***
REER	434.798***	41.088***	40.936***	− 0.01239***
GCFC	249.69***	21.5766***	21.4251***	11.8198***

BP-LM, PS-LM, Adj-LM, and P-CD, respectively, denote Breusch-Pagan LM, Pesaran scaled LM, adjusted scaled LM, and the Pesaran CD. ***, **, and * denote significance at 1%, 5%, and 10% level