Table 3 Outcomes of CSD tests
Test | lnED = f (lnP, lnA, lnT) | lnED = f (lnP, lnA, lnT, lnBSD) | lnED = f (lnP, lnA, lnT, lnBSD, lnBSD \(\times \) lnT) | |||
|---|---|---|---|---|---|---|
Statistic | p value | Statistic | p value | Statistic | p value | |
Breusch–Pagan LM | 442.098*** | 0.000 | 312.297*** | 0.000 | 311.782*** | 0.000 |
Pesaran scaled LM | 36.908*** | 0.000 | 24.532*** | 0.000 | 24.483*** | 0.000 |
Pesaran CD | 9.975*** | 0.000 | 4.345*** | 0.000 | 4.232*** | 0.000 |