Table 4 The cross-sectional dependency and homogeneity tests
| Â | Statistics | P value |
|---|---|---|
Pesaran’s CD test | ||
GG | 7.86* | 0.000 |
GE | 17.12* | 0.000 |
GIT | 17.64* | 0.000 |
FDI | 4.93* | 0.000 |
GLO | 17.76* | 0.000 |
Pesaran–Yamagata homogeneity test | ||
\(\widetilde{\Delta }\) | 6.004* | 0.000 |
\(\widetilde{\Delta }\)- adjusted | 6.846* | 0.000 |