| Test | Panel 1 | Panel 2 | ||
| statistics | probability | statistic | probability | |
| Fisher | 21.72 | 0.0000 | 50.26 | 0.0000 |
| Breusch-Pagan | 39.43 | 0.0000 | 38.47 | 0.000 |
| Hausman | 8.78 | 0.2109 | 3.65 | 0.1517 |