Test statistics

Panel

Group

Variance ratio (V)

−3.197***

P statistic (rho)

4.658***

6.746***

t-statistic (t)

2.295**

−6.568***

Adf statistic (aaf)

1.973**

1.266

No. of panel units

43

No. of observations

1281

Avg. no. of observations per unit

28