| Tests | Model A | Model B | ||
| Test Statistic | P-value | Test Statistic | P-value | |
| Poolability | 892.10 | 0.000 | 58.07 | 0.000 |
| Hausman | 36.78 | 0.000 | 46.51 | 0.000 |
| Pesaran cross-section dependence | 6.128 | 0.000 | 8.558 | 0.000 |
| Heteroskedasticity | 12944.76 | 0.000 | 248.60 | 0.000 |
| Serial correlation | 43.067 | 0.000 | 28.962 | 0.000 |