| Check type | Purpose of inspection | Test value | Test conclusion |
| F test | Compare and select FE model and POOL model | F(29,265) = 118.87, p = 0.0000 | FE model |
| LM test | Compare and select RE model and POOL model | χ2(1) = 1104.72, p = 0.0000 | RE model |
| Hausman test | Compare and select FE model and RE model | χ2(6) = 3.96, p = 0.6817 | RE model |