Test | Purpose | Test Statistics | p-value | Results |

Chow test | Pooled regression vs Fixed effect | F (79, 556) = 4.416 | 0.000 | Fixed effect model |

Breusch-Pagan | Pooled regression vs Random effect model | Chi-square (1) > 191.391 | 0.000 | Random effect model |

Hausman test | Fixed effect model vs Random effect model | Chi-square (4) > 3.390 | 0.495 | Random effect model |

White’s test | Presence of Heteroscedasticity | Chi-square (19) > 37.211 | 0.007 | Presence of Heteroscedasticity |