Test statistics  Panel  Group 
Variance ratio (V)  −3.197^{***} 

P statistic (rho)  4.658^{***}  6.746^{***} 
tstatistic (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 