Theory | Name of the test | Null Hypothesis H | Test statistic | Prob. | Decisions |

Normality Assumption of Residuals | Jarque-Bera test [20] | Residuals are normally distributed | 0.810 | 0.667 | H |

Serial Correlation | Breusch-Godfrey Serial Correlation LM [25] test (lag 2) | There is no serial correlation | 3.089 | 0.073 | H |

Heteroscedasticity of the variance | Breuschâ€”Pagan-Godfrey test [26] | Homoscedastic variance | 6.159 | 0.182 | H |