|
| Statistic of test | Degrees of freedom | Significance level | Result |
| Regression Model 1 | 6.12 | (95 & 493) | 0.000 | Use of Panel model |
| Regression Model 2 | 2.26 | (95 & 488) | 0.000 | Use of Panel model |
| Regression Model 3 | 24.01 | (95 & 594) | 0.000 | Use of Panel model |
| Regression Model 4 | 24.08 | (95 & 596) | 0.000 | Use of Panel model |
| Regression Model 5 | 43.44 | (99 & 596) | 0.000 | Use of Panel model |
| Regression Model 6 | 7.49 | (99 & 596) | 0.000 | Use of Panel model |