Table 2 Cross-sectional dependence test
From: Degree of financialization and energy efficiency in Sub-Saharan Africa: do institutions matter?
Variable | CD-test | p-value | Correlation(ρ) | abs(ρ) |
|---|---|---|---|---|
Return on asset | 0.46 | 0.647 | 0.01 | 0.35 |
Managerial inefficiency | 1.15 | 0.252 | 0.01 | 0.37 |
Z-score | −1.16 | 0.110 | −0.01 | 0.36 |
Market capitalization | −0.72 | 0.472 | 0.00 | 0.37 |
Asset quality | 3.26 | 0.001 | 0.03 | 0.33 |
Lnei | 20.42 | 0.000 | 0.17 | 0.54 |
Polity2 | 11.76 | 0.000 | 0.09 | 0.24 |
GDP growth | 7.67 | 0.000 | 0.06 | 0.23 |
lnServicevalue | 7.23 | 0.000 | 0.06 | 0.32 |
Inflation | 14.15 | 0.000 | 0.12 | 0.29 |
Lneipet | 7.09 | 0.000 | 0.06 | 0.44 |
Lneielec | 10.64 | 0.000 | 0.09 | 0.46 |