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Financial Innovation

Table 3 Cross-sectional dependence tests

From: Financial sector development and Investment in selected countries of the Economic Community of West African States: empirical evidence using heterogeneous panel data method

Tests

Statistics

Probability

Breusch-Pagan LM

84.3138***

0.0000

Pesaran scaled LM

8.6894***

0.0000

Bias-corrected scaled LM

8.5801***

0.0000

Pesaran CD

−1.8240*

0.0681

  1. Source: Authors’ computation
  2. Note: *** represents statistical significance at 1%, * represents statistical significance at 10%
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